- Refinable, the first major NFT marketplace on Binance Smart Chain, receives investments from Binance and Mr. Beast
- The marketplace opens at a time when the costs for minting new NFTs on Ethereum have skyrocketed
- Refinable promises lower transaction fees and more customizability options
Refinable has announced the launch of a first-ever non-fungible token (NFT) marketplace on the Binance Smart Chain (BSC). This NFT marketplace will enable users to create and trade NFTs peer-to-peer.
The demand for Binance Smart Chain is more than ever given the recent price spike. In the last couple of days, on average, the total transaction volume of Binance Smart Chain has been more than five times that of its component, Ethereum. This makes it completely reasonable for Refinable to launch exclusively on Binance Smart Chain.
The launch couldn’t have come at a better time either, as average costs for minting new NFTs on the Ethereum blockchain have risen to more than $70. Additionally, sometimes, the minting process can cost more than $1,000, making it really hard to make a profit for more common NFTs.
Refinable, on the other hand, promises lower fees with more customizability options, at least that’s was claimed through a recent blog post:
Backed by Binance and Mr. Beast, Refinable empowers both individual creators and whole communities to easily and affordably create, discover, trade, and leverage NFTs. Supporting all communities in engaging with NFTs is Refinable’s mission; they aim to empower the next generation of digital transactions.
Big Investments By Binance and Mr. Beast
According to the blog post from Binance, as well as a tweet by the project itself, Binance and Mr. Beast are the two biggest investors and supporters of the project right now.
The support from the biggest crypto exchange has been pretty effective for that it helped the project attract way more attention than it could possibly get. Binance’s Smart Chain is a leading DeFi ecosystem with great popularity, this benefits Refinable massively.
Additionally, the project is backed by the YouTube star Mr. Beast, one of the most-viewed and most popular video producers on the platform. This support will not only benefit the project financially but will also help it get more eyeballs. Mr. Beast has more than 10 million followers on Twitter alone, so a mere tweet from him can make a big difference.
The First Polkastarter IDO
Refinable will be the first Polkastarter IDO to launch exclusively on the Binance Smart Chain. Polkastarter is a fully decentralized protocol that was built on Polkadot and aims to facilitate the interoperability between different blockchains.
Daniel Stockhaus, CEO & Co-Founder of Polkastarter, mentioning that Refinable will be the first BSC-exclusive IDO for the project, said:
We are thrilled to make the Polkastarter platform available to the Binance Smart Chain community. Refinable’s BSC-exclusive IDO is the first step into bringing more projects into the thriving BSC ecosystem. We will continue to innovate the decentralized funding landscape while improving the experience for our projects and users.
Refinable marketplace will go live Friday, April 23.