Binance has implemented a new NFT subscription mechanism in order to give its users a fair chance of purchasing newly launched NFTs.
It is becoming increasingly difficult to acquire NFTs when they initially launch because of the outstanding demand for digital collectibles. Given that the supply is finite and owning an NFT is all the rage these days, NFTs are often sold out within seconds of their launch.
As such, many users are forced to patiently wait until the second owner decides to sell the collectible for profit, meaning that they would have to pay much more than the initial price due to the inability to purchase NFTs right off the bat.
Binance has solved this problem by implementing an NFT subscription mechanism that affords its users the ability to purchase NFTs after their initial release. This opportunity provides a higher probability of users obtaining their NFTs by setting a limitation on NFT acquisition per user. This gives the randomized selection process of buyers a chance to give equal opportunity to all NFT enthusiasts.
The process associated with this new subscription has four steps that users need to go through, namely, preparation, subscription, calculation, and distribution.
The preparation phase has a condition that needs to be met by users: they need to possess a minimum amount of tokens needed to be participants in the subscription. While Binance has no control over setting these conditions, the determination is made by the project selling the NFTs.
Participation tickets will be issued to users in the subscription phase where the NFT creators will set the buying limits. The number of tickets represents the number of NFTs that the user is permitted to acquire. Nonetheless, the choice of whether to exhaust all tickets or only a number of them falls on the user alone. More tickets do not necessarily equal more NFTs, but it does give a higher probability of a successful acquisition.
The calculation phase employs the randomized selection system so that the winner can be selected from the subscriber pool. Selected subscribers are the winners and the sale will take place in the distribution phase.
These last months have shown that the potential of NFTs is virtually insurmountable, as the sales volume of NFTs is nearing $20 billion. By all accounts, NFTs may even have the potential to leave Bitcoin (BTC) in the rearview mirror.