10 hours ago · 3 min read
Binance › Analysis
BSC mania: Binance & Mr. Beast invest in NFT marketplace Refinable
Binance, the world's largest cryptocurrency exchange, and Mr. Beast, one of the most popular YouTubers, invested in an NFT marketplace called 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 Binance.com, 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.
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.
What a $FINE day it is, don’t you think so??
We’re extremely excited to have @binance mention us on their blog!
You definitely don’t want to miss out.⁰?https://t.co/XTcVxaLAxn
— Refinable (@refinableapp) April 18, 2021
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.