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Binance NFT: Introducing a fair and square way to purchase the latest 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 NFT sale, users must hold a minimum amount of tokens or lock specific NFTs before  being 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 square  chance to purchase an exclusive 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 favorite 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.  We recognize this is a challenge for many, so we have 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 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 square opportunity to make a successful NFT purchase. There are four phases in the Subscription Mechanism process: Preparation, Subscription, Calculation, and Distribution, all of which play crucial roles in guaranteeing participants have an equal opportunity.

1. Preparation 

Depending on each launch, you will need to meet the requirements outlined by each sale to qualify for the next phase. 

The initial three prerequisites are outlined below: 

a) BNB Prerequisite: You must hold a minimum amount of BNB 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 BNB requirement in your wallet.

b) NFT Prerequisite: During the Preparation phase, you will be required to lock the NFTs specified in the NFT Collection Prerequisites outlined by the project on the NFT sale page. You will then be qualified to proceed to the Subscription phase, where you will be allocated Participation Tickets and invited to join the Subscription Mechanism sale. All locked NFTs will be automatically refunded to your wallet at the end of the Preparation phase. 

c) Either BNB or NFT Prerequisite: If the project offers the option of either prerequisite, you have the option to hold a minimum amount of BNB or lock the NFTs specified in the NFT Collection Prerequisites during the Preparation phase to be qualified to proceed to the Subscription phase.

2. Subscription 

If you fulfill the prerequisite determined by each sale, you’ll move on to the Subscription phase. Each user will receive Participation Ticket(s) 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 will be required to submit the number of Participation Tickets you wish to commit to within that specific sale. To proceed, simply select 'Subscribe for Ticket(s).' You can choose to subscribe to the NFT primary sale by committing part or all of your Participation Ticket(s). 

To keep the NFT sales fair, we want to emphasize that committing  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 square manner. A winning ticket allows the user to purchase an NFT in the NFT primary sale.

4. Distribution 

Users with the winning Participation Tickets will get to purchase the NFTs 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. 

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 the 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. Fulfill one of the three prerequisites determined by each sale

To qualify for the NFT sale, ensure you hold the minimum daily average BNB holding or lock the NFTs specified in the NFT Collection Prerequisites indicated by the project. In the event the NFT project offers a choice of either option,  you can choose  to fulfill either the BNB or NFT prerequisites  in the Preparation phase. If you don’t meet the minimum BNB requirement, you can buy BNB in various ways, including using credit/debit cards or third-party channels. As for the NFTs specified in the NFT Collection Prerequisites, you can buy them on the Binance NFT Marketplace.

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. You need to submit the number of Participation Tickets you would like to commit to the sale during this phase by clicking ‘Subscribe for Ticket(s).’ 

You have the option to subscribe to an NFT primary sale by committing part or all of your Participation Ticket(s) to a pool, where all the committed tickets have a fair chance of winning. The number of committed Participation Tickets will determine the amount of funds to be locked, which will only be refunded at the end of the Distribution phase.

Your subscribed tickets will then be collected and placed in a pool with everyone else’s, 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 NFTs in the Binance NFT User Center. If your purchase is unsuccessful, we’ll automatically refund the tokens to your wallet and you’ll still  have the opportunity to purchase the NFT in the secondary market. 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 Twitter, Instagram or join our official announcement group

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