The new design consists of four phases: Preparation, Subscription, Calculation, and Distribution. Regarding the ‘Preparation phase,’ users are to hold the average daily BNB balance for a specific duration of time. The specific amount of BNB to be stored is determined by the team responsible for the sale.
All qualified users are requested to reserve an allocation in the ‘Subscription phase.’ These allocations would be distributed by a lottery mechanism. Users would also have the opportunity to purchase tickets for this or that sale.
In the next stage, the ‘Calculation phase,’ the winners would be selected by the system. Also, lucky participants would be able to book NFTs proportionate to the number of tickets they have purchased.
In the final phase, which is the ‘Distribution phase,’ new NFTs are transferred to winners, and the remaining BNBs will be kept at spot accounts on Binance (BNB).
Related: Binance.US is coming to the metaverse
$470 million milestones accomplished
Helen Hai, Head of Binance NFT, stated that this release is a great step for Binance NFT on its journey to an inclusive, democratic, and fair NFT marketplace. According to her:
Binance NFT shares a similar accounts system with Binance crypto exchange, and the marketplace currently supports Ethereum (ETH) and Binance Smart Chain (BSC) for its operations.
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Source: Cryptocurrency - investing.com
