Subscribe and Purchase Your Next NFT in 4 Steps with Binance.
Binance’s most recent feature update, the “Subscription Mechanism”, allows users to purchase exclusive NFTs fairly and equitably.
The Subscription Mechanism function consists of four phases: Preparation, Subscription, Calculation and Distribution.
In order to enter the Subscription Mechanism, users must hold a minimum number of tokens before they are allocated “Participation Tickets” that will allow them to participate in the NFT sale.
In this complete guide, we will explain the different steps to participate in your first NFT sale through the Subscription Mechanism.
Discover Binance’s NFT Subscription Mechanism, a new feature that gives all users a fair and equal opportunity to successfully purchase an NFT.
In response to community feedback, Binance has continued to roll out monthly feature updates to Binance NFT, including the most up-to-date reCAPTCHA v3, multi-chain support, new ways to interact with creators, and intuitive indexes to discover your next favorite collection. Binance’s latest feature update introduces a new way for users to fairly participate in the latest and most exclusive releases Binance has to offer on Binance NFT.
As NFTs become more and more popular every month, Binance understands that the chances of buying one are getting more remote. That’s why Binance recently launched the “Subscription Mechanism” to ensure that all users have an equal opportunity to participate in the main Binance NFT sales. In this article, you will learn how Binance’s Subscription Mechanism works and the steps you need to know to participate.
Take your first steps with the Subscription Mechanism
The Binance NFT Subscription Mechanism is a purchase method that ensures that all participating users have 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 might set higher or lower entry requirements. Therefore, if you find an NFT Subscription Mechanism sale that you would like to participate in, make sure you have the minimum amount of required tokens in your wallet.
2. Subscription
If your balance meets the minimum requirement, you will proceed to the Subscription phase. Each user will receive Participation Tickets according to the “purchase limit per user” established by the NFT project/creator.
Participation tickets indicate the maximum number of NFTs that each user can potentially buy in a sale. You can choose to subscribe to the main NFT sale by pre-allocating some or all of your participation tickets. In order to keep Binance’s NFT sales fair, we want to emphasize that subscribing more Participation Tickets does not guarantee that a purchase will be made. Quite simply, the more tickets you preallocate, the more likely you are to successfully purchase the NFT.
Please note that your tokens will be locked according to the number of tickets subscribed, and will be released/refunded in full once the Distribution phase is complete.
3. Calculation
Binance’s system will select the winning tickets from all subscribed entry tickets fairly and randomly. A winning ticket allows the user to purchase an NFT at the main NFT sale.
4. Distribution
Users with selected Participation Tickets will be able to purchase NFTs at the main NFT sale, and their funds will be deducted accordingly. If your Participation Ticket was not selected, Binance will automatically refund the corresponding tokens to your spot wallet.
Users holding winning Participation Tickets will be able to purchase NFTs at the main NFT sale, and the BNB equivalent will be deducted accordingly. The remaining BNB will be automatically refunded to users’ spot wallets.
Go to Binance’s Official Website
Subscribe and buy your next NFT in 4 steps
Sales through the Subscription Mechanism are simple and only require a few steps. Read on to get started with your first purchase.
Step 1. Choose the NFT sale you want to join
There are three ways to access the Sales Mechanism page: the IGO homepages, the collection banners on the Mystery Boxes page, or the NFT Marketplace homepage. Click on the next NFT sale you want to join and you will be redirected to their Sales Mechanism page.
Step 2. Keep the minimum BNB requirement in your wallet
In order to qualify for the NFT sale, make sure you maintain an average daily BNB holding indicated in the Preparation phase. If you don’t meet the minimum BNB requirement, you can purchase BNB through a variety of ways, including credit/debit cards or third-party channels.
Step 3. Subscribe your Participation Ticket(s)
Now that you have met the minimum BNB requirement, you will receive Participation Tickets based on the “purchase limit per user” set by the NFT project/creator.
During this Phase, users have the option to subscribe to the main NFT sale by pre-allocating some or all of their participation tickets to a pool, in which all pre-allocated tickets have a fair chance of winning. The number of pre-allocated staking tickets will determine the amount of BNB that will be locked in escrow, which will be refunded at the end of the Distribution Phase.
Subscribe to the main NFT sale by pre-allocating some or all of your Participation Tickets. All up to you! Your subscribed Tickets will be collected and included in a pool with the Tickets of all other users; in this pool, all pre-allocated tickets have a fair chance of winning. Tokens will be locked based on the number of Participation Tickets subscribed.
Step 4. Check the status of your purchase
Each pre-allocated Participation Ticket has an equal chance of being selected during the Calculation phase. Once the winning tickets are selected, you can check the status of your NFT purchase in the Distribution phase. Successful buyers will find their purchased NFT in the [ User Center ] of the Binance NFT platform. For unsuccessful buyers, Binance will automatically refund the tokens to your wallet, and you will still be able to purchase NFTs on the secondary market. For more information, you can read Binance’s detailed step-by-step guide here.
Stay up to date on the latest Binance NFT releases
Binance NFT is the world’s largest select NFT marketplace, with a comprehensive NFT platform that brings together content creators, world-famous artists, game developers, and more. To be the first to hear about Binance’s latest NFT news and releases, follow Binance NFT on Twitter, Instagram or join Binance’s official announcement group.
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
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Comment by Hans
April 24, 2024
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