- Binance NFT announces the launch of its ‘Subscription Mechanism’ feature
- All users now stand a fair and equal chance to buy an NFT during its NFT primary sales.
- Binance NFT now offers multi-chain support for NFT deposits and withdrawals.
Binance NFT marketplace, Binance NFT has announced the launch of the Subscription Mechanism feature. With this new functionality, all users have a fair and equal opportunity of purchasing an NFT during the NFT primary sales period.
Binance NFT outlined four phases of the Subscription Mechanism feature. It includes Preparation, Subscription, Calculation, and Distribution. To be eligible to participate in the NFT main sales during the Preparation phase, users must have a minimum daily average BNB holding, which is specified by the NFT creators and may vary from project to project.
Furthermore, users that meet the minimum requirements will be given participation tickets to use during the Subscription period to participate in the sale. The NFT projects will determine the number of participation tickets supplied to each qualified user.
More so, the Subscription phase enables users to subscribe to the NFT primary sale by committing a portion or all of their participation ticket(s) to a pool in which all committed tickets have a reasonable chance of winning. The amount of BNB that will be locked will be decided by the number of committed participation tickets and will be restored only at the end of the Distribution Phase.
At the Calculation phase, the system will select winning tickets from all committed participation tickets fairly and randomly. Thus, a winning ticket entitles the holder to buy an NFT in the NFT primary sales.
Finally, the Distribution phase allows users with winning participation tickets to acquire NFT(s) through NFT primary sales, with the BNB equivalent deducted. The remaining BNBs will be reimbursed to users’ spot wallets automatically.
Speaking on its new Subscription Mechanism, Helen Hai, Head of Binance NFT states,
As Binance NFT has always been committed to building an inclusive platform, we believe that the Subscription Mechanism will add value to our mission. Not all users have been able to buy the NFTs they want due to the high price or popularity of the works. With this new feature, Binance NFT provides equal opportunities for users to purchase NFTs through the primary sales and we hope that this will allow users to participate in the NFT market more actively.
Just over a month after its launch, Binance NFT has become one of the fastest-growing NFT platforms in the world producing 25 million BUSD in sales, selling over 300,000 mystery boxes, and onboarding over 400 producers worldwide.
Since its launch, Binance NFT has sold over 1.3 million mystery boxes and earned over 470 million BUSD in sales. Moreover, Binance NFT now supports multi-chain deposits and withdrawals.