With each passing month, NFTs have become tremendously famous and with this, the likelihood of purchasing an NFT is becoming thinner.
It has become more and more difficult to procure non-fungible tokens (NFTs) on their initial takeoff. And this is because of the exclusive supply and excessive demand of most NFTs. Merely after a few seconds some NFT drop, they are purchased by the few initial owners who decide to convert the NFTs for some income. However, before you start investing in cryptos, you should find out about crypto wallet NFTs and exchanges.
In this case, making it harder for other customers who wish to purchase newly released collections. As a result, they either have to wait, buy at high prices or not have to purchase any NFT at the end.
To this end, Binance has introduced a fair-way subscription Mechanism in its marketplace that gives everyone equal chances to buy newly released NFTs. This latest feature is a follow-up to other existing innovations on Binance NFT, and it is a new way for users to interact with creators to discover outstanding collections. This new subscription process works by putting a limit to the amount of NFT purchase per person and following a controlled buyer selection process in this way providing a higher chance of NFTs brought by users.
How Does The NFT Subscription Works
This subscription process is in four-stage for users who want to take part in NFT Subscription Mechanism wholesales this includes:
- Preparation
- Subscription
- Calculation
- Distribution
The Preparation Stage: Users have to hold the minimum quantity of tokens needed to participate in their wallets. Binance points out that the least entry requirement is specified by the producers or project that will conduct the NFT sale.
Subscription Stage: This is a phase where tickets for participation will be allocated to only authorized buyers. What this means is the subscription phase is only feasible provided the user’s balance holds enough token for the Preparation phase. This is where the producers would limit the purchase amount per user. The maximum quantity of NFTs allowed to be purchased is the number of tickets received. Nonetheless, users have the option to decide whether to use all or only a few of their tickets. Although, having more tickets does not ascertain that the user would be able to secure the NFT. But, it increases the success chances of buying the NFT and ensures fair sales of NFTs. However, users have the option to decide whether to use all or only a few of their tickets.
Calculation Stage: Here, the randomized selection system began. The system would randomly select any of the participation tickets. The winning ticket then enables users to buy NFT fair and square for the NFT primary sale hence, participants will be able to successfully purchase NFTs.
Distribution Stage: The distribution phase is the ultimate phase Binance deducts the BNB equivalent of winning Participation Tickets and refunds the related tokens if they are not automatically chosen.
This implies that if the participant’s ticket does not win the locked token will be returned to the spot wallet and if it does win it will be distributed to the respective account.
NFT is a great way of asset ownership which is a pathway out of poverty and it is secure, globally accessible, decentralized for individual wealth growth. While the first NFT’s actually started in 2012- 2013 it has shot to mainstream prominence in the last few months. With the worldwide NFT gross sales quantity approaching $20 billion, the future of NFTs remains largely to be seen and many people believe that NFTs might even exceed Bitcoin.
Conclusion
Finally, Binance NFT has always been dedicated to building an undivided platform, the new subscription mechanism will allow for equal opportunities for users to purchase NFTs through the primary sales, and also enhance more active participation in the NFT market.
To further help the community grow, Binance will continue to listen to customers’ feedback and roll out necessary updates each month. So far, updates such as multi-chain support, reCAPTCHA v3, have been released to better serve the community. Therefore, as time goes by, users should be assured of better updates and unique features from Binance to better seize NFTs opportunities.
