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Binance Introduces New Mechanism that Implements Fairness in NFT Buying

Leading crypto firm Binance has recently introduced a new feature that would give every buyers a fair shot at sniping the non-fungible token (NFT) that they want — the NFT Subscription Mechanism.

It has become increasingly challenging for buyers to purchase NFT on their initial launch, which is understandable due to the rising demand. As NFTs are limited in supply, it is not uncommon for some NFT drops to be sold out in merely seconds since its release.

Those who missed their chance would have no other choice but to wait for the initial owners to flip the NFTs for profit, which means that the users would have to pay extra or not own the NFT at all.

With the newly introduced NFT Subscription Mechanism, users are given higher chance to be able to purchase the NFTs of their liking by limiting the allowed amount of NFT purchase per person and by implementing a sort of lottery system in which the buyers are selected at random.

There are four phases that users need to go through when participating in NFT Subscription Mechanism sales: preparation, subscription, calculation and distribution.

Preparation phase requires the users to hold a minimum amount of tokens needed for participation, which will be determined by the creators or project conducting the NFT sale.

The following subscription phase is where participation tickets will be distributed to qualified buyers, which is where the creators would limit the purchase amount per user. The number of tickets received is the maximum amount of NFTs allowed to be purchased. Users can opt to use all or only a few of the tickets. However, having more tickets does not guarantee that the user would be able to secure the NFT. But, it does increase the chance of success.

Next is the calculation phase where the randomised selection system began. The system would randomly select any of the participation tickets used for the sale. Finally, the distribution phase is where the sale will proceed.

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SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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