Binance NFT Marketplace collaborates with StepN, a popular running app, for an exclusive initial game offering (IGO) launch.
Binance, touted as the world’s number one cryptocurrency platform based on trading volume and trusted by millions of users worldwide, has announced that its Binance NFT Marketplace will collaborate with StepN for an exclusive initial game offering (IGO) launch.
The announcement was made through Binance NFT’s official Twitter account.
StepN, to those unfamiliar with it, is a Web3 running app that rewards its users for exercising. It pioneered the “Move-to-Earn” concept, and since its public beta was launched in December 2021, it has scaled its daily active users to over 74,000.
The project is currently in the Preparation phase, which started at midnight (UTC) on April 13. Binance NFT will calculate users’ current Binance coin (BNB) holdings for two hours during this phase. If users meet the minimum daily average BNB holding during this period, they can participate in the subsequent NFT launch sale.
Since this collaboration involves Binance NFT, StepN, and Asics, the collection will feature NFT sneakers from Asics. These include Common and Uncommon Walker, Jogger, Runner, and Trainers, which can be used with the StepN app.
There will be 1000 NFT sneakers that will be launched for staking. About 85% have common qualities, while 15% feature distinctive attributes. Those who secure the NFT sneakers can level up their NFTs by burning tokens. Users can add attribute points and NFT gems to a sneaker to boost performance.
Also, as per Binance NFT’s tweet, users with two sneakers can mint a mystery shoebox that contains a new sneaker.
Only qualified users can move on to the Subscription phase, wherein they will be given tickets to participate in the sale. Users are explicitly advised that while the participation tickets show how many NFTs they can purchase during the sale, they don’t guarantee successful NFT purchases.
Also, to qualify for the Subscription phase, users must meet certain prerequisites as determined by each sale. The first is the BNB prerequisite, in which users must maintain minimum BNB holdings for a certain period. The second is the NFT prerequisite, wherein users can also lock the NFTs specified in the NFT Collection Prerequisite. After the Preparation phase, locked NFTs will be returned to users’ wallets. The third is the BNB or NFT Prerequisites, in which users must acquiesce to both the first and second prerequisites.
Binance NFT will adopt this new subscription mechanism to ensure a fair and equal way for users to participate in drops and exclusive releases on the Binance NFT marketplace. The subscription capping ensures that the final allocation of NFTs will be done fairly.
Moreover, only Binance users who successfully completed the platform’s Identity Verification can join the Binance NFT primary sale so they can buy NFTs.
Get more news updates
Get more NFT news updates at CollectorX News. For more information on CollectorX, and details on how to join our community, please follow our Twitter, join our Discord, or subscribe to our Telegram channel for more updates, and please feel free to submit your article.