Binance NFT just launched their latest feature update: the subscription mechanism. This was the highlight of their monthly NFT feature update which included several other introductions. Essentially, this update welcomes a fair and equal way for all participants to purchase NFTs through primary sales.
This feature update comes in response to the market reaction and feedback regarding the increasingly competitive NFT market. As new and existing buyers continue to flood the market, the chances of landing a coveted NFT becomes slimmer. Unfortunately, most buyers have to resort to the secondary market, where they are eventually priced out.
This timely update was imperative as the Binance NFT marketplace continues to bring in big name NFTs like Jimmy Choo and Marvel. This update includes 4 areas to introduce equal opportunities for all, and it’s actually quite straightforward:
- Preparation: Prior to each NFT drop, buyers need to hold the minimum amount of BNB tokens set by the NFT creator.
- Subscription: Each eligible user will then receive participation tickets based on their BNB tokens. The creator can set the maximum number of NFTs each buyer can purchase, while the buyer can decide how many participation tickets they want to commit. The more tickets a buyer commits, the higher the chances of getting the NFT.
- Calculation: Subsequently, Binance will randomly select winning tickets in a fair and equal manner. The winning ticket holders can then participate in the primary sale.
- Distribution: Finally, the locked BNBs are deducted from holders of winning tickets, while the system releases the unused tokens.
The increased fairness seems like a good addition to encourage mainstream adoption. Moving forward, the company will certainly continue to introduce more feature updates if and when necessary.