On Sunday, Refinable (CCC:FINE-USD) announced the launch of a first-ever non-fungible token (NFT) marketplace on the Binance Smart Chain. The Refinable crypto platform will allow users to create and trade NFTs peer-to-peer, bypassing the need for centralized markets.
The change couldn’t have come soon enough. As Ethereum (CCC:ETH-USD) prices have skyrocketed, average costs for minting new NFTs have risen to $70. For some, the process costs as much as $1,000. Refinable promises that transaction fees and commission fees are lower than that of centralized NFT markets like those located on the Ethereum blockchain. The platform will also customize royalties for NFT sellers and creators, making the process more personal to users.
So what else do you need to know about the Refinable crypto offering now?
Importantly, NFTs are heightening consumer awareness of the blockchain, giving users a chance to own pieces of pop culture in a new and exciting way. As such, the demand for NFTs and NFT marketplaces is growing quickly. Refinable is swooping in to offer an all-in-one NFT marketplace solution through Polkastarter, a project of Polkadot (CCC:DOT-USD).
Polkastarter, a decentralized protocol built to pool cryptocurrencies from across multiple blockchains, is hosting the IDO for Refinable. In some ways, you could consider it a DeFi crowdfunding platform based on Polkadot. Refinable is helping Polkastarter level up, as it will be the first BSC-exclusive IDO for the project.
Refinable Crypto Gets Support From Binance, Mr. Beast
One of the reasons the Refinable crypto IDO is attracting so much attention is that aside from its convenient model, it has backing from some major institutions. Binance’s Smart Chain is one of the most prominent DeFi ecosystems, and Binance is happy to be hosting a first-of-its-kind platform.
Additionally, the IDO is seeing backing by a YouTube content creator. Mr. Beast is one of the most-popular video producers on the platform in terms of subscriber base and viewership. His backing of the platform is not just financially helpful for the platform. Having an investor of Mr. Beast’s caliber is doing a lot of positive PR work for the new platform and drawing a lot of interest, as viewers and investors alike take a deep interest in the decentralized NFT marketplace.
The Refinable crypto marketplace will be going live Friday, April 23, after a very successful private funding round.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.