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Binance NFT Platform Introduces “Subscription Mechanism,” Here’s Why This is Crucial
NFT News

Binance NFT Platform Introduces “Subscription Mechanism,” Here’s Why This is Crucial

BTC Peers reporter
BTC Peers reporter

Following an official announcement made by Binance, its NFT platform has completely changed its registration model. The new design considers all BNB holders and guarantees fair and inclusive opportunities for all holders.

The new design consists of four phases: Preparation, Subscription, Calculation, and Distribution. Regarding the 'Preparation phase,' users are to hold the average daily BNB balance for a specific duration of time. The specific amount of BNB to be stored is determined by the team responsible for the sale.

All qualified users are requested to reserve an allocation in the 'Subscription phase.' These allocations would be distributed by a lottery mechanism. Users would also have the opportunity to purchase tickets for this or that sale.

In the next stage, the 'Calculation phase,' the winners would be selected by the system. Also, lucky participants would be able to book NFTs proportionate to the number of tickets they have purchased.

In the final phase, which is the 'Distribution phase,' new NFTs are transferred to winners, and the remaining BNBs will be kept at spot accounts on Binance (BNB).

Related: Binance.US is coming to the metaverse

$470 million milestones accomplished

Helen Hai, Head of Binance NFT, stated that this release is a great step for Binance NFT on its journey to an inclusive, democratic, and fair NFT marketplace. According to her:

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 sale and we hope that this will allow users to participate in the NFT market more actively.

By the first quarter of 2022, Binance NFT garnered 470 million BUSD in net primary sales volumes; and 1.3 million Mystery Boxes were distributed. This platform also collaborates with 400 creators globally.

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