Binance NFT brings ‘Subscription Mechanism’ for buying NFTs

Binance NFT has introduced a new feature dubbed ‘Subscription Mechanism’.

With this new item, all participating users will have equal chance of successfully purchasing an NFT during NFT primary sales.

“Not all users have been able to buy the NFTs they want due to the high price or popularity of the works,” said Helen Hai, Head of Binance NFT.

“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.”

There are four phases within the Subscription Mechanism: Preparation, Subscription, Calculation, and Distribution.

Preparation phase

During the preparation phase, users are required to meet the minimum daily average BNB holding set by the NFT creators and may differ from project to project in order to be qualified to participate in NFT primary sales.

The average daily holding amount of a user is calculated based on the average of their total BNB amount in all wallets from the date where the preparation phase starts.

Subscription phase

During this phase, users have the option to subscribe to the NFT primary sale by committing part or all of their participation tickets to a pool, where all committed tickets have a fair chance of winning.

The number of committed participation tickets will determine the amount of BNB to be locked, which will only be refunded at the end of the distribution phase.

Aside from being an entry requirement, the amount of BNB holding does not affect the probability of a user successfully purchasing an NFT.

Only the total number of committed participation tickets will affect the probability of getting drawn to purchase NFTs.

The more tickets a user commits, the higher the chance for the user to buy more NFTs in the NFT primary sale.

Calculation phase

The system will select winning tickets from all committed participation tickets in a fair and random manner during the calculation phase.

A winning ticket allows the user to purchase an NFT in NFT primary sales.

Distribution phase

Lastly, during the distribution phase, users who hold winning participation tickets will be able to purchase the NFT(s) in NFT primary sales and the BNB equivalent will be deducted accordingly.

The remaining BNBs will then be automatically refunded to users’ spot wallets.

In just a little over a month after its debut, Binance NFT became one of the fastest growing NFT platforms in the world, generating 25m BUSD in sales, selling more than 300,000 mystery boxes, and onboarding in excess of 400 creators globally.