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Binance introduces a fair approach to buy NFTs

3 min reading

The NFT Subscription Mechanism, the latest feature on Binance's NFT marketplace, asserts that it will provide users with a fair chance.

Nonfungible tokens (NFTs) are becoming steadily more difficult to acquire on their initial release because of increasing demand. Several NFT dips have sold out within seconds of being launched due to limited availability and huge demand.

Users who want to buy recently launched collections will have no option except to wait till the actual holders choose to sell the NFTs for a gain, which will lead them to pay extra or not be able to buy any of them at all.

As a result, Binance implemented a subscription system that gives everyone an equal chance to purchase newly launched NFTs in its marketplace. By limiting the quantity of NFTs that can be purchased per person and using a random buyer selection procedure, the marketplace's new NFT Subscription Mechanism gives users a better opportunity to be able to purchase NFTs.

Users who want to engage in NFT Subscription Mechanism sales must go through a four-step process that includes preparation, subscription, computation, and distribution.

During the preparation phase, users must have the minimum quantity of tokens to join. The lowest entry criteria are set by the creators or project that will execute the NFT sale, as per Binance.

The following step is the subscription phase. Eligible participants will thereafter be issued participation tickets, with purchase restrictions determined by the NFT creators per user.

The maximum quantity of NFTs that can be bought will be determined by the number of tickets acquired by a user. Users can, though, choose whether to utilise all or just a part of their tickets. The fact that you have more tickets does not ensure that you will acquire the NFT. It will, however, increase your chances of success in your purchase.

The procedure then continues to the calculation step. This includes a random selection technique for finding winning participation tickets from all those who subscribed. The NFTs will be effectively bought by the selected participants. The final step is distribution. That's where the sale will take place.

NFTs have undoubtedly gained in popularity in the last few months. Many people believe that, with global NFT sales surpassing $20 billion, NFTs will one day outpace Bitcoin.

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