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Highlights
- The Alpine F1 Team Fan Token (ALPINE) is primarily a Binance-driven project with an aim to revolutionise the way fan tokens operate with the Formula One team.
- On 22 February, the momentum was still strong, and it was up well over by 20% with a volume rally of over 900%.
- At the time of drafting, the token was trading at US$7.12 with a 24-hour trading volume of US$631,191,097.
Fan tokens have been a rage ever since they were introduced in 2020 when Atletico de Madrid became the first football club to adopt fan tokens in a bid to connect with their fans. Since then, its growth has been phenomenal. Many major European clubs, such as FC Barcelona, AC Milan, Manchester City, others, have launched their respective fan tokens resulting in its flourishing market.
Seeing its success, other sports streams are also adopting the fan token concept, which is considered to be “a meaningful way to connect with the fans”. At present, we have fan tokens in all sports categories, like basketball, Formula One, cricket, and the total market capitalisation is about US$264,447,084 with a trading volume of US$101,289,847 as of 22 February, as per CoinMarketCap. Fan Tokens can be traded on leading centralised exchanges such as Binance, Coinbase, Chillz, KuCoin etc.
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The recent entrant, Alpine F1 Team Fan Token, seems to have taken the world by storm following its Binance listing on 21 February. The token has witnessed a massive rally of over 1,800% on Monday. Things look bright even on 22 February as the momentum was still strong and was up by more than 20% with a volume rally of over 900%.
What is Alpine (ALPINE) Fan Token?
The Alpine F1 Team Fan Token (ALPINE) is primarily a Binance-driven project with an aim to revolutionise the way fan tokens can operate with the Formula One team. The BEP-20 utility token, with its unique engagement rewards program, interactivity program, allows the racing fans to get access to official merchandise and similar exclusive access to the team players.
Besides, the users would get a chance to participate in the voting process, collect digital collectibles, purchase NFTs of the Formula One team. The Binance partnership is a win-win situation for both the platforms as it would give exclusive branding opportunities and help the team in engaging with its fans.
The ALPINE happens to be the 27th project on the Binance Launchpad. Recently, a few users were given exclusive ALPINE Fan Tokens in their wallets.
Price and performance
According to CoinMarketCap, the ALPINE fan token seems to have reversed its gains but is still maintaining a good run in the market. At the time of drafting, the token was trading at US$7.12 with a 24-hour trading volume of US$631,191,097.
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Alpine F1 Team Fan Token was up by 37.41% in the last 24 hours with a live market cap of US$80,838,016 and 11,360,000 ALPINE coins in circulation. The volume was up by over 1456%.
Boom or bust
The market for fan tokens has been booming with new entrants who are wooing the investors. The market is expected to go north in the coming months as the concept allows enthusiasts to interact with their favourite players.
The ALPINE fan token, which happens to be Binance’s first foray into the Formula One space, should inspire other teams to enter the arena. Investors need to be careful of fake tokens and lures and carry out in-depth research before jumping into the field.
