Binance NFT launches “Subscription Mechanism” for CoinQuora for NFT Fair Trade
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- Binance NFT has announced the launch of its ‘Subscription Mechanism’ feature
- All users have the right and the same option to purchase an NFT at the first NFT sale.
- Binance NFT now offers multi-chain support for NFT deposits and withdrawals.
In the Binance NFT market, Binance NFT has announced the launch of the Subscription Mechanism function. With this new feature, all users have a direct and equal opportunity to purchase an NFT during the first NFT sales period.
Binance NFT defined the four phases of the function of the Subscription Mechanism. Includes Preparation, Subscription, Calculation and Distribution. In order to participate in major NFT sales in the preparation phase, users must have a minimum daily average BNB, as determined by the NFT creators and which can vary from project to project.
In addition, users who meet the minimum requirements will be given participation cards to use to participate in the sale during the Subscription period. NFT projects will determine the number of participation cards issued to each qualified user.
What’s more, the Subscription phase allows users to subscribe to NFT’s main sale, in a set where all or part of their participating card has a fair chance of winning all the committed cards. The amount of BNB to be blocked will be decided based on the number of committed participation cards and will only be recovered at the end of the Distribution Phase.
In the calculation phase, the system will randomly and randomly select the winning entries from all the participating participation cards. Thus, the winning card entitles the holder to purchase a primary NFT for NFT sales.
Finally, during the Distribution phase, users with winning winning cards will be able to acquire NFT (s) through NFT primary sales, excluding the BNB equivalent. The remaining BNBs will be automatically returned to users’ spot wallets.
Speaking about her new Subscription Mechanism, NFT Head Helen Hai Binance stated:
Since Binance has always been committed to building an inclusive NFT platform, we believe that the subscription mechanism will add value to our mission. Not all users have been able to purchase the NFTs they want due to the high price or reputation of their work. With this new feature, Binance NFT offers users the same opportunities to buy NFTs through the first sale and we hope that this will allow users to participate more actively in the NFT market.
Just a few months after its launch, Binance NFT has become one of the fastest growing NFT platforms in the world with 25 million BUSD sales, selling more than 300,000 mystery boxes and including more than 400 producers worldwide.
Since its launch, Binance NFT has sold more than 1.3 million mystery boxes and earned more than BUSH 470 million in sales. In addition, Binance NFT now supports multi-chain deposits and withdrawals.
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