Refinable AMA Recap

31 Aug 202015:08

AMA

Refinable AMA Recap

Cryptodiffer Team

Hello, everyone!😁

We are glad to meet here:

Nick Chan, Co-founder at Refinable

Nick Chan

Hello everyone! Glad to be here
Can’t wait to get started

Cryptodiffer Team

Welcome Nick, thank you for taking your time today!
Our team has prepared 3 questions for you to start with!
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?

Nick Chan

Sure thing
Hi everyone again, this is Nick and I’m the cofounder of Refinable.
As a crypto enthusiast since early 2015, I had always worked on ecommerce and tech startups from hospitality to gaming. Previously, I also helped launch the first 3D fashion management system at Li & Fung, the world’s largest sourcing agent.
After taking more of a role in the crypto space in 2017, I got involved and even organized the first Binance PreHack in Hong Kong a few years ago. It wasn’t until last year that I started thinking about NFTs and its potential in the digital commerce space as a global medium for digital transactions and that has led us here to today!

Cryptodiffer Team

Nice, thank you for the answer
Let's now talk about Refinable
Q2: Can you introduce Refinable to us?

Nick Chan

This is the most exciting part haha
In short, Refinable is building a NFT marketplace on BInance Smart Chain. Many people want to engage in NFTs including retail and crypto people because of those insane auction prices but because of Ethereum’s scalability issues, it’s rendered a lot of people unable to explore and experiment with this new NFT medium.
There are some great NFT platforms out there but the high gas prices have literally priced out many people, so we see this as an immediate issue and we want to offer an immediate solution while also working on a new type of NFT experience.
What this means is we want to also explore a different way for engaging with NFTs and one of our main differences is we want to be content and community agnostic. We are building the platform with the intention of supporting ANY digital transactions from day one
We want individual users, beloved brands, and entire communities to be able to Create, Trade, and Discover NFTs in a fun and accessible manner. And later, Leverage their owned assets all in one platform!
TLDR: At the end of the day, it’s about deploying NFT technology in an accessible manner to empower the next generation of digital transactions.

Cryptodiffer Team

Great stuff!
thank you for an answer
now, we have the last question from our team before we start community questions round!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Nick Chan

It's been quite the journey so far and I'd love to share some great milestones of ours. With the vision we set forth, we were able to have Michael from Boxmining to join as a core advisor to the team.
Shortly afterwards, we made the strategic choice to deploy onto BSC and met with the BSC team who decided we had the vision that they could get behind and we were able to secure an investment with BInance’s investment team
With those two big milestones we were also able to secure investments from stakeholders as well as some big name (non-crypto) influencers… stay tuned this week for a major annoucement about this 😉
Cut to today, we've wrapped up our private sale and are finalizing the details for the public sale as we speak. We're looking to release our public sale details this week too so definitely stay tuned cause we have some exciting partnerships ready to share
On the product side, we're making a lot of progress on our Private Alpha with our smart contracts being audited as we speak. We're currently working on polishing the interface and user experience of our platform to get an MVP out for everyone by the end of the month as well.
While that’s happening, we’re signing a few NFT partnerships that will be annouced throughout the next few weeks, so we're looking to get everyone excited for the main platform launch that will happen in May!

Cryptodiffer Community

Hello Nick,
1. What advice would you give to someone about to start their own NFT?
2. do you collect NFT yourself? what NFT that you collect?

Nick Chan

Let’s start off with a simple question first.
So for anyone looking to engage in the NFT market, I would highly suggest users to understand what they’re selling and the value proposition of their goods. Personally, I think there are much cooler use cases for NFT assets beyond collectibles and digital art that we have yet to explore, but users have to realize the compeitition and the niche they’re trying to target. But with BSC, since it’s so much more accessible, I would really encourage uses to also test and experiment with their work to see what attracts people the most!

Personally, I’m not a big collector of items. I use to collect all sorts of goodies when I was young from old dollar bills to magazine covers, to pokemon, digimon, yugioh cards, so I’m very aware of the fun there is to be had with these things. Would love to see what’s out there!

Cryptodiffer Community

Mr. Nick C

How will we ensure that our content can be certified? Does this also mean an official license mandate to show that the content belongs to us?
/
With Refinable, can we exchange our personal NFTs according to the conditions we determine and sell them by auction?

Nick Chan

Hey Zafer, just to clarify, Refinable won’t be certifying individual assets. The blockchain will track all ownership and provenance details. However, Refianble can offer profile verification services. That way you can at least have peace of mind when it comes to figuring out who created what assets. The profile verificaiton process is an operations heavy workflow and we do hope to improve on this process in the future so we can scale this service to make sure the right people are verified at all times.

Per your 2nd question, we aim to offer a wide suite of trading features that can accomodate whichever way you want to distribut your items. Fixed price, auction, airdrop, you name it and we’ll put it on the roadmap!

Cryptodiffer Community

Can NFTs be stored as a collateral for lending/borrowing/yield incentives?

Nick Chan

This is definitely on our roadmap and we do see a lot of value in letting users leverage their owned assets. There are some minor nuances we’ll have to work out before offering these DEFI services onto NFT assets, but this is an exciting space to be in and we’re all ears as to how best support our community.

Cryptodiffer Community

Hello Nick,

We've seen nft's in red the last few days. My questions is: how will refinable distinguish itself from the rest and stay relevant after the nft hype is over? Thank you.

Nick Chan

This is a great question that touches on the existing speculative bubble and what Refinable wants to do in the long term. earlier on i mentioned there is a lot of NFT interset due to the insane prices so some correction is needed. Because NFT is harder to do price discovery, this may be a slow process. However, this doesn’t worry us too much because our model is really based on leveraging NFT as a medium of transaction. We want to become a marketplace for any digital good and envision a marketplace not fileld with auctions at every corner, but reasonable prices for all sorts of assets across the board.

