Refinable Chooses Binance Smart Chain to Launch All-Inclusive NFT Hub
As more users around the world begin to understand and appreciate the unique power that decentralized finance and non-fungible tokens allow, the market will continue to grow. NFTs have quickly gone from obscure digital assets to multi-million dollar sought-after collectibles and works of art. NFTs are now generating hundreds of millions of dollars in sales volume per month, prompting Refinable to launch an all-in-one NFT marketplace to host the entirety of the NFT lifecycle.
The DeFi ecosystem was first developed on Ethereum to great fanfare, however, due to limitations in the Ethereum network and a rapidly increasing user base, the network’s transaction fees have shot up to sky-high rates, often surpassing $100USD just to process a single transaction. For the DeFi ecosystem where every trade is worth hundreds of thousand, hundred dollar transaction fees may not be an issue, but for the general public looking to leverage other Ethereum apps, it might be.
NFTs are inherently fun but existing marketplaces succumb to ungodly high gas fees on Ethereum. NFTs are a great medium of exchange but it should not be bundled with other application transactions, much like how you can’t dump all your laundry in one basket to wash, you should separate whites from colors to optimize each asset. That is why Refinable has strategically decided to develop our own NFT marketplace on Binance Smart Chain because it’s heavily optimized for performance and affordability.
What Does Binance Smart Chain (BSC) Have to Offer?
Created by Binance, the leading cryptocurrency exchange who regularly generates over US$20 billion in daily trading volume, BSC is the best solution to Ethereum’s scalability problem. The Binance team identified the struggles average users were experiencing when using Ethereum-based DeFi and thus, created a performance-centric side chain to address all of Ethereum’s current problems.
As the first CeDeFi chain, BSC offers its users extremely low transaction fees and instantaneous finality. BSC has proven to be the most accessible and user friendly blockchain solution for NFTs because of its scalability and affordability for all users, which is the fundamental entry point in bringing this technology to the mass market. In addition, BSC is EVM compatible so our team is immediately able to support development on a familiar language while benefiting from this new blockchain. Being fully compatible with the Binance ecosystem, BSC is leveraging its community and in-depth expertise to create the ultimate Ethereum alternative.
As a member of the BSC community, Refinable will be joining an ecosystem of vastly successful projects with some of the biggest and most active communities in the blockchain world. Given that BSC surpasses all technical metrics of its competition, Refinable is in a prime position to partner with other existing BSC projects to provide an easy avenue for those looking for NFT integration solutions!
Refinable’s All-Encompassing NFT Platform
Refinable is working towards becoming the definitive NFT hub on BSC, offering users the option to create, discover, trade, and leverage any digital content on the blockchain. Refinable utilizes NFTs’ provable scarcity and simple transferability to empower creators, collectors, and traders with an intuitive platform that requires no coding experience to create or interact with crypto-based assets.
We are so excited to launch Refinable to the world and usher in the ultimate user-focused, all-encompassing NFT platform. Make sure to stay tuned for the latest up-to-date token sale information!