The exchange’s NFT marketplace has introduced the new mechanism in a bid to enable a fair and equal way to buy NFTs.
Participation Tickets Key to New Mechanism
Binance’s NFT marketplace is introducing a new way to acquire Non-fungible Tokens (NFTs) with a subscription model in a series of monthly updates.
Binance NFT has introduced the Subscription Mechanism on January 5 to allow users to buy exclusive NFTs in a fair and equal manner. To be eligible for the mechanism, users should hold a minimum amount of tokens before they are allocated participation tickets that enable them to participate in the NFT sale, similar to whitelisting done by other NFT marketplaces and projects. The new mechanism has 4 phases: preparation, subscription, calculation, and distribution.
“Participation Tickets indicate the maximum number of NFTs each user can potentially purchase from a sale. You can choose to subscribe to the NFT primary sale by committing part or all of their participation ticket(s),” mentions the marketplace’s official blog post explaining this new mechanism. “To keep our NFT sales fair, we want to emphasize that subscribing to more Participation Tickets does not guarantee a successful purchase. The more tickets you commit, the higher your chances of successfully purchasing the NFT.”
Additionally, to qualify for the NFT sale, users must hold the minimum daily average BNB holding indicated in the preparation phase.
Simultaneously, the marketplace has launched the first mystery box collection using the new subscription mechanism called “My Neighbor Alice: Holidays in Snowflake Island.” The collection is a Winter Holidays series that consists of unique festive NFTs with four different rarity levels:
- Normal (N)
- Rare (R)
- Super Rare (R)
- Super Super Rare (SSR)
Binance NFT has been working to bring a wide variety of NFTs onto its platform. There is an NFT on the Binance NFT for everyone, and with the subscription model, the distribution across the platform is ever more equal.
What is Binance NFT?
Binance NFT is the exchange’s NFT arm that consists of a marketplace, a platform for initial game offering (IGO), and mystery NFT boxes in the Binance Smart Chain (BSC) ecosystem. The top 10 collections on the platform have witnessed more than $80 million in all-time trade volumes, as per data from Binance. There have been more than 44,000 items sold from these collections on the marketplace.