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Binance NFT Marketplace: a “Fair” NFT Marketplace?

Major cryptocurrency exchange Binance has announced a new feature on its Binance NFT Marketplace, one that it hopes will bring fairness into the space.
Binance NFT Marketplace: a

Called the NFT Subscription Mechanism, this new approach aims to give users a fair opportunity at buying NFTs which is usually a frenzied affair.

Why is there a Need for a Fair NFT Platform?

The NFT sector has gone absolutely crazy in the near future. Popular NFT auctions and drops are typically sold out within minutes and investors are throwing money at them in a crazy manner. In this hustle and bustle of the NFT craze, being a sane investor is very difficult. Many of the buyers have no option but to buy when the original purchaser decides to “flip” the NFT and profit from the rise in its price. So, unless you have a bunch of cash to throw around blindly, getting into NFTs can be really hard.

Will Binance’s New Approach Work?

This is where Binance is trying to make its mark, by making the NFT marketplace fairer. The new subscription system according to the crypto exchange allows everyone a fair shot at owning the NFTs. However, the approach itself is questionable as the exchange is looking to limit the number of NFTs that can be bought by one person and having randomized selection process. While Binance exchange as well as Binance Smart Chain blockchain project is really flying high, this move may backfire easily. This is probably going to end up like Bitcoin Gold (BTG). Yes, the same cryptocurrency that was started as a project to bring fairness into the Bitcoin mining process but ended up being a failure because of the unnatural setup. You cannot forcibly teach people how to behave in the marketplace by doling out curbs. They will simply flock to a competing outlet like OpenSea as there are no curbs there and it is quite wild, still.

Binance NFT Marketplace: Concluding…

So, while it is a good thought process to try and slow the sector down as it might end up imploding, the approach by Binance may not end up to be the best one there is. The subscription process is way too complicated and anti trust to work effectively. It will soon end up with NFTs fleeing from Binance and quite possibly, they would have to take these measures back if they want to be a viable NFT marketplace.

 

Image Source: pixabay.com

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