Refinable Crypto NFT Marketplace Explained
The Refinable crypto NFT marketplace claims to have answers to the challenges facing the space.
NFTs (non-fungible tokens) have become an integral part of the crypto finance industry. Despite June 2022 becoming the worst month for digital collectibles in terms of sales, NFTs reached new milestones in volume in 2021.
This has made it a vital part of the transition from Web2 to Web3 and the metaverse. What is Refinable crypto offering?
What is Refinable Crypto (FINE)?
Launched in April 2021, Refinable is an NFT marketplace housed in the ecosystem of the Binance Smart Chain. It aims to become the definitive hub for the majority of artists to create NFTs and expose them to millions of digital art lovers.
Unlike other NFT platforms, this open market seeks answers to the four main verticals of NFTs: utility, discovery, distribution, and creation.
For creators, using this open market will make it easy to tokenize content. Once content has been tokenized, creators can distribute them to end-users (buyers) through different mechanisms such as gifts, auctions, and royalties.
For users, the Refineable crypto NFT platform provides the perfect marketplace to find and invest in digital art from various creators. They can then store their collectibles and resell them for a higher price or sell intellectual property rights of their NFTs to brands and other stakeholders in the decentralized finance (DeFi) space.
To put it simply, Refinable addresses major friction points such as low flexibility, poor discoverability, and high fees, and will be using its platform to bring NFTs to a much wider audience.
Like all crypto projects, the blockchain comes with a native asset, FINE, that serves as a governance token. As of July 5, 2022, FINE could be found on four exchanges. They are Bilaxy, AscendEX (BitMax), AEX, and Gate.io.
How does Refinable Work?
As an easy-to-use platform, creators can use Refinable to create their own NFT line without having coding experience while keeping commission and fees to the barest minimum.
This helps individuals with unique arts to sell as well as institutions that have millions of intellectual properties to display.
Once uploaded to the marketplace, users can browse through a range of collectibles featuring their favourite entertainers, brands, and artists.
How does Refinable Compare with OpenSea?
OpenSea is housed on Ethereum, while Refinable is built on BSC. OpenSea was designed for NFT enthusiasts and collectors, while the marketplace on Binance Smart Chain supports both enterprise and consumer use cases.
Overall, OpenSea remains the largest NFT marketplace by trading volume, but lacks a utility token. Refinable has a utility token in FINE and has several significant enhancements woven into its protocol to meet the needs of the current NFT landscape.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.