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Binance NFT Platform Introduces "Subscription Mechanism," Here's Why This Is Crucial

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Mon, 01/10/2022 - 11:48
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Vladislav Sopov
Novel mechanism goes live on Binance NFT to ensure inclusive and fair participation for all enthusiasts
Binance NFT Platform Introduces "Subscription Mechanism," Here's Why This Is Crucial
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Binance NFT, a digital collectibles marketplace launched by world-leading cryptocurrency ecosystem Binance (BNB), changes the model of registration for the collections' upcoming sales.

Binance NFT Marketplace introduces four-stage subscription design

According to the official announcement shared by Binance with U.Today, its NFT platform radically changed its registration model. The new design is set to guarantee fair and inclusive opportunities for all BNB holders.

The new mechanism includes four phases: Preparation, Subscription, Calculation and Distribution. During the "Preparation" stage, users will be required to hold the average daily BNB balance for a predetermined period. The exact volume of BNB to be stored will be set by the team behind the sale.

In the "Subscription" phase, all eligible users will be invited to reserve an allocation. The allocations will be distributed by a lottery mechanism. Users will lock BNB to purchase tickets for this or that sale.

During the "Calculation" stage, the system will choose the winners. Lucky participants will be able to book NFTs proportionally to the number of tickets they have purchased.

Finally, during "Distribution," new NFTs will be transferred to the winners; the remaining BNBs will be returned to spot accounts on Binance (BNB).

$470 million milestone accomplished

Helen Hai, Head of Binance NFT, emphasises that this release is a crucial milestone for Binance NFT on its way to an inclusive, democratic and fair NFT marketplace:

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.

By Q1, 2022, Binance NFT amassed 470 million BUSD in net primary sales volumes; 1.3 million Mystery Boxes were distributed. The platform collaborates with 400 creators globally.

Binance NFT shares the same accounts system with Binance crypto exchange. The marketplace currently supports Ethereum (ETH) and Binance Smart Chain (BSC) for its operations.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)