Binance Implements a "Fair Way" to Buy NFTs

Time:2022-01-08 Source: 1068 views NFT Copy share

Binance’s NFT marketplace is introducing its NFT subscription mechanism, a new feature it claims will give buyers a fair chance.

Buying non-fungible tokens (NFTs) for the first time has become increasingly difficult due to growing demand. Due to limited supply and high demand, some NFTs sold out within seconds of being released.

In this case, users interested in buying the newly released collectibles have no choice but to wait until the original owner decides to convert the NFT into some profit, only to have to pay more as a result, or not be able to get any NFT at all .

Because of this, Binance has introduced a subscription mechanism that gives everyone an equal opportunity to buy newly released NFTs on its marketplace. The marketplace's new NFT subscription gives users a higher chance of being able to buy NFTs by limiting the number of NFTs each person is allowed to buy and following a random buyer selection process.

Users who want to participate in the sale of the NFT subscription mechanism need to follow a process consisting of four stages - preparation, subscription, calculation and distribution.

During the preparation phase, users must hold the minimum number of tokens required to participate. Binance notes that the minimum entry requirements are determined by the creator or project that will conduct the NFT sale.

Next is the subscription phase. At this stage, eligible participants will receive participation tickets, and each user's participation ticket purchase limit is set by the NFT creator. The number of votes a user receives will be the maximum number of NFTs that can be purchased. However, the user can choose whether to use all or only some of the participation tickets. Having more tickets doesn't mean you get NFTs. However, it will give you more chances of a successful purchase.

After this, the calculation phase is entered. This incorporates a random selection system to select winning tickets from all those who subscribe. Selected participants will be able to successfully purchase NFTs. The final stage is distribution, where sales will take place.

It is undeniable that NFTs have grown very rapidly in recent months. With global NFT sales approaching $20 billion, many speculate that NFTs may one day even surpass Bitcoin.

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