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Binance launches “fairer” market for NFT sales

Binance launches its NFT market and seeks to give more justice to more users to have a digital asset
Photo: Reproduction/BSC Manager – Binance warns that many people are unable to buy NFTs and now launches a market that will set a maximum purchase limit for each user
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Due to the increase in demand, it became increasingly difficult to buy non-fungible tokens, NFTs, in their initial release date, so much so that some of them sell out very quickly. And it was with this in mind that Binance decided to make a “fairer” way, according to the broker, to sell NFTs, launching its market.

This is because of a subscription mechanism that allows everyone to have an equal opportunity to buy newly released NFTs in their market. The market's new NFT subscription engine allows users a greater chance of purchasing NFTs by limiting the amount of NFT purchase allowed per person and following a random buyer selection process.

Users who want to participate in sales of the Binance NFT Subscription Engine need to follow a process that comprises four phases: preparation, subscription, calculation and distribution. 

In the preparation phase, users must have the minimum amount of tokens required to participate. Binance notes that the minimum entry requirement is determined by the creators or project that will conduct the NFT sale. In the following, the For subscription, eligible participants will receive participation tickets, which will have per-user purchase limits set by the creators of the NFT. The number of tickets a user receives will be the maximum amount of NFTs that can be purchased.

The calculation phase has the incorporation of a random selection system to choose the tickets that will participate the winners of all the entries. Selected participants will be able to successfully acquire NFTs. The final phase is distribution, where the sale will take place.

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The fever of NFTs, which exploded in 2021, caused digital assets to have a sales volume globally approaching $20 billion, with many cryptographic experts and personalities claiming that NFTs can one day overcome even Bitcoin.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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