Our longeivity plan is more similar to creating an NFT marketplace not too different from Etsy or Ebay. With NFT, we really have the power to open seconadry markets for ALL items, including digital goods, which is previously unheard of.

Hopefully this gives a bit more context in the work we’re doing and what we’re building for in the long term 💪

Cryptodiffer Community

Hi Nick!
The launchpads in general are over financed (take a look at pancakeswap last project for example, going over 720x the asked funds).
It feels like us, early supporters, will have no chances to be part of the project because of the whales able to stack hundred of thousands in a second. We will then get peanuts. My question is, how do you plan on having a fair IFO for all your members in the telegram group following and encouraging the project for weeks? Is it even something you are considering?

Nick Chan

Hey Ludo, thanks for this question and it’s a completely valid concern. The way we’ve tried to mitigate these kinds of issues is through a very fair token sale model. We only have 2 round - PRIVATE and PUBLIC, and the price difference is less than 10% between the two. We wanted something fair and open so the community so even our own internal team had the same deal given to our other partners and contributors. So because there isn’t some crazy discounts given to ‘earlier’ supporters, I do anticipate very healthy secondary market activity even if our public sale is relatively small. So fear not if you do not get into our public sale, we wanted the public sale to really be more of a teaser to get our real supportors interested and engaged when the token when it does go on the secondary market.

Cryptodiffer Community

What advice would you give noobs?

Nick Chan

Git gud.

But on a serious note, I think blockchain and NFTs are great technologies that are here to stay. In order to use them, users have to have a high level of understanding and critical thinking since decentralization imparts responsibility onto the users themselves. So being a noob is ok, but definitely learn the ropes, know what you’re doing, don’t get scammed, and learn from the best!

Cryptodiffer Community

Many projects launch ambassador's programs because they know it helps in promoting thier project, do you have any or do you plan launching one soon ?

Nick Chan

This is definitely on our minds and we have elements of is in our token governance models, where we want all our token holders to be stewards of our brand in maintaining a positive content community. Definitely having users that can promote and show the way for others is important when it comes to a new technology and platform. We did mention in the WP that we will have bounty programs for users so that’s another thing to get excited about 🙂

Cryptodiffer Community

How does Refinable handle government regulations and boundaries? And what mechanisms / strategies do you use to keep users motivated and present on your platform? What can the Refinable platform guarantee or promise in terms of the security and privacy of its users?

Nick Chan

We are noncustodial and simply offer an interface to engage with assets on the blockchain. We will definitely do our best to comply with any local regulations should issues arise and we hope the community can stand by us when these issues do inevitably arise.

At least on the coding part, all our smart contracts will be auditede to give you guys peace of mind when engaging with NFTs.

Cryptodiffer Community

Do you see refinable being a revolution, like say, the barcode system in simple terms?
I see the possibilities to be endless going forward what is the most outlandish vision you have for $Fine in the future
Thanks
Ps your team is doing an amazing job from where i sit! 👊

Nick Chan

Sure! I think NFTs are the revolution similar to UPC barcodes, while Refinable is simply trying to make that revolution accessible to everyone. Glad to hear that you also think the possibilities are endless and thanks for the support.

Not sure if I have an outlandish vision, but i guess a future where $FINE takes over the USD is pretty outlandish to me… at this point in time.

Cryptodiffer Community

Why don’t you have any female team member and advisor? :) Any plan to large the team?

Nick Chan

Good catch! We discovered this a few weeks ago and are excited to annouce we have onboarded a female staff recently and look forward to a more diverse team in the coming months!

Cryptodiffer Community

Many platforms have not yet been able to exploit the full potential of the #NFT and digital arts, they only have them as tokens of symbolic value. How important are NFTs within Refinable?
@nchan1225

Nick Chan

Totally agree with your statement. Given that we are an NFT marketplace, NFTs are very important to us haha. However, I do want to offer a fair and open and fun way to engage with NFTs, so that users themselves can start exploring what is possible with NFT content. So the exploration of NFT use case is very important to us and I do see that as our strategic intiative.

Cryptodiffer Community

1. Which NFT technology & type of NFTs will be supported by your marketplace? Will it be like Opensea that allow various non Fungible digital assets? Does it also support cross chain NFT?

2. A lot of the recent conversation & hype around NFTs has focused on digital art or licensed collectibles, where pure scarcity is the major selling point. But what do you personally see as some of the other most compelling applications and usecases for NFT technology?

Nick Chan

1. Yes, we are content agnostic and aim to support all types of NFT content. Standard wise, we use 721 and 1155 contracts. We will be a bit similar to Opensea but they’re strategicaly dififerent since they work with other marketplaces. So for now, it remains to be seen what we can do on BSC. In the future we do look to suport NFT assets from differnet chains

2. There are a lot of other NFT use cases that i’m coming across, mayn of whom are worked on by great teams with specilized talent in certain indusries. Because NFTs are digital, then all the logic is coded within the item itself. So I think we’ll see a lot of specizlied use cases within this logic layer that will be highly depend on its context of the object and platform. Such as bundled unlockables, redemption, holding benefits, and much more.
I think that’s about all the time I have today for the questions

Cryptodiffer Team

Thanks for your time @nchan1225
great answers!
Appreciate your time today
Thank you to everyone who took part!
Great questions!

Nick Chan

Thanks everyone for the great round of questions! I do hope I was able to provide more insight into what Refinable is about.
Thanks @makscryptodiffer for hosting the AMA as well