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Binance NFT Launches a ‘Subscription Mechanism’ for Fair and Equal NFT Trading -Breaking

by Mike Robinson

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Binance NFT Launches a ‘Subscription Mechanism’ for Fair and Equal NFT Trading
  • Binance NFT announces the launch of its ‘Subscription Mechanism’ feature
  • All NFT users have equal and fair chances to purchase an NFT at its NFT primary sales.
  • Binance NFT now provides multi-chain support to NFT withdrawals and deposits.

Binance NFT Marketplace has introduced the Subscription Mechanism feature. This new feature gives all customers an equal chance to purchase NFTs during the primary NFT sales period.

Binance NFT explained the four stages of Subscription Mechanism. This includes Subscription, Preparation and Calculation. Participants in the NFT main sale during the Preparation stage must maintain a minimum daily BNB holding. This is determined by NFT creators. It may differ from one project to the next.

Participants who fulfill the requirements for the Sale will also be issued participation tickets. These tickets can be used during the Subscription Period. Each user will be provided with a number of tickets to participate in the sale.

In addition, users can subscribe to NFT’s primary sale through the Subscription Phase. This allows them to commit a portion of or all their tickets to a pool where all the committed tickets stand a chance of winning. BNB amount will be locked based on the number of participants. These tickets will then be restored at the close of the Distribution phase.

At the Calculation phase the system will choose winners from all the committed participation tickets randomly and fairly. A winning ticket allows the holder of the ticket to purchase an NFT at the primary sale.

The Distribution phase lets users who have won participation tickets acquire NFT(s). NFT primary sales will result in the purchase of NFT(s), with the equivalent BNB deducted. The remaining BNBs will be reimbursed to users’ spot wallets automatically.

Helen Hai is the Head of Binance NFT and spoke about its Subscription Mechanism.

Binance NFT believes that the Subscription mechanism will be a valuable addition to its mission. Because of their high popularity and price, many users are not able buy NFTs. Binance NFT now offers equal opportunity for all users to buy NFTs via primary sales. We hope this will enable users to be more active in the NFT marketplace.

Binance NFT, which was launched less than a month ago, has been one of the most rapidly-growing NFT platforms worldwide, producing over 25 million dollars in revenue, 300,000 mystery boxes and onboarding more 400 international producers.

Binance NFT was launched with over 1.3million mystery boxes sold and a total of over 470,000,000 BUSD sales. Binance NFT supports multi-chain withdrawals and deposits.

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