How does a leading global cryptocurrency exchange maintain a competitive advantage, establish brand loyalty, earn new users, and reward its community—all at the same time?
By offering something unique.
Harnessing branded, provably scarce non-fungible tokens (NFTs), Binance rewarded its community of users and followers, galvanizing them into exploring and promoting the company's robust ecosystem of resources and services.
Binance quickly established itself as the world's largest cryptocurrency exchange through a combination of ease-of-use, wide coin support, a powerful exchange token, and trading contests offering significant prizes like sports cars.
In late 2019, the company decided to try something different from the more traditional trading competitions and giveaways hosted by other exchanges: they created Binance Collectibles, a series of holiday-themed NFTs to serve as prizes for a festive engagement campaign during the season of giving.
In exchange for the chance to win limited-edition collectibles, the community showed goodwill to Binance in a public forum—a logistically simple campaign with a low investment to participate and thousands of prizes up for grabs.
Each NFT in the collection had varying levels of rarity and requirements for eligibility, driving users to engage in a range of different tasks and incentivizing unique social engagement:
The Binance Collectibles campaign exposed the community to a wide range of Binance products and services, some of which they may not have otherwise learned about or explored.
On the success of the holiday collectibles campaign, Binance has continued to use NFTs as part of their marketing strategy, launching giveaways in celebration of events like Lunar New Year and their company's 3rd Anniversary.
During the Off the Charts virtual conference, the team used Beam QR codes to distribute NFTs containing unique promotional codes that offered benefits such as VIP level-ups and merchandise—ultimately earning them the title of "Best Utility NFT" in the 2020 NFT Awards.
Embracing the power of the metaverse, Binance also tokenized its iconic merchandise, launching a collection of digital hoodie NFTs that can be worn in three different games across PC, mobile, and Minecraft.
Since being released, Binance's limited-run NFTs have garnered hundreds of thousands of dollars in trading volume, with the lucky #8 Exchange the World token selling for 50,000 ENJ on the Enjin Marketplace—5,000 times its backed value.
Other members of the Binance family have also followed suit, with DappReview creating Lunar New Year collectibles and Binance Academy rewarding educational quiz participants.
Becoming a leader in a competitive space takes innovation and vision to spot trends before they happen.
Binance recognized the potential and value of NFTs in an increasingly digital world—and earned significant exposure as a result.
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