Recapitulation of REFINABLEAPP PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 12th April, 2021
Time: 11:30 UTC
The REFINABLEAPP PROJECT team was represented by @Nchan1225 who judiciously shared with us detailed knowledge and information about REFINABLEAPP PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on REFINABLEAPP?
ANS: Hey everyone again, this is Nick and I’m the cofounder of Refinable. I had my start as a crypto enthusiast since 2015 and have always worked in tech and ecommerce projects ranging from hospitality to gaming. Previously, I launched the first 3D fashion management system at Li & Fung, the world’s largest sourcing agent. After getting more involved in crypto in 2017 I even organized the first Binance PreHackathon in Hong Kong a few years ago. It wasn’t until 2020 that I realized NFT’s potential in the digital commerce space as a global medium for digital transactions and that’s where I got started with Refinable.
Team-wise, shoutout to my other cofounder & CTO Maxim, who’s been with me since day one of this project. Maxim is a seasoned CTO personnel and serial entrepreneur who led experimental projects at EY and built various crypto applications on Ethereum and BSC.
We’ve also got a few other members who were previous EOS hackathon winners. Beyond that, we have been busy recruiting new members to join our growing team!
Q2: Can you introduce REFINABLEAPP, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Refinable at its core is an NFT marketplace, and its core difference is it’s built on Binance Smart Chain. EVeryone wants to engage in NFTs including crypto and retail users, but because of Ethereum’s scalability issues, it’s essentially priced out many users from experimenting with NFTs.
There are some great NFT platforms out there but many of it is not accessible to a lot of other users, who can’t pay >100usd per tx
This seemed to be an immediate issue and we wanted to provide an immediate solution for everyone and choosing BSC was a no brainer for us because it was faster, cheaper and therefore more accessible for everyone.
Another subtle benefit of building on BSC is the lack of incumbent NFT players, which means we have a true blue ocean opportunity to redefine the NFT experience from scratch
We aim to provide end-to-end servives of the NFT experience which includes Create, Trade, and Discover of NFTs in a fun and accessible manner. Then later, users should be able to leverage their owned assets all in the same place.
Furthermore, we want to allow any individual users, community, and brands to engage with the NFTs so we are focused on being community & content agnostic on day one.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Talking about milestones, securing BoxMining as our core advisor was a great validator for our idea on inception. Afterwards, it was about creating our marketplace POC and then securing investments from the likes of Binance as well as Mr Beast. Those are the 2 biggest milestones we have achieved in March.
It was only in April that we were able to do a big annoucement for them
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 so definitely stay tuned cause we have some exciting partnerships ready to share as well. Public Sale is slated to be late April for now.
On the product side, we're making a lot of progress on our Private Alpha front with our smart contracts being audited rn. We're currently working on polishing the experience of our platform to get an MVP out for our first cohort of artists by the end of the month as well.
We're also finalizing a few NFT partnerships so we're looking to get everyone excited for the main launch that will happen in mid-May!
Q4: So can you briefly describe your PARTNERSHIPS so far?
ANS: Besides our major partnership with the Binance Smart Chian team, we've also announced a major partnership with Tooniplay. Tooniplay is one the most well-established players in the Asian fantasy, anime and gaming market with access to essentially all beloved IPs here and abroad.
We'll be helping tokenize these contents and turn them into NFT collectibles for each fanbase, empowering the community to buy, sell and trade NFTs from some of their favorite fictional universes!
So definitely stay tuned to see what nostalgic brands we’re partnering for our launch
Besides Tooniplay, we're in talks with a handful of other blockchain companies (gaming, real estate, travel, etc.) to act as their BSC secondary market partners, annoucements will be following soon.
Finally, on the artists and IP front, we're already in talks with many individual creators, art festivals, international organizations, and even billionaires to source some of the most interesting content for everyone!
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $FINE Token?
ANS: The team is very pleased with our token sale structure. 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 to the community so even our own internal team had the same deal given to our other partners and contributors
As for our token, the $FINE token is built with utility and governance in mind. We wanted our most valuable users to also hold our tokens so they can enjoy the ultimate experience on our platform. Namely with benefits like fee discounts and increased feature limits
We're working on the different tiers of membership benefits, so hope the community will have features to play with shortly after TGE.
For certain types of token holders, we also want them to be stewards and ambassadors of our platform so we’ve decided to incorporate governance elements into the token use case.
Token holders will be able to submit and vote on proposals that will reach our dev team. This is a way to make sure our most valuable users can voice their ideas to the team in a meaningful manner
Additinally, we are including content moderation aspects so that our most valued users can also be ambassadors for our brand, Of course the finer details of the moderation details will have to be finalized later on but this is one way we are decentralizing moderation to the users themselves.
2nd Segment: LIVE Questions
Q1: Why you choose both ERC721 and ERC1155 token standards NFT? Using both ERC721 and ERC1155 token standards NFT will give any Extra facilities?
ANS: We’re supporting both 721 and 1155 standards because there isn’t a norm set by the industry yet. We're a big supporter of ERC1155 only but do support ERC721 as it's better integrated in games and other galleries (heck, even etherscan/bscscan). So we will offer both standards for our users, but if they want to mint editions, then that will have to be in 1155.
Q2: What is TX limits? Can you describe about TX limits to us?
ANS: TX limits is the total transactions that a user has within a certain amount of time. Namely this would be your limit for minting NFTs. This feature came about because we didn’t want everyone to have the ability to create thousands of filler content to saturate our market. So we do have in place systems to curtail the effect of unverified users creating nonvalue adding content.
Q3: Does your project have a system that focuses on protecting users' personal assets and information?
ANS: Refinable is a non-custodial marketplace so the ownership and security of the NFT assets rests upon the user themselves. However, our code and smart contracts will be put through public security audits by firms such as Hacken and Certik to maintain the highest level of integrity, so our users can focus on the core NFT experience.
Q4: How can we certify our content when we create our own NFTs? What rights does Refinable give to users regarding proprietary content and what are the digitization privileges?
ANS: This is an ongoing discussion within the team since there is no perfect process. RIght now, we don’t certify content but we certify profiles/wallets via other socials and databases. Once an NFT is out there, you can easily track its origins by blockchain explorers, so we just want to make sure we can help users out there verify the provenance of the item. With blockchain, users have the power to do the DD themselves quite easily.
As per moderation, we are planning the features to help flag objectionable content in case of copyright/content violation. Since that cannot be automated, we’re looking to have a quick response team to verify some of these claims. Hope to hear back from the community.
Good job noticing! $FINE was much catchier for us and also $REFI was taking by another project so we didn’t want to cause confusion for the community 🙂
I look forward to all the $FINE puns that are bound to come up.
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