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.
Launched in 2017, 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, Binance 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:
- Nearly 2,000 people won Binance's first-ever NFT, Ho Ho HODL, after gifting at least 0.1 BNB to a friend on a non-exchange address.
- 1,000 Crypto Xmas tokens were issued to users who made a valid trade on Binance Futures.
- Generating a Binance Futures referral code gave the chance to win one of 500 Candy Coins.
- A lucky 250 participants won a BNBauble for inviting friends to open a Binance Futures account.
- 100 Happy Holly-Days tokens were awarded for sharing with the dedicated #BinanceCollectibles hashtag on social media.
- A supply of 10 rare Exchange the World NFTs went to the best tweets regarding users' hopes for Binance in 2020.
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.
These holiday collectibles were such a hit that Binance decided to run additional promotions in celebration of events like Lunar New Year and their 3rd Anniversary, during which they used QR codes to distribute NFTs containing unique promotional codes that offered benefits such as VIP level-ups and merchandise.
Since being released, these rare 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 Enjin Marketplace—5,000 times its backed value.
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.