NFT Purchase on Binance Just Get Easier with New Subscription Mechanism Feature

With the growing demand and struggles that revolve around the purchase of Non-Fungible Tokens (NFTs), Binance NFT marketplace has launched its Subscription Mechanism, a move that is billed to grant users easy access to collections launched on its platform. The Subscription Mechanism on Binance NFT is straightforward and easy to grasp and will usher in a fair and equitable way of participating in future NFT drops on the marketplace.

As announced by the exchange, the Subscription Mechanism will be administered in four distinct stages, which users who wish to partake in launches on its platform moving forward will have to adhere to. These stages include Preparation, Subscription, Calculation, and Distribution. In order to gain access to the preparation stage as a way to begin, users must hold a certain number of tokens in their wallets.

The number of tokens to participate is often defined by the project owners or the NFT creators. This entry fee is unique to each project and could be high or low at any point in time. The preparation stage just entails you holding enough to be able to gain access to the particular drop you are interested in.

The Subscription stage is the most crucial as this is where each user will receive Participation Tickets according to the ‘purchase limit per user’ as set by the NFT project/creator. In this stage, users can choose to subscribe to the NFT sale by committing a proportionate amount of their tokens. While opening a ticket is arguably not a guarantee for a successful participation, the more the number of tickets owned, the more the chances to gain access to the NFT collection and allocation.

The calculation period is when Binance picks the winning tickets on a randomized basis while the distribution period is when users’ funds are deducted for the purchase and the equivalent NFT sent to the designated user’s wallet address.

Reinventing the NFT Marketplace

Several NFT marketplaces are currently exploring avenues to improve the accessibility of their platforms in order to serve current users and reach new ones. Last year, legacy platform Rarible launched a feature in which NFT creators can list their collections for free, allowing buyers to pay for the minting fee at launch.

Riding on the prediction that the NFT industry may likely surpass Bitcoin, major players from Coinbase NFT Marketplace to FTX and OpenSea, are beginning to champion product innovations in their NFT marketplace in order to gain a massive share of the market.