[AMA Recap] Refinable X SpacePad

SpacePad
SpacePad
Apr 15 · 11 min read

Date: 30/03/2021
Time: 15:00 UTC
Venue: SpacePad Telegram Chat Room
Guest: 🖼 Nick Chan (Co-Founder of Refinable)
Host: 🚗 Mustang | SpacePad

Section 1 (Introduction):

🚗 Mustang | SpacePad:
SpacePad to Earth this is Mustang ! Welcome back to another AMA on the SpacePad Channel

The AMA today is truly one of a kind, it is our honor to be able to take part in the community collaboration and $FINE allocation giveaway process, the SpacePad team has been overwhelmed with excitement ever since we saw the announcement on twitter!

So needless to say that we CAN NOT wait to get straight into the juicy questions and help our community to get to know more about Refinable, what is it about and what will it possibly become!

Before we get started why don’t we introduce our guest for today’s AMA? The star of the show It is with great pleasure that we are able to invite Nick Chan,co-founder of Refinable, to join us today.

Hello Nick Chan Welcome to SpacePad !

🖼 Nick C:

Thanks for the intro Mustang , it’s an honour to be here with the community and thanks to everyone tuning in. I have checked out a few of the questions and can’t wait to get started 🙂

🚗 Mustang: Now that Nick is here why don’t we let him introduce himself to the SpacePad community and give us a brief background of Refinable?

Nick anytime when you’re ready !

🖼 Nick C :

Sure thing!

Hello everyone, this is Nick and I’m the cofounder of Refinable!

In short, Refinable is building a NFT marketplace on Binance Smart Chain. Many people want to engage in NFTs including retail and crypto people (partly because of the insane speculation that’s happening right now) 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 thesis for engaging with NFTs and one of our main differences is we want to be content and community agnostic

Meaning we are building the platform with the intention of supporting any digital transactions from day one across any content type and brand.

We want users, brands, and entire communities to be able to Create, Trade, and Discover NFTs in a fun and accessible manner. Later, be able to Leverage their owned assets all in one platform!

🚗 Mustang | SpacePad:

Awesome ! That’s perfect Nick !

With the current popularity with crypto and NFT in general no wonder why there is so much attention caught on Refinable !

Right now that everyone has a basic understanding of the project why don’t we get straight to the point with the community questions?

I personally can’t wait to get the answers to some of these !

So just like always the SpacePad team has prepared 3 questions for Nick today, by reviewing and collecting common and interesting questions from different platforms

including twitter and our telegram channel

shall we get started with the first question then Nick ?

🖼 Nick C:

Of course, I’m excited to see what the community has in store this time around

Section 2( Community Questions):

🚗 Mustang | SpacePad:

Right first question coming right up !

Q1. On the white paper, Refinable’s further leverage features include Fractionalized NFTs and Lease NFTs, but since NFTs are mostly used for solely digital assets, such as renderings, how will such features work in practice? It seems a bit abstract in terms of value and practicality when adopting such features. Can we have a more detailed explanation in any way?

🖼 Nick C :

So this question is asking about the tangible use case of our ‘leverage’ services

Great question, and I think this is useful for people to understand what is possible down the road with their owned assets

🚗 Mustang | SpacePad:

Yes that’s right !

🖼 Nick C :

So the advanced features in our “leverage” vertical may not apply to all NFTs content but it’s important to realize that NFTs are a technology and that there can be any type of content being tokenized.

When it comes to something like leasing NFTs, it may not be sensible to lease a 3D painting but it might make sense for in-game items such as an EPIC level sword to help you get pass a level or maybe a LEGENDARY trading card that fits the current season’s meta.

So the feature has to make sense for the user and the content they want to lease of course

Similarly, fractionalized ownership is on the roadmap but we understand this feature is not always applicable to all content. However, fractionalizing ownership for high value items has always existed for physical assets such as properties, antiques, high value art, and other similar items.

This just gives people more options to leverage things they own and for some users, this may turn out to be highly valuable depending on how to want to deploy your assets. Perhaps it makes a lot of sense for very coveted or high value items, but i have to say we are still in a nascent stage for NFTs and digital collectibles so I might be wrong about this.

🚗 Mustang | SpacePad:

That makes a lot of sense !

