Binance introduces a new way of NFT investment for its users
Binance, the world’s biggest cryptocurrency exchange, has been the home of many NFT projects. A major grievance of NFT collectors is not being able to buy the NFT at the initial sale, and the new Subscription Mechanism from the exchange aims to change this.
Subscription Mechanism from Binance
The Subscription Mechanism from Binance has a number of benefits, but we will get to that later. First, let’s see the steps involved.- Preparation: The first step is to take part in the race, and this means users will have to hold a minimum amount of tokens to win a chance at the NFT sale tickets. The minimum requirement will be decided by the project creators and not by Binance.
- Subscription: Participation Tickets will be provided to each user as per the “purchase limit per user.”
- Calculation: The system from Binance will “select winning tickets from all subscribed participation tickets in a fair and random manner.”
- Distribution : In the last step, “users with selected Participation Tickets will get to purchase the NFT(s) in the NFT primary sale, and their funds will be deducted accordingly.”
What’s the benefit?
Binance has committed itself to promoting blockchain-based digital assets among as many users as possible. The new Subscription Mechanism is an attempt to bring mass attention to NFT sales on the platform.A number of users refrain from entering the race for NFT purchases on Binance and other marketplaces. The world’s biggest crypto exchange aims to provide a ‘fair play’ for NFT collectors, as per the blog.
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