Refinable Crypto: Your Guide To Investing And Trading

Refinable Crypto is a solid investment option for those looking to enter the NFT market. Refinable is the first major non-fungible token (NFT) platform on the Binance Smart Chain, which is one of the fastest-growing DeFi ecosystems. The platform allows users to create and trade NFTs peer-to-peer, bypassing the need for centralized markets. Refinable also addresses some of the major pain points for NFT creators and users, such as high fees, poor discoverability, and low flexibility, by leveraging the untapped potential of NFTs and bringing them to a wider audience. The native cryptocurrency of the network is called Fine, which allows users to facilitate transaction costs and maintain governance voting rights.

How to create and trade NFTs peer-to-peer

Non-fungible tokens (NFTs) are unique crypto assets that have been around since as early as 2012. The NFT market has grown significantly, with trading volumes skyrocketing and new communities forming around them. Most NFTs are traded on centralised marketplaces such as OpenSea or Rarible, but there are also peer-to-peer (P2P) platforms available.

How to Create NFTs

Creating your own NFT is a relatively straightforward process and doesn't require extensive knowledge of the crypto industry. You will need to use a platform that operates on a blockchain that supports NFTs, such as Ethereum or Binance Smart Chain. To create an NFT on the Ethereum blockchain, for example, you will need:

• An Ethereum wallet that supports ERC-721 (the Ethereum-based NFT token standard), such as MetaMask, Trust Wallet, or Coinbase Wallet.
• Enough ether (ETH) to pay the gas fees.

Once you have these, you can connect your wallet to an NFT-centric platform such as OpenSea, Rarible, or Mintable, and upload your chosen image or file to turn into an NFT.

How to Trade NFTs Peer-to-Peer

If you want to trade NFTs with another person directly, without going through a centralised marketplace, you can use a P2P NFT trading platform such as NFTTrader, Sudoswap, or Swap.kiwi. These platforms allow users to swap NFTs and fungible tokens with a counterparty. Here's a step-by-step guide to trading NFTs on NFTTrader:

• Connect your wallet to the platform and verify your address.
• Find and select the "Create Trade" button.
• Search and select the counterparty trader you want to make a trade with.
• Search and select the NFT collections and specific NFTs that you want to trade for. You can also include other crypto tokens, such as ETH or WETH.
• Review and verify the trade. You can change the expiry date for the deal at this step.
• Confirm the trade by approving all the assets involved in the deal and paying the fee. Once these steps are completed, the counterparty trader will be able to see your trade pending in their profile page.

It's important to note that each platform may have a slightly different process and supported assets, so be sure to review the platform's instructions before proceeding. Additionally, always do your own research and proceed with caution when trading NFTs or engaging in any other decentralised transactions.

The benefits of using the Binance Smart Chain

The Binance Smart Chain (BSC) has several advantages over its competitors, which has led to its rapid growth in popularity. Firstly, it offers inexpensive transactions, with fees as low as $0.15 per transaction, compared to over $1000 for some Ethereum-based transactions. This is a huge saving and a massive incentive for developers and users to switch to BSC. This is especially true during times of high congestion on the Ethereum network, where similar transactions can cost over 1000 times more.

Secondly, the BSC has faster adoption rates. As it is centralised, it benefits from the large, existing user base of Binance, which facilitates faster adoption than a smart blockchain project without such backing could achieve. The number of unique addresses on BSC has increased tenfold since the start of 2021, with a fifteenfold increase in the total number of transactions, demonstrating the speed of its network activity growth.

Thirdly, the BSC has the backing of Binance, which brings with it a large amount of technical, human, and financial resources. In October 2020, Binance committed $100 million to the BSC Accelerator Fund to support the development of its blockchain protocols, wallets, and tools.

The BSC also offers easy token migration through cross-chain bridges, with over 40 tokens currently supported by the Binance Bridge. This allows users to move assets such as USDT and ETH between blockchains with ease.

Finally, the BSC is available in multiple languages, facilitating adoption by audiences who are not fluent in English.

How to invest in NFTs from a range of sources

Non-fungible tokens (NFTs) are unique digital assets that are stored on a blockchain. NFTs can represent a wide range of items, including art, music, and video game items. Investing in NFTs can be a great way to diversify your portfolio and get exposure to the growing digital asset market. Here's a step-by-step guide on how to invest in NFTs from a range of sources:

Step 1: Educate Yourself About NFTs

Before investing in NFTs, it's important to understand what they are and how they work. NFTs are typically purchased using cryptocurrency, and their value is often tied to the performance of the underlying blockchain platform. It's also important to research the different types of NFTs available, such as art, music, or in-game items, and decide which type of NFT you want to invest in.

Step 2: Choose a NFT Marketplace

There are several NFT marketplaces available, each with its own unique features and benefits. Popular options include OpenSea, Rarible, and Foundation. Consider factors such as the range of NFTs available, transaction fees, and the reputation of the platform when making your decision.

Step 3: Create a Crypto Wallet

In order to purchase NFTs, you'll need to set up a crypto wallet that supports the blockchain platform of your chosen NFT marketplace. For example, if you choose to invest in NFTs on the Ethereum blockchain, you'll need a wallet that supports Ethereum transactions.

