Binance Launched NFT Collections Feature For Its Users

Binance launched NFT collections feature for its users via its Subscription Mechanism as we can see more today in our latest Binance news.

The new subscription feature is broken down into four phases: Subscription, Preparation, Calculation, and Distribution. The lovers of NFTS and NFT collections investors can now use Binance because the demand for NFT drops made it impossible for the investors for a collector to buy the favorite arts from ETH blockchain-based collections as the buyers are often engaged in high gas fees to gain a competitive advantage.

Binance Smart Chain and it is a lower fee structure that solves the Ethereum challenges. Still, the prior model doesn’t guarantee a fair allocation and participation in the NFT collection launches. The new subscription MEchanism is designed to change the narrative. According to finance, the Preparation stage is more or less a formality and requires interested participants in the proposal NFT launch to hold the exact number of tokens that is quoted as the minimum for participation. The Subscription page is for those that pass the first phase and where the users will receive Participation Tickets according to the limit per user set by the NFT creator.

Following the subscription, phase is the calculation phase where the platform can select winning tickets from the subscribed participation tickets in a fair and random manner. The winning tickets allow the users to buy an NFT in the primary sale and the calculation phase then ushers right into the distribution phase where the funds are distributed and the NFTs also get distributed to the buyers. As Binance launched the NFT collections feature, the subscribers can now land their hands on an NFT that shows how much the exchange is willing to give the people a chance to take part fairly rather than only relying on luck. Beyond Binance NFT, other marketplaces like OpenSea and Rarible are also trying to innovate and make their platforms more accessible for creators and buyers.

As recently reported, The venture capital arm of Binance invested $12 million in Woo Network, a liquidity platform that connects users to exchanges, decentralized finance networks, and institutions. Woo Network provides liquidity to over 40 exchanges, institutions, trading teams, and wallets as well as decentralized applications. The company’s products include Woo Trade as a platform for institutional investors and the retail-focused Woo X that combines zero-fee trading and even a higher degree of liquidity.