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Binance introduces a fun and fair play in its NFT marketplace

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While the year for the cryptocurrency market started off with a spiritless vibe on its price side, the development and innovation side of it is giving off an exact opposite vibe. Old and new projects continue to be busy on their way to being the first to bring about change on the back of blockchain technology, thereby bolstering the growth of the entire ecosystem.

Speaking about the old ones, the Non-Fungible Tokens [NFTs] – a factor that led to the second big awakening of the cryptoverse – have not, in the slightest, showing signs of fading away. Just this week, the platform amassed over $512 million in sales, with its total sales volume hitting a high of $14 billion. 

Moreover, this particular ecosystem continues to not only grow but also evolve with the incorporation of new factors such as gaming and photography. All these factors are not only on-boarding new users but also existing ones. This has inadvertently created a system of tough competition, wherein only a few get to enjoy the market.

Introducing a fun and fair ecosystem

Binance – a leading cryptocurrency and blockchain technology infrastructure provide – has taken cognizance of the overwhelming participation. In an effort to ensure the participation of everyone interested in the NFT ecosystem, the platform has introduced a new mechanism that paves the path for fair play.

Notably, the crypto firm’s NFT marketplace has been seated in the top places since its launch. The platform gained its popularity by creating a single door for all the creators, collectors, and crypto-enthusiasts alike. 

Notably, Binance has also been one of the first to recognize the potential of disruption of the gaming industry on the NFT front and come up with different ways to not only support it but also boost it. However, the platform has not solely dedicated itself to the gaming side of the NFT marketplace. The platform has time and again shown its dedication to the overall improvement and growth of the entire NFT ecosystem as a whole. 

Recently, the leading cryptocurrency exchange unveiled its ‘Subscription Mechanism’ on its NFT platform. This new feature was rolled out as a part of its monthly updates, which previously included multi-chain support, reCAPTCHA v3, and intuitive indices to discover new interesting collections.

The update unfurled this month ‘Subscription Mechanism’ introduces a new way to participate in the market, while ensuring that the system stays fair towards all the participants. This mechanism will be deployed for all the new non-fungible tokens drops and exclusive releases offered on Binance NFT. 

On the need for such a mechanism, a blog post on the same stated,

“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.”

Mechanism of the new mechanism

Now, introducing a fair ecosystem is a tough challenge for any system as there are always people trying to outdo the very system. Binance is bringing the fair element on the back of its specialized algorithm and inclusive processes. 

The ‘Subscription Mechanism’ introduces four new phases for adding inclusiveness to its NFT marketplace. They are preparation, subscription, calculation, and distribution.

In the first phase – preparation – users are required to hold a set amount of BNB coins to participate in an NFT drop. This bar is decided by the creator and can vary vastly based on the objective of the project. Considerably, these tokens should be held for a certain duration of time. This is followed by participants advancing to the subscription phase, where the actual fun begins. 

In the second phase, users are distributed what is known as ‘participation tickets.’ These tickets are based on the ‘purchase limit per user’ decided by the NFT creators. They specify the total number of NFTs that can be purchased by a user in a single sale. 

Notably, the user gets to decide here on whether or not to use all their participation tickets. However, the mechanism ensures that the number of participation tickets does not promise the NFT itself, but it does increase one’s chance.

After the completion of this process, Binance’s unique algorithm will be set on to select the ultimate winner of the NFT’s primary sale in a fair and random manner. The winner is presented with a ticket to purchase the NFT, and if the user decides to go ahead with the sale, then the BNB locked will be deducted in accordance to the set price. Post this, the NFT purchased will be accessible on the Binance NFT user center. 

While the winner gets to go home with the NFT, the other participants still have plenty of chances to purchase it in the secondary marketplace. Whereas, the BNB invested to participate will be automatically refunded to the wallets. All this gives the users plenty of opportunities to participate in the other NFT drops on fair terms.

 Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.