Binance, previously in the headlines for various reasons, is resolute in its mission to engage a vast fan base. The top exchange has reunited with Abel Makkonen Tesfaye, popularly known as The Weeknd, to ignite stages during his upcoming November and December 2023 tour across Australia and New Zealand.
Dubbed “After Hours Til Dawn”, the partnership between the one of world’s biggest pop stars and the leading exchange is poised to infuse Web3 technology into music enthusiasts’ encounters, expanding Binance’s horizons in the Q4 of 2023.
Since its inauguration in Q3 2022, Binance drew 30,000 participants to its online events dedicated to the tour, while distributing 15,000 Souvenir NFTs [SNFTs]. Attendees of the concerts in Australia and New Zealand will also be presented with limited-edition souvenir NFTs, serving as digital keepsakes of the performance.
These exclusive NFTs not only commemorate the event but also grant holders access to opportunities for winning autographed memorabilia and exclusive events. Having stood by the tour’s initial leg in 2022, Binance carries forth its support, marking a groundbreaking alliance as the largest cryptocurrency partner for such an endeavor.
Through this epic collaboration, Binance propels itself into the spotlight for millions who may not yet be part of the crypto realm. Crypto proponents believe the partnership has the potential to introduce numerous newcomers to both Binance and the broader crypto universe.
This holds notable importance in light of the increasing stress on the largest cryptocurrency exchange, compounded by the recent challenges faced by its native token BNB. The value of the asset has sharply declined, raising apprehensions about the potential occurrence of substantial liquidation.
Binance’s BNB Dip- A Cause Of Concern
Observers on crypto social media speculated that Binance might liquidate its BTC holdings to manage its financial stability. BNB, the fourth-largest crypto by market cap, has experienced a further 3% drop on the day, pushing its value below $210 for the first time since June 2022.
Additionally, BNB’s decline stands at 32% since Binance and its CEO faced a lawsuit by the SEC in June. While much of the current chatter might be attributed to FUD [Fear, Uncertainty, Doubt], the memory of the FTX fiasco still lingers in the community’s collective consciousness.