Fair Share of Digital Assets: Binance Releases NFT Subscription Mechanism

Fair Share of Digital Assets: Binance Releases NFT Subscription Mechanism

After an explosive year and an ongoing demand for NFTs, Binance has come out with an automated mechanism that will allow users to get their fair share of art-based digital assets from newly released collections.

Ever since NFTs barged into the mainstream environment, it became a lot harder for users to purchase digital assets due to high purchase volumes, and ever-increasing prices. Yesterday, Binance announced that it’ll be implementing an automated system that will give "all users a fair and equal chance to purchase an NFT successfully."

This mechanism will essentially work in 4 phases and determine how many NFTs will each person be allowed to purchase. During the first phase, users will have to choose which NFT sale they want to join. They will have to meet the minimum token requirement which will be selected by the NFT creator. 

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If a user meets the minimum token requirement, then he’ll be moved to the Subscription Phase where the Participation Tickets will be given out. The number of tickets per user will be determined by the NFT creator as well.

In fact, Binance notes that the tickets will work in a manner similar to a raffle:

"The more tickets you commit, the higher your chances of successfully purchasing the NFT."

After that, the mechanism will randomly select the winners per se, and they’ll be eligible to purchase the selected NFT. Users who didn’t get selected by the randomization process to purchase the NFT will receive the same amount of tokens (BNB) that they’ve spent on tickets back to their wallets. 

With NFTs getting harder to obtain each day, a system such as the Binance NFT Subscription Mechanism will certainly help users purchase their favorite digital assets and avoid hodlers.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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