The Subscription Mechanism is a fair strategy for users to purchase primary NFTs equally on the Binance NFT marketplace.
Binance NFT Introduces Subscription Mechanism
The Binance Non-fungible Token (NFT) marketplace has introduced a new subscription mechanism that will allow users to purchase ‘Fair NFTs.’ In essence, the new feature will ensure that users purchase exclusive NFTs fairly and equally.
The subscription mechanism will pave the way for everyone looking to purchase newly released NFT collections, given their increasing demand and limited supply. In addition, it gives users a higher chance of purchasing NFTs without paying more. Binance Blog, on January 5th, shed more light on the new mechanism.
“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,” Binance Blog disclosed.
The latest feature is a follow-up to other innovations on Binance NFT, such as the updated reCAPTCHA v3, multi-chain support, and new ways for users to interact with creators to discover unique collections.
As stated in the Binance publication, the new subscription mechanism comprises four phases: Preparation, Subscription, Calculation, and Distribution. However, users need to hold a minimum amount of tokens to participate.
Subscription Mechanism Explained
The Preparation phase requires that users hold a minimum amount of tokens. Therefore, if users find an NFT Subscription Mechanism they want to join, they must meet the minimum token requirement (hold the minimum token requirement in their wallets).
After the Preparation phase is the Subscription phase. Nonetheless, the Subscription phase is possible if the user’s balance meets the minimum token requirement for the Preparation phase. In the Subscription phase, the NFT creator sets a ‘purchase limit per user,’ and each qualified user is issued Participation Tickets according to the limit.
“Participation Tickets indicate the maximum number of NFTs each user can potentially purchase from a sale,” Binance Blog wrote, explaining the usefulness of Participation Tickets. “You can choose to subscribe to the NFT primary sale by committing part or all of their participation ticket(s).”
Binance Blog also disclosed that subscribing to numerous Participation Tickets does not guarantee a successful purchase. Therefore, committing more tickets will only increase users’ chances of purchasing the NFT to ensure fair NFT sales.
The Calculation phase will select all subscribed Participation Tickets randomly, and the winning ticket allows the user to purchase NFT in the NFT primary sale. Lastly, the Distribution phase will see Binance deduct the BNB equivalent of winning Participation Tickets and refund the corresponding tokens of Participation Tickets not selected automatically. Read Binance Blog for more information on how to subscribe and purchase NFTs.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.