One of the biggest roadblocks in widespread adoption of NFTs is the purchasing process. Normally, it works like this; Heavily hyped new releases are dropped on popular marketplaces, and then they sell out in a matter of seconds.
Most of those initial buyers are speculators, who are then quick to flip the same NFTs for a tidy profit.
This model leaves out tons of potential buyers, who are often too late to the party. The game thus exudes an elitist, exclusive feel, which is not good for mass adoption.
Giant cryptocurrency exchange Binance is seeking to change that. They have introduced a subscription model, which they promise will offer a fair and equal way to purchase NFTs.
“As NFTs become increasingly popular each month, we understand that the odds of purchasing an NFT are becoming slimmer. That’s why we recently launched the ‘Subscription Mechanism’ to ensure that all users get an equal opportunity to participate in Binance NFT primary sales.”Binance
In a nutshell, this subscription model will limit the allowed amount of NFT purchase per person in a randomized process, thus increasing everyone’s chance of getting a hold of the asset.
This is how Binance describes its working.
To participate, users must hold a minimum amount of tokens during the Preparation phase. Some NFT projects/creators may set higher or lower entry requirements. So if you find an NFT Subscription Mechanism sale you want to join, make sure you’re holding the minimum token requirement in your wallet
If your balance meets the minimum requirement, you’ll move on to the Subscription phase. Each user will receive Participation Tickets according to the ‘purchase limit per user’ set by the NFT project/creator.
Participation Tickets indicate the maximum number of NFTs each user can potentially purchase from a sale. You can choose to subscribe to the NFT primary sale by committing part or all of their participation ticket(s). To keep our NFT sales fair, we want to emphasize that subscribing to more Participation Tickets does not guarantee a successful purchase. The more tickets you commit, the higher your chances of successfully purchasing the NFT.
- Please note: Your tokens will be locked according to the number of subscribed tickets and released/refunded in full after the Distribution phase is completed.
Our system will select winning tickets from all subscribed participation tickets in a fair and random manner. A winning ticket allows the user to purchase an NFT in the NFT primary sale.
Users with selected Participation Tickets will get to purchase the NFT(s) in the NFT primary sale, and their funds will be deducted accordingly. If your Participation Ticket is not selected, we’ll automatically refund the corresponding tokens to your spot wallet.
Users who hold winning participation tickets will be able to purchase the NFT(s) in NFT primary sale and the BNB equivalent will be deducted accordingly. The remaining BNBs will then be automatically refunded to users’ spot wallets.