Binance NFT Marketplace Introduces ‘Subscription Mechanism’ to Provide a Fair and Equal Way to Buy NFTs
Singapore, Singapore, 10th January, 2022,
Binance NFT, the NFT marketplace of Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has today announced the launch of the Subscription Mechanism feature. With this new feature, all participating users stand a fair and equal chance of successfully purchasing an NFT during NFT primary sales.
The Subscription Mechanism consists of four phases: Preparation, Subscription, Calculation, and Distribution.
During the Preparation phase, users are required to meet the minimum daily average BNB holding, which is set by the NFT creators and may differ from project to project, to be qualified to participate in NFT primary sales. The average daily holding amount of a user is calculated based on the average of their total BNB amount in all wallets from the date where the preparation phase starts.
Users who meet the minimum requirement will proceed to the Subscription phase where they would be allocated participation tickets to join the sale. Each qualified user will receive the same quantity of participation tickets, as determined by the NFT projects. During this Phase, users have the option to subscribe to the NFT primary sale by committing part or all of their participation ticket(s) to a pool, where all committed tickets have a fair chance of winning. The number of committed participation tickets will determine the amount of BNB to be locked, which will only be refunded at the end of the Distribution Phase.
Aside from being an entry requirement, the amount of BNB holding does not affect the probability of a user successfully purchasing an NFT. Only the total number of committed participation tickets will affect the probability of getting drawn to purchase NFTs. The more tickets a user commits, the higher the chance for the user to buy more NFTs in the NFT primary sale.
The system will select winning tickets from all committed participation tickets in a fair and random manner during the Calculation phase. A winning ticket allows the user to purchase an NFT in NFT primary sales.
Lastly, during the Distribution phase, users who hold winning participation tickets will be able to purchase the NFT(s) in NFT primary sales and the BNB equivalent will be deducted accordingly. The remaining BNBs will then be automatically refunded to users’ spot wallets.
Helen Hai, Head of Binance NFT said: “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.”
In just a little over a month after its debut, Binance NFT became one of the fastest growing NFT platforms in the world, generating 25 million BUSD in sales, selling over 300,000 mystery boxes and onboarding over 400 creators globally. Today, Binance NFT has sold over 1.3 million mystery boxes and earned 470+ million BUSD in sales in total since launch.
Binance NFT Marketplace shares the same account system as Binance.com. Existing Binance users are able to access the NFT marketplace and trade with their current Binance accounts. New users simply have to register on Binance.com to create or trade on the Binance NFT platform. Binance NFT has also added multi-chain support for NFT deposits and withdrawals. Users can now transfer their NFTs to and from Binance Smart Chain and Ethereum networks with ease.
About Binance NFT
Binance NFT, the official NFT marketplace of Binance, offers an open market for artists, creators, crypto enthusiasts, NFT collectors and creative fans around the world with the best liquidity and minimal fees. Consisting of three product lines: Premium Events, Mystery Box and a marketplace. Now, Binance NFT aims to build the first and largest GameFi NFT trading platform for gaming projects via IGO (Initial Game Offering) – featuring core in-game assets from top gaming projects.For more information, visit https://nft.binance.com/
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