Non-fungible token or NFTs will become one of the hottest topics in the crypto and blockchain world in 2021. They are mainly known from the art world where they change hands for large sums of money. However, putting art on an NFT is not the only application that an NFT has. There are many other uses an NFT can fill that you may not hear much about. These are also not offered on NFT marketplaces. But that’s what I’m going to talk about, NFT marketplaces. Refinable is the first NFT marketplace to run on the Binance Smart Chain (BSC).
In this blog I am going to talk about Refinable and the associated FINE token. I’m going to explain exactly what Refinable is and how it works. We are also going to investigate the team behind this project and take a look at the course. If you want to know where to buy FINE, you’ve come to the right place.
Please note: keep in mind that the text below about ‘Refinable (FINE)’ as well as the explanation to this should in no way be construed as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
Here you can first watch a video showing how Refinable works.
- 1 What is Refinable?
- 2 What are NFTs?
- 3 How does Refinable work?
- 4 Benefits of Refinable
- 5 Who is on the team behind Refinable?
- 6 What is the FINE token?
- 7 What is the price of the FINE token?
- 8 Where can you buy the FINE token?
- 9 What is the best way to store the FINE token?
- 10 Conclusion
What is Refinable?
Refinable is an NFT marketplace that runs on the Binance Smart Chain. Refinable 2.0 was launched in early November 2021.The goal is to enable you to trade NFTs simply by connecting your wallet . You can trade Ethereum , Polygon , Solana and BSC NFTs there. Because they run on BSC, they can offer cheap transaction fees. NFTs come in all shapes and sizes on Refinable, including Play-to-Earn (P2E) NFTs.
They are also betting on the metaverse as the expectation and hope is that NFTs and crypto will become one of the mainstays for the metaverse. Their new slogan is ‘Trade the Metaverse’.
From the outset, they aim to be a decentralized foundation for gamers, collectors, and developers. On their platform you can then trade NFTs and discover them. All your favorite NFTs are centrally located, where you can trade with anyone, discover and be discovered.
With their simple SDK (software development kit) you can design NFTs yourself and immediately offer them for sale on the platform. Or alternatively, you can also auction the NFTs, donate them or earn income through royalties. In short, they want to provide a solution for the four main pillars that NFTs rely on; creation, distribution, discovery and usability.
As a visitor to the platform you have the opportunity to find and invest in NFTs. Especially due to the fact that BSC has lower costs, it becomes interesting to trade on Refinable. They also want to solve common problems with NFTs such as poor findability and low flexibility.
With the native utility token FINE, everything can be paid on Refinable and is therefore completely integrated with the platform.
What are NFTs?
Before I explain how Refinable works, it would be useful if I first briefly discuss what an NFT is. For a deep dive into non-fungible tokens, read our blog about NFTs.
The word fungible in English means interchangeable. A non-fungible token is therefore loosely translated a non-exchangeable token. That description is absolutely correct. Compare it to a 10 euro bill. If you lend it to someone, that person does not have to return exactly the same note. He or she can give you back any 10 euro note, because they all have the same value.
However, an NFT is unique in that only one copy is available. They are not interchangeable. NFTs have many uses and probably many more in the future that we can’t even begin to imagine. Consider, for example, entrance tickets to a concert. To prevent fraud, sky-high prices and illegal sales, you can spend the tickets as an NFT. They may all look the same, but because they are numbered, they are still unique. The Dutch project Get protocol , for example, is working on this.
How does Refinable work?
Refinable works in a fairly simple way through their decentralized platform. After the upgrade to Refinable 2.0, several new features have been added to the platform. For example, you have the option to look up ‘Verified Content’ or ‘Community Content’.
This means that if you look up certain collections, you can see all the stats before you buy anything. The Revomon collection is an example of this and you can see it in the image below.
Experienced collectors can now quickly see and judge whether the value of a specific NFT is worth it. As you can clearly see in the image above, there is an ‘item count’ at the beginning of the bar and an ‘avg.sell price’ at the end. Other valuable information is in between. Buyers and sellers can now quickly see the market value.
At the moment you can already trade with NFTs from the Ethereum, Polygon , Solana and BSC chains and more will be added in the relatively short term.
Benefits of Refinable
Trading NFTs on Refinable has a few advantages, which I will now discuss. Besides NFTs, you can also trade in digital assets, website domains, collectibles, files and game items.
- Scarcity – Refinable guarantees the scarcity of every digital asset. As a creator, you can choose to mint NFTs in a limited amount. You can also access existing collections of NFTs via interchangeable blockchains . By creating scarcity, creators can also prevent the emergence of secondary markets. Of course, this not only benefits the creators, but also Refinable.
- Distribution – The way your NFTs are distributed can be custom-tailored to suit individual needs. For the distribution of digital content, Refinable offers solutions for companies through simple purchase, auction or by redemption.
