Space ID is coming to the Binance Launchpad for the launch of its token ID. This Web3 domain name protocol allows registration on the NBB Smart Chain and Arbitrum, similar to what is done with Ethereum Name Service (ENS). How to participate in this launch?
Binance launches Space ID Launchpad
Since this Friday, a new Launchpad is available on the cryptocurrency platform Binance: Space ID (ID). This 30th launchpad offers to the users of the platform, the possibility to use their BNB, in order to acquire ID tokens.
These NBBs must be present on the investors’ Binance account for a defined period of time, then at the end of a countdown, a quantity of IDs can be purchased by the participants at a preferential price, according to the assets of each one during this period of calculation.
How to participate in this Launchpad
To be able to participate in the Space ID Launchpad on Binance, you need to own NBBs. So, it is an interesting opportunity for investors who already own them. However, for those who don’t, you will have to think carefully about the risk of exposing yourself to the price of this asset during the period of this launch, as there is no guarantee of the profitability of the operation.
To access the Launchpad, it is located in the “Earn” menu at the top of the Binance website.
Until March 23rd at 7am Paris time, a daily snapshot will be taken in order to establish an average of the NBBs present on everyone’s Binance account:
Space ID Binance Launchpad preparation period
At the end of this first phase, it will be possible to deposit the indicated amount of BNB in the Launchpad, up to 10 hours. Then, a calculation period will follow before the distribution. At that time, a small portion of the allocated NBBs will be exchanged for ID tokens.
The initial price of an ID will be $0.025, so assuming a participant is entitled to 400 IDs based on the amount of his or her stake, $10 of his or her ETNs will be sold in the transaction. The quotation of the token will come in a second time, and it will be necessary to wait for this one to know if the operation was profitable or not, and thus choose to keep the IDs or to sell them.
What is the Space ID project (ID)?
Space ID is a Web3 identity protocol running on the NBB Smart Chain and Arbitrum One. In this way, it is possible to buy a domain name on the blockchain, on a “pseudo.bnb” or “pseudo.arb” model, just like what is done with Ethereum Name Service (ENS).
Moreover, Space ID also offers a marketplace for non-fungible tokens (NFT), where it is possible to trade these Web3 domain names.
While Launchpad sometimes offers an interesting opportunity to make money, with nice multiples, it should be noted that it is never certain that a capital gain will be realized. The scenario where the price of the ID would fall below its opening price should therefore be considered by anyone wishing to participate in this launchpad.
