In a recent announcement, Binance NFT marketplace revealed the launch of its Subscription Mechanism feature. Now that this new functionality is officially live for all users, everyone will now have a fair and equal shot at buying an NFT during the highly-awaited NFT primary sales period.
This Subscription Mechanism feature will have four phases: Preparation, Subscription, Calculation, and Distribution. If you want to be eligible for participation during the Preparation phase’s NFT main sales, you’ll need to have a minimum daily average BNB holding. The NFT creators specify the amount, which may vary depending on the project.
Not only that, users who meet the minimum requirements will receive participation tickets. They can use these tickets during the Subscription period if they want to take part in the sale. The NFT projects will decide how many participation tickets will be supplied to each user who meets the qualifications.
The Subscription phase allows you to subscribe to the NFT primary sale by offering up some or all of your participation tickets to a pool. All the committed tickets have a fair chance of winning in this pool. The amount of BNB that will be locked will be determined by how many committed participation tickets there are. No worries, though, as these will be restored after the Distribution Phase.
During the Calculation phase, the system will choose the winning tickets from the pool mentioned above containing all committed participation tickets. Note that this process will be done fairly and equally by the system. When a winning ticket is chosen, the holder will be given a chance to buy an NFT during the NFT primary sales.
The last phase is the Distribution phase, which helps the winners obtain NFTs through NFT primary sales. The platform will deduct the BNB equivalent of the NFT and automatically reimburse the remaining amount to the users’ spot wallets.
While discussing the new Subscription Mechanism, Head of Binance NFT Helen Hai said:
About more than a month after Binance NFT’s launch, the platform has undoubtedly become one of the fastest-growing NFT platforms worldwide. It has produced around 25 million BUSD in sales, sold more than 300,000 mystery boxes, and onboarded more than 400 producers across the globe.
