BSC mania: Binance & Mr. Beast invest in NFT marketplace Refinable

Refinable is the first NFT marketplace on Binance Smart Chain (BSC), which has recently started to close the gap on Ethereum in terms of market valuation.

The demand for Binance Smart Chain is evident in the daily transaction volume of the network and the valuation of projects on top of BSC.

The investment from Binance and Mr. Beast indicates two things: the interest in NFT marketplaces is surging and the hype around BSC projects is strengthening.

Direct investment from Binance and Mr. Beast

According to a blog post on, Refinable is the first major NFT marketplace to launch on Binance Smart Chain.

The platform will allow creators and users to create, discover, trader, and leverage NFTs.

“Refinable is the first major NFT marketplace on Binance Smart Chain. Backed by Binance and Mr. Beast, Refinable empowers both individual creators and whole communities to easily and affordably create, discover, trade, and leverage NFTs,” the blog post read.

In the NFT market, there are three NFT marketplaces that are currently utilized by a broad base of users: Opensea, Rarible, and SuperRare.

However, the three platforms are mostly utilized by NFTs on Ethereum, which raises the necessity for NFT marketplaces on other major blockchains.

NFTs, by nature, are not blockchain agnostic. This means that an NFT that is tradable on Ethereum cannot be moved to the Solana blockchain, and vice versa.

Hence, blockchain-specific NFT marketplaces would eventually emerge, and Refinable is the first high-profile marketplace to launch on Binance Smart Chain.

There has been a high level of interest around Refinable as of late, due to the combination of the surging demand for NFTs and the increasing user activity on the Binance Smart Chain.

Based on the data from BscScan, the daily transaction volume has increased by nearly eight-fold since early February, within less than three months.

binance smart chain refinable
Binance Smart Chain daily transaction volume. Source: BscScan

The first-ever Polkastarter BSC token launch

Polkastarter co-founder and CEO Daniel Stockhaus has emphasized that Refinable would be the first BSC-exclusive token launch, or IDO, on Polkastarter.

This is unique because it shows that even within the Polkadot ecosystem, there is significant interest in BSC projects and NFT-related platforms.

“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,” Stockhaus said.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Source link

Latest articles

Pantera boss: Upcoming Ethereum catalyst could cause ETH to outperform Bitcoin

Dan Morehead, the Chief executive officer of Pantera Capital, an American hedge fund that focuses on crypto investments, has said that Ethereum could...

Spain considers allowing mortgage payments in crypto

According to 20 Minutos, a Spanish newspaper group, lawmakers in the country are considering a proposal enabling mortgage payments with crypto.The Digital Transformation...

Ethereum one-upped Bitcoin to close 13 consecutive daily green candles. Here’s what it means

Ethereum one-upped Bitcoin to close 13 consecutive daily green candles. Here's what it means Earn up to 12% APY on Bitcoin, Ethereum,...

Gary Gensler sounds alarm on growing DeFi activity, says SEC looking to regulate crypto sector

US Securities and Exchange Commission chairman Gary Gensler reiterated his position on the burgeoning decentralized finance (DeFi) sector yesterday, calling for an increased...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here