The Binnace NFT feature consists of four phases: Preparation, Subscription, Calculation, and Distribution. It will allow users to buy exclusive NFTs fairly and equally.
Binance NFT has announced the launch of the Subscription Mechanism Feature to enable all participating users to stand a fair and equal chance to purchase NFTs during NFT primary sales successfully. The feature announced by the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider consists of four phases: Preparation, Subscription, Calculation, and Distribution.
As per the announcement, users will become eligible to participate in the NFT main sales during the preparation phase. They must have a minimum daily average BNB holding specified by the NFT creators and may vary from project to project.
Equal opportunity on Binance
Additionally, users who meet the minimum requirements will be given participation tickets during the Subscription period to participate in the sale. The NFT projects will determine the number of participation tickets supplied to each qualified user. Commenting on the need for the mechanism, the blog post stated:
“As NFTs become increasingly popular each month, we understand that the odds of purchasing an NFT are becoming slimmer. That’s why we recently launched the ‘Subscription Mechanism’ to ensure that all users get an equal opportunity to participate in Binance NFT primary sales.”
The step taken by Binance takes cognizance of the overwhelming participation by users in the NFT space. The initiative is an effort to ensure the participation of everyone interested in the NFT ecosystem.
Binance NFT is growing
Notably, the crypto firm’s NFT marketplace has been seated in the top places since its launch. The platform gained popularity by creating a single door for all the creators, collectors, and crypto-enthusiasts alike. Binance was also the first player to recognize the potential of disruption of the gaming industry on the NFT front and came up with different ways to support it and boost it.
However, the platform has not solely dedicated itself to the gaming side of the NFT marketplace. The platform has repeatedly shown its dedication to the overall improvement and growth of the entire NFT ecosystem as a whole. Speaking on its new Subscription Mechanism, Helen Hai, Head of Binance NFT, states,
“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.”
Since its launch, Binance NFT has sold over 1.3 million mystery boxes and earned over 470 million BUSD in sales. Moreover, Binance NFT now supports multi-chain deposits and withdrawals.