What is the Binance NFT Subscription Mechanism?
Binance introduces a new way for users to fairly participate in the latest drops and exclusive releases on Binance NFT. This new subscription mechanism will ensure that all users get an equal opportunity to participate in the Binance NFT primary sales.
How does the Binance NFT Subscription Mechanism work?
Binance NFT Subscription Mechanism ensures a fair and square way for BNB and NFT holders to commit tokens towards a Binance NFT sale. There is a subscription cap for each user, and the final NFT allocation will be distributed in a fair and square manner.
How to participate in the Binance NFT sale through the Subscription Mechanism?
1. Log in to your Binance account and go to the Binance NFT homepage. Click on the NFT sale banner you wish to participate in.
2. You will be redirected to the subscription page, where you can see a description of the project, the total NFT issued, the Participation Ticket price, the ticket purchase limit per user, and the subscription countdown.
Please note that there will be a subscription cap for Participation Tickets. Each user can only subscribe to a certain quantity of Participation Tickets in each sale.
There are 4 phases in a Binance NFT Sale.
1. Preparation phase: Fulfill one of the three prerequisites determined by each sale
Depending on the projects, you have to fulfill one of the three prerequisites to be qualified to subscribe for Participation Tickets in the next phase.
- BNB Prerequisite: Maintain the minimum daily average BNB holdings during the Preparation phase;
- NFT Prerequisite: Lock the NFTs specified in the NFT Collection Prerequisite;
- BNB or NFT Prerequisites: Maintain the minimum daily average BNB holdings or lock the NFTs specified in the NFT Collection Prerequisites indicated on the NFT sale page.
You can buy the NFTs specified in the NFT Collection Prerequisites from the Binance NFT Marketplace. All Locked NFTs will be automatically returned to your wallet at the end of the Preparation phase.
We will calculate your daily average BNB holdings in that period. Your BNB won’t be locked at this point. If you do not have enough BNB, you can click [Buy More BNB] to buy BNB from the spot market.
For example:
Preparation Phase: 2022-07-15 00:00 (UTC) to 2022-07-17 02:00 (UTC)
Suppose you have 0.1 BNB in your wallet before 2022-07-15 00:00 (UTC), and you continue to maintain the daily average holding of 0.1 BNB throughout the entire Preparation phase between 2022-07-15 00:00 (UTC) and 2022-07-17 02:00 (UTC). In this case, you will be eligible to enter the Subscription phase.
Please note that if you top up your wallet balance to meet the minimum daily average BNB holdings after the Preparation Phase begins, you may not be eligible to participate in the Subscription Mechanism sale.
2. Subscription period: Commit Participation Tickets and the required tokens
Please note that you must indicate the number of Participation Tickets you would like to commit to the sale during this phase. You can choose to commit some or all of your available Participation Tickets. The more tickets you subscribe, the higher the probability of your tickets getting selected. Please note that this does not guarantee you can successfully purchase an NFT from the sale.
You will see the amount of tokens you need to lock up. Click [Subscribe for Ticket(s)].
Please note that you can only use the available token balance in your Spot Wallet. Your tokens will be locked up until the Distribution period ends.
3. Calculation period: NFT allocation calculation
When the subscription period ends, your subscribed Participation Tickets will enter a pool. The system will select the winners in a fair and square manner.
For more details on the winner selection process, please refer to Binance NFT Subscription Mechanism Winner Selection Algorithm.
4. Distribution period: NFT distribution and token deduction
Once the calculation completes, you will see the allocation details. If your Participation Tickets win, you can use them to purchase the NFT assets in the collection and your locked tokens will be deducted accordingly. If your Participation Ticket does not win, the locked tokens will be returned to your Spot Wallet.
The NFTs you purchased will be distributed to your account. You can check by clicking [Check Your NFT Assets], or go to [Profile] - [User Center] - [NFT Assets].
Frequently Asked Questions
1. Who can participate in the Binance NFT sale via the Subscription Mechanism?
All Binance users who have completed the Identity Verification can participate in the Binance NFT primary sale to purchase NFTs.
However, to be qualified to subscribe for Participation Tickets in the next phase, you need to meet the prerequisite determined by each sale. There are three different types of prerequisites:
- BNB Prerequisite: Maintain the minimum daily average BNB holdings for a certain period of time. We will calculate your average BNB holdings in that period. Your BNB won’t be locked at this point. For more details, please refer to Binance NFT Subscription Mechanism Winner Selection Algorithm.
- NFT Prerequisite: Lock the NFTs specified in the NFT Collection Prerequisite. All locked NFTs will be automatically returned to your wallet at the end of the Preparation phase.
- BNB or NFT Prerequisites: Maintain the minimum daily average BNB holdings or lock the NFTs specified in the NFT Collection Prerequisite indicated on the NFT sale page.
2. What are Participation Tickets?
Participation Tickets give you a chance to purchase NFTs in the sale. You can choose to subscribe some or all of your available Participation Tickets during the Subscription phase. The more tickets you subscribe, the higher the probability of your tickets getting selected. Please note that this does not guarantee you can successfully purchase an NFT from the sale.
There is a cap on the number of Participation Tickets you can purchase. Please refer to the details on the NFT sale page.
3. I committed the required tokens. Does that mean I can purchase the NFT?
No. When the subscription period ends, your subscribed Participation Tickets will enter a pool. The system will select the winners in a fair and square manner. For more details on the winner selection process, please refer to Binance NFT Subscription Mechanism Winner Selection Algorithm.
Utilizing the Binance NFT Subscription Mechanism ensures that all users get an equal opportunity to participate in the Binance NFT primary sales.
4. When will I know about the NFT allocation result?
When the subscription period ends, the system will select the winners in a fair and square manner. Once the calculation completes, you will see the allocation details on the NFT sale page.
5. How many NFTs can I purchase from the NFT sale?
There is a certain hard cap for each user in each NFT sale. Please refer to the sale page for more details.
6. Why do I have to lock NFTs as a prerequisite?
Introducing NFTs as a new prerequisite brings new use cases to NFTs beyond digital collectibles. You can learn more about NFT staking from our Academy article here.
7. What NFTs do I need to lock?
Each launch sale requires you to lock NFTs from different collections. Please refer to the NFT Prerequisite on the specific sale page.
8. What will happen to my locked NFTs?
Your NFTs are locked for you to be qualified to subscribe for Participation Tickets in the Subscription phase. They will be returned to your wallet after the Preparation phase ends.
9. Do I stand a higher chance of winning an NFT if I hold more BNB?
No. Users are only required to meet the minimum daily average BNB holding during the Preparation phase to be qualified to participate in the corresponding NFT primary sale. All qualified users will proceed to the Subscription phase, where they will be allocated the same number of Participation Tickets.
Only the number of committed tickets will affect the probability. The more tickets a user commits, the higher the chance for the user to buy more NFTs in the sale.