The world’s largest cryptocurrency exchange, Binance, has entered the sports fan token space with a jersey sponsorship for Italy’s SS Lazio football club in a deal worth up to €30 million ($35m) to the club. The sponsorship is for two years with the option of a third.
Unlike non-fungible tokens (NFTs), which are collectibles, fan tokens are more similar to cryptocurrencies and usually provide some ‘utility’ such as fan engagement in votes and the like. However, details have not yet been announced for the Lazio deal.
“The partnership with Binance will allow us to extend our digital presence and connect with fans and followers from all over the world like never before,” said Lazio President Claudio Lotito.
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