Binance implements a 'fair way' to buy NFTs

Buying the first-ever non-fungible token (NFT) is increasingly difficult due to growing demand. Due to limited supply and high demand, some NFTs sold out within seconds of being released.

In this case, users interested in buying newly released collectibles have no choice but to wait until the original owner decides to convert the NFT for some profit, only to have to pay more money, or not get any NFT at all .

Because of this, Binance has introduced a subscription mechanism to give everyone an equal opportunity to buy newly released NFTs on its marketplace. The market's new NFT subscription gives users a higher chance of being able to purchase NFTs by limiting the number of NFTs each person is allowed to purchase 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.

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

Next comes the subscription phase. At this stage, qualified participants will receive participation tickets, and each user's participation ticket purchase limit is set by the NFT creator. The number of tickets users receive will be the maximum number of NFTs that can be purchased. However, the user can choose whether to use all or only some of the participation tickets. Having more votes doesn't mean you get NFTs. However, it will give you more chances of a successful purchase.

After this, enter the calculation phase. This involves a random selection system where the winning entry ticket is selected from all those who subscribed. Selected participants will be able to successfully purchase NFTs. The final stage is distribution, where sales will take place.

It is undeniable that in recent months, the growth of NFT has been very rapid. With global NFT sales approaching $20 billion, many are speculating that NFTs might even surpass Bitcoin one day.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.