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Binance NFT: Introducing A Fair & Equal Way To Buy NFTs

2022-01-15

Main Takeaways

  • Our latest feature update, ‘Subscription Mechanism,’ allows users to buy exclusive NFTs in a fair and equal manner. 

  • The Subscription Mechanism feature consists of four phases: Preparation, Subscription, Calculation and Distribution. 

  • To enter the Subscription Mechanism, users must hold a minimum amount of tokens before they are allocated ‘Participation Tickets’ to participate in the NFT sale. 

  • In this comprehensive guide, we’ll walk you through the different steps to participate in your first Subscription Mechanism NFT sale.

Discover our NFT Subscription Mechanism, a new feature that gives all users a fair and equal chance to purchase an NFT successfully.

In response to community feedback, we’ve continued to roll out feature updates every month on Binance NFT, including the most updated reCAPTCHA v3, multi-chain support, fresh ways to interact with creators and intuitive indices to discover your next favourite collection. Our latest feature update introduces a new way for users to fairly participate in the latest drops and exclusive releases that we have to offer on Binance NFT

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. In this article, you’ll learn how our Subscription Mechanism works and the steps on how to participate.

Get Started With Subscription Mechanism

The Binance NFT Subscription Mechanism is a purchase method that ensures all participating users stand a fair and equal opportunity to make a successful NFT purchase. There are four phases in the Subscription Mechanism process: Preparation, Subscription, Calculation and Distribution.

1. Preparation 

To participate, users must hold a minimum amount of tokens during the Preparation phase. Some NFT projects/creators may set higher or lower entry requirements. So if you find an NFT Subscription Mechanism sale you want to join, make sure you’re holding the minimum token requirement in your wallet.

2. Subscription 

If your balance meets the minimum requirement, you’ll move on to the Subscription phase. Each user will receive Participation Tickets according to the ‘purchase limit per user’ set by the NFT project/creator. 

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). 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.

  • Please note: Your tokens will be locked according to the number of subscribed tickets and released/refunded in full after the Distribution phase is completed.

3. Calculation

Our system will select winning tickets from all subscribed participation tickets in a fair and random manner. A winning ticket allows the user to purchase an NFT in the NFT primary sale.

4. Distribution 

Users with selected Participation Tickets will get to purchase the NFT(s) in the NFT primary sale, and their funds will be deducted accordingly. If your Participation Ticket is not selected, we’ll automatically refund the corresponding tokens to your spot wallet. 

Users who hold winning participation tickets will be able to purchase the NFT(s) in NFT primary sale and the BNB equivalent will be deducted accordingly. The remaining BNBs will then be automatically refunded to users’ spot wallets. 

Subscribe and Purchase Your Next NFT in 4 Steps

Subscription Mechanism sales are simple and only take a few steps. Keep reading to get started on your first one.

Step 1. Pick the NFT sale you want to join

There are three ways you can access the Sales Mechanism page, including IGO landing pages, the collection banners on the Mystery Box page or the NFT Marketplace homepage. Click on the upcoming NFT sale you want to join, and you’ll arrive at its Sales Mechanism page.

Step  2. Hold the minimum BNB requirement

To qualify for the NFT sale, ensure you hold the minimum daily average BNB holding indicated in the Preparation phase. If you don’t meet the minimum BNB requirement, you canbuy BNB in various ways, including p2p.

Step 3. Subscribe your Participation Ticket(s)

Now that you’ve met the minimum requirement, you’ll receive Participation Ticket(s) based on the ‘purchase limit per user’ set by the NFT project/creator. 

During this Phase, users have the option to subscribe to an NFT primary sale by committing part or all of their participation ticket(s) 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.

Subscribe to the NFT primary sale by committing some or all of your Participation Ticket(s)—it’s up to you! Your subscribed tickets will then be collected and placed in a pool with everyone else, where all committed tickets have a fair chance of winning. Tokens will be locked according to the number of subscribed Participation Tickets.

Step 4. Check your purchase status

Each committed participation ticket has an equal chance of getting selected during the Calculation phase. Once the winning tickets are picked, you can check the status of your NFT purchase in the Distribution phase. Successful buyers will find their purchased NFT in the Binance NFT [User Center]. For unsuccessful buyers, we’ll automatically refund the tokens to your wallet, and you’ll still be able to purchase the NFT in the secondary marketplace. For more information, you can read our detailed step-by-step guide here

Stay Up-to-date on Binance NFT’s Latest Drops

Binance NFT is the world’s largest curated NFT marketplace, with a comprehensive NFT platform that brings together content creators, world-famous artists, game developers and much more. To be the first to learn about our latest NFT drops and news, follow Binance NFT on TwitterInstagram or join our official announcement group

For more detailed information on how to use the Subscription Mechanism, you can refer to the following FAQs and guides: