Non-Fungible Tokens (NFTs) are all the rage nowadays. But since they are largely siphoned off to the Ethereum blockchain, many bottlenecks are limiting users from getting involved with NFTs in meaningful ways. Refinable identified this pain point and decided to bring the power of NFTs to a more usable and accessible network, the Binance Smart Chain (BSC). By creating a full-cycle NFT platform on the BSC network, Refinable will be able to solve many of the problems users experience when operating with NFTs on other platforms.
Upgrading Network Capabilities
Ethereum is the oldest and most recognized decentralized smart contract platform and is still a leader in the field of decentralized finance (DeFi). However, as more users enter the marketplace, Ethereum’s limited verification capacity has started to show. Users are beginning to experience transaction fees that are costing more than the value of the transaction itself which has led to discussions on Ethereum’s long-term sustainability.
Refinable has addressed the problems experienced through Ethereum by launching our own NFT platform on BSC. The new platform will allow Refinable users to easily create, discover, buy, sell, trade, and leverage their NFTs in a low-cost atmosphere. In comparison, minting an NFT on the Refinable platform can cost only a few cents while the same process can cost upwards of US$100 per transaction by using Ethereum. With the continuous growth in interest coupled with an already large community following, BSC’s value proposition is clear and Refinable’s platform for NFTs will fit in nicely to provide much-needed services and support to the NFT community.
Bringing Value to the BSC Ecosystem
Not only does Refinable drastically decrease the cost of the NFT process, but it also brings inherent value to other projects within the BSC ecosystem. Following Refinable’s launch, all BSC-based projects will be able to integrate with the NFT platform, allowing for straightforward creation and distribution of NFTs across all BSC applications. These newly crafted NFTs can be used to reward platform users, provide utility, or even serve as a cool digital collectible as all customization efforts will be left up to the creating party.
As the rise of NFTs within the blockchain economy continues, Refinable offers a way to simplify this process. All the capabilities offered by other NFT platforms will be brought to a more user-centric network where participants can be rewarded with low costs and swift transaction speeds. Refinable has taken the opportunity to single-handedly enhance the value proposition surrounding the BSC economy right from its mainnet launch.