Binance made an announcement that it had completely changed its registration system. This new model is inclusive of all BNB holders, and ensures fair opportunities and inclusion for all.

There are four phases to the new design: Preparation. Subscription. Calculation. Distribution. In the “Preparation” phase, users will need to keep the average daily BNB amount for a certain period of time. It is decided by the sales team how much BNB should be stored.

The ‘Subscription Phase’ is open to all qualified users. The lottery would distribute these allocations. This sale would allow users to buy tickets.

The next stage of the system’s calculation phase will determine the winners. Lucky participants will be eligible to receive NFTs in proportion to how many tickets they purchased.

In the final phase of the distribution phase new NFTs and BNBs are given to winners.

Related: Binance.US coming to the Meta

470 Million milestones reached

Helen Hai from Binance NFT said that the release was a significant step on Binance NFT’s path to an inclusive, democratic and fair NFT marketplace. She stated that:

Binance NFT is committed to creating an inclusive platform and we think that the Subscription Mechanism can add to this mission. Due to their popularity or high prices, not all users were able to purchase the NFTs that they desire. Binance NFT offers users equal access to NFTs for primary sales. This will make it easier to take part in the NFT market.

Binance NFT had a net primary sales volume of 470 million BUSD by the end of its first quarter 2022. 1.3 Million Mystery Boxes were also distributed. The platform collaborates with over 400 creators around the world.

Binance NFT has a comparable accounts system to Binance cryptocurrency exchange. The marketplace supports currently (ETH) as well as Binance Smartchain (BSC).

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