I can only imagine the possibilities this feature will open up

Thats was great Nick the application of the said features seems so much more clear and suitable after the explanation

Lets keep this rolling here is question number 2

Q2. How will Community Governance take place in the platform? And to what degree does such governance impact the running and structure of the platform as a whole? While also keeping future development and possible changes in mind.

🖼 Nick C :

This is gonna be a fun one to answer

We wanted our most valuable users to also hold our tokens so they can reap the ultimate experience on our platform. Namely with feature benefits like service fee discounts, increased feature limits and etc. For those users, 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, while also saving us the headache of going through unvetted suggestions.

We completely understand that the NFT space is growing and changing rapidly and once our foundational marketplace is stablized, we will be adopting an agile approach to our feature development while a strong emphasis on those community voted proposals.

Altho we have no intention of going full DAO, rest assured the community’s feedback and growth is the team’s priority and Refinable is only as strong as its use base 🙏

🚗 Mustang | SpacePad :

This sounds like a utopian form of governance for investors who would love to grow the project as a community and as individuals !

That is definitely reassuring to hear

the true essence of Defi and blockchain at its best

Right, now the 3rd question focuses on a slightly more specific aspect in terms of area and direction of development

Q3. Like the NFT Market, the Gaming industry is currently on the rise with a significant increase in in-game spending and hardware and peripheral market. Is Refinable planning on optimizing such growth in any form? And if so, will collaboration with mainstream games and media be a part of it?

🖼 Nick C :

This question is more about our future plans to integrate with external games

In short, most definitely! We always wanted to be content agnostic and so we are open to supporting any and all content types on our marketplace. There is a huge market for in-game NFT items coming from many other similar blockchain projects.

Ragefan, Chain Guardians are two projects I know well and there are honestly dozens of similar projects looking to leverage NFT to tokenize their content so we will definitely do our best to be their go-to secondary market for NFTs on the BSC network.

However there is the conversation about collabing with mainstream games. The biggest challenge there is the backend technology imo. Many AAA studios are skeptical of adopting NFTs because it would actually remove a competitive moat for their own gaming ecosystem (Battle.net, League, Fortnite). It would take a special forward-thinking type of game to want to adopt current NFT standards for their in-game items.

We are definitely open to growth in those areas and we will work hard to support them in any way we can 💪

🚗 Mustang | SpacePad :

Awesome ! Im certain that the community just can’t wait to see where this project is heading

Thank you Nick for answering all 3 of the questions flawlessly !

Now

the Most exciting part of the AMA, the live questions segment

just to remind everyone about the rules for the last time submit ONE question per person and only questions submitted during the live segment will take part in the give away

right put on your shuttle seatbelts nick this is going to be a rush !

Section 3 (Telegram Live questions):

🖼 Nick C :

I only wish i had 5 pairs of eyes to read all the questions

Q1. Will Refinable consider creating an NFT focused launch pad to jump start unique NFT startups?- @SubtleWobbuffet

🖼 Nick C :

Yes! This question did catch my eye because I don’t believe I’ve answered it before. We want to help any user, brand, community create, discover, and trade NFTs. As a marketplace, that is somethign we have to do well and if we execute on this vision, we can then service as a platform for other NFT projects to use.

Creating meaningful NFTs and executing is already a job in and of itself so my offering is to let Refinable handle the smart contracts and paltform, so projects and work on the licensing, content creation, planning, and marketing of their NFTs! Creating a good marketplace is not easy so we are already acting as a tech partner for a few other NFT projects already to host their content.

I mentioned earlier on I wanted to support communities within Refinable and this is a great example of working with teams to make that happen.

🚗 Mustang | SpacePad :

That is definitely an interesting question

Q2. What security features will be implemented in FINE to prevent hacking due to errors in smart contracts. Are they audited frequently to identify vulnerabilities? — @opicoa

🖼 Nick C :

This is a question worth reiterating for the community. 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. We intend to have regular audits by our partners to maintain the highest security standards as development progresses.

🚗 Mustang | SpacePad :

I see that sounds like the team is doing what it takes to keep user’s assets safe

which is always a good sign !

Q3. Will it be possible to tokenize offline items with $FINE?- @nocheinjochen

🖼 Nick C :