Binance uses a “fair approach” to purchase NFT

Due to increased demand, it has become increasingly difficult to purchase non-fungible tokens (NFTs) at the time of initial release.Due to limited supply and strong demand, some NFTs fell Sold out in a few seconds Release.

With this, users interested in purchasing newly released collections have no choice until the initial owner decides to flip the NFT to gain some profit, resulting in having to pay more or unable to fully obtain any NFT.

Because of this, Binance introduce A subscription mechanism that gives everyone an equal opportunity to purchase newly released NFTs in their market. The market’s new NFT subscription mechanism allows users to have a higher chance of buying NFTs by limiting the amount of NFT purchases allowed per person 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.

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

Next is the subscription phase. Here, qualified participants will receive participation tickets, and the NFT creator sets the purchase limit for each user. The number of tickets received by the user will be the maximum number of NFTs that can be purchased. However, the user can choose to use all tickets or only a few tickets. Having more tickets does not mean you will get NFT. However, it will give you more chances of successful purchase.

related: The biggest NFT decline and sales in 2021

Thereafter, the process proceeds to the calculation phase. This incorporates a random selection system to select the winning participation ticket from all subscribers. The selected participants will be able to successfully purchase NFT. The last stage is distribution, where sales will take place.

It is undeniable that NFT has grown rapidly in recent months.With global NFT sales volume Close to 20 billion U.S. dollars, many people speculate NFT may even surpass Bitcoin one day.