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Binance introduces a fair way to buy NFTs

Binance’s NFT Marketplace is introducing its NFTSubscription Mechanism. This new feature claims to give buyers a fair chance.

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Binance implements a ‘fair way’ to purchase NFTs

Due to the rise in demand, it’s increasingly harder to purchase nonfungible tokens (NFT) on their initial launch. Because of the limited supply and high demand, some NFT drops have sold out after only a few seconds of release. With this in mind, users interested in purchasing new collections cannot wait for the original owners to decide whether they want to make a profit or pay more to get them.

Therefore, Binance introduced a subscription mechanism that lets everyone have an equal opportunity to buy newly released NFTs on its marketplace. By limiting NFT purchases per person and following a random buyer selection process, the marketplace’s NFT Subscription Mechanism gives users a better chance to buy NFTs.

Users who want to participate in NFT Subscription Mechanism sales need to follow a process that comprises four phases — preparation, subscription, calculation and distribution.

In the preparation phase, token holders must have the minimum number of tokens to be eligible to participate. Binance points out that the minimum entry requirement for the NFT sale is set by the creators.

The subscription phase follows. The subscription phase follows. Qualified participants will be issued participation tickets. These tickets will have purchase limits for each user that will be set by NFT creators. A user can only purchase the maximum number of NFTs they have received. Users have the choice to choose whether they want to use all of their tickets or just a few. You won’t get the NFT if you have more tickets. It will increase your chances of success in your purchase.

Related: Biggest NFT drops and sales in 2021

After this, the process moves forward to the calculation phase. This involves a random selection system that selects the winning tickets from all subscribers. The NFTs will be available for purchase by the selected participants. The distribution phase will be the final step. It is evident that NFTs have experienced a tremendous growth in the past months. With the global NFT sales volume approaching $20 billion, many speculate that NFTs may someday surpass even Bitcoin (BTC).

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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