- Different content formats – Refinable caters to different user requirements and therefore supports different content formats. For example, you can find 2D images, 3D models, music files and website domains.
- Decentralized – Trading is done on the BSC and via smart contracts .
- Community Governance – The FINE token allows you to submit and vote on proposals. Community members may also receive financial rewards or the privilege of participating in exclusive sales.
- Cost Efficient – Running on BSC allows fast, cheap and secure transactions to be offered. Refinable also has low service costs.
Functions at Refinable
It almost goes without saying that Refinable offers both ERC721 and ERC1155 tokens for minting. These two tokens are currently the highest possible standard for minting NFTs. As a creator, you can also adjust the scarcity of your NFTs. From unique (1) to limited (up to 5). Royalties can be a percentage of each time an NFT is resold. In addition, the option is also offered to bundle NFTs into a new NFT unit. There is also the option to mint a private file so that they are only accessible to the owner. This can lead to a situation where you buy an NFT that you have never seen before, until you own it. By the way, you don’t need any knowledge of coding to mint NFTs on this platform.
There are also a few useful tools for searching the platform. Refinable will regularly select and recommend NFTs that have been recommended by the community. The system can also verify creator accounts. As a user you also have the option to set up a social channel where you can discuss or promote NFTs.
Refinable offers various transaction options when trading . There is the one click purchase, bid on approval, highest bid or gift. Transactions can be handled with different tokens that have a built-in token swap function. The transaction costs are low at Refinable, and if you are a verified token holder, you get an extra discount.
Something that is becoming popular is leasing NFTs or using them as collateral for a loan. For the future, work is underway on NFTs with IP protection and commercial and non-commercial rights that can be built into the NFT. Or as it is said in English, ‘baked’ or baked into the NFT.
Who is on the team behind Refinable?
There is a diverse and extensive team behind Refinable. I am now going to introduce you to some of the key figures behind this project.
- Nicholas Chan – co-founder with a background in corporate product and operations management.
- Maxim Geerinck – CTO with 9 years of experience as a software developer.
- Jonas Snellinckx – Full stack engineer and builds the marketplace.
- Nick Au – Operations Lead with a business background.
The team is of course much larger and more information can be found on LinkedIn and the whitepaper. Part of the team is in Hong Kong and another part is in Flanders, just across the border. Remote working has certainly caught on very well in the blockchain and crypto industry.
What is the FINE token?
The FINE token is a BEP20 token, as they run on BSC.FINE is a utility and management token. The number of FINE tokens is 500 million and there are 41,059,833.00 FINE in circulation, which is about 8%. The market cap is $16,288,237.
The uses of the token are versatile and it can be used, among other things, to transact and fund transactions (instead of the BNB token ) and for priority listing and discovery. There are also increased coin limits, discounted platform service fees, access to presale, and community moderation and voting.
The image below shows how the token is distributed. The team gets 10% and that is a good sign. It means the team is not planning a back pull, so will run off with the raised capital.
What is the price of the FINE token?
If you want to invest in the FINE token, a good start is to know its price. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.
The FINE token was listed on CoinMarketCap on April 30, 2021 at a price of $2.92. The token rose to its preliminary ATH on the same day at $4.85. After that, the price only fell until the beginning of November 2021, the time of writing. The price is now $0.388.
At CoinMarketCap , it’s just inside the top 1000 at 994. This coin doesn’t have a strong outlook at the moment, I don’t think, even if Bitcoin continues to rise in 2021 and early 2022. I think it will continue at more or less more of the same sideways moving course. Despite all the euphoria surrounding NFTs, and certainly regarding its major competitor OpenSea , which broke many sales records in October 2021, Refinable has not been able to benefit from the NFT boom. If you want to invest in this coin, it is important to do your own research.
Where can you buy the FINE token?
Unfortunately, the FINE token is not yet for sale on Bitvavo or Binance . The only leading CEX offering this coin is Gate.io. The only liquidity pool on a DEX can be found at PancakeSwap for a FINE pair.
What is the best way to store the FINE token?
You have several options to save this token. The safest way is to store them on a hard wallet , also known as a cold wallet. With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.
You can of course leave your FINE token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. The danger of a hacked exchange is always there and then you have a chance that you will lose your coins. These wallets on an exchange are also called hot wallets .
As a third option, you can also use an online wallet such as MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.
Refinable is quite similar to OpenSea, but a version built on the BSC . Another difference lies in the fact that Refinable focuses more on both consumer and business NFT use cases. OpenSea focuses more on collectors and NFT enthusiasts. One very big difference is that Refinable has the FINE utility token and OpenSea has no token at all.
It’s a shame for Refinable that they missed the boat a bit during the NFT craze that reigned in 2021. There was also quite a bit of competition and the NFT marketplaces can no longer be counted on the fingers of one or two hands. Nevertheless, the platform is well put together and I would not be surprised if in the long run a more positive trend arises around the platform and the token. If you want to invest in the FINE token, do your own research first.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com