Step 4: Fund Your Crypto Wallet

Once you've set up your crypto wallet, you'll need to fund it with cryptocurrency. You can purchase cryptocurrency on a crypto exchange and then transfer it to your wallet, or you can use a platform that allows you to purchase crypto directly within the wallet.

Step 5: Browse and Purchase NFTs

With your funded crypto wallet connected to your chosen NFT marketplace, you can now browse the available NFTs and make purchases. It's important to research the creators and track the performance of NFTs you're interested in to make informed investment decisions.

Step 6: Store and Manage Your NFTs

After purchasing your NFTs, you'll need to store them securely in your crypto wallet or a dedicated NFT storage platform. You can also choose to display your NFTs on certain platforms or use them within their intended context, such as in a video game.

Example: Investing in NFTs on Refinable

Refinable is an NFT marketplace built on the Binance Smart Chain that offers a range of features for creators and users. Here's how you can invest in NFTs on Refinable:

• Sign up for an account on Refinable and connect your crypto wallet.
• Browse the available NFTs on the platform, using tags, collections, and social channels to find assets that suit your tastes.
• Research the creators and track the performance of NFTs you're interested in.
• Purchase NFTs using the $FINE token, which is the native currency of the Refinable platform.
• Store your NFTs in your crypto wallet or on a dedicated NFT storage platform.
• Consider staking your $FINE tokens within the Refinable platform or on other BSC DeFi applications to generate passive yields.

The future of the NFT marketplace

The NFT marketplace is growing, and platforms like Refinable are aiming to capitalise on this by providing an alternative to the Ethereum blockchain, which has dominated the market. Refinable has launched the first major NFT platform on the Binance Smart Chain, which has lower transaction costs and faster transaction times. This could lead to a major shake-up for Ethereum and increase the value of Refinable crypto (FINE) and Binance Coin (BNB).

The NFT marketplace is still in its infancy, but it has already attracted major companies such as Twitter, Facebook, Nike, and Coinbase, who are building within this space. The gaming world, in particular, is expected to be one of the next areas of massive fundamental shifts from NFTs, with the Play-to-Earn model already gaining traction. In this model, players participate in a game, contribute value, and earn NFT digital assets, creating a symbiotic developer-customer relationship.

The user experience will become more seamless, making it easier for users to create and trade NFTs. There will also be increased cross-chain and cross-app compatibility, stabilisation, and adoption of cryptocurrencies. NFTs will become more accessible to regular users, and there will be a dedicated space for physical items, such as real estate and event tickets.

However, the NFT marketplace also faces challenges, including the need to ensure useful functions or genuine value for NFTs, address storage issues for digital assets, and reduce the high fees for creating/minting NFTs. Additionally, the largely unregulated nature of the space has led to issues with hackers, scammers, and insider trading.

How to stake your Fine within the network

Staking is a way of earning rewards while holding onto certain cryptocurrencies. If a cryptocurrency you own allows staking, you can "stake" some of your holdings and earn a reward over time.

The reason your crypto earns rewards while staked is that the blockchain puts it to work. Cryptocurrencies that allow staking use a "consensus mechanism" called Proof of Stake, which is how they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Your staked crypto becomes part of that process.

Staking serves a similar function to mining, in that it’s the process by which a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange. Stakers also help establish which blocks are valid.

The exact implementations vary from project to project, but in essence, users vote with their tokens to ensure the security of the blockchain. Their staked tokens act as a guarantee that they are acting in good faith and as a disincentive to violating the protocol rules.

To stake your FINE within the Refinable network, you can follow these steps:

• Purchase FINE: Before you can start staking, you need to purchase the FINE cryptocurrency. You can buy FINE on various cryptocurrency exchanges, such as PancakeSwap or any other exchange that supports FINE trading. Send your purchased FINE to a compatible wallet, such as the MetaMask wallet or a wallet supported by the exchange.
• Understand the Requirements: Different staking opportunities have different requirements. Some may require a minimum number of tokens to be staked, while others may have specific technical requirements or knowledge. Make sure you understand the specific staking requirements and rules for the Refinable network before proceeding.
• Find a Staking Platform: Look for a staking platform or pool that supports FINE staking. These platforms allow you to delegate your FINE tokens to validators who will process transactions on the blockchain. Examples of staking platforms include centralized exchanges like Binance or decentralized platforms specifically designed for staking.
• Delegate your FINE: Once you have selected a staking platform, you can delegate your FINE tokens to validators on the network. This process may vary depending on the platform you choose, but it typically involves selecting a validator, agreeing to the terms, and confirming the delegation.
• Earn Staking Rewards: After delegating your FINE tokens, you will start earning staking rewards over time. The rewards may be distributed periodically, and the amount may vary depending on the performance of the validator and the terms of the staking platform. Remember that staking often requires a lockup period, during which your staked tokens cannot be transferred or traded.

By staking your FINE within the Refinable network, you contribute to the security and efficiency of the blockchain while also generating rewards for your holdings. Remember to always do your own research and carefully consider the risks and opportunities before investing in any cryptocurrency or staking opportunity.

Frequently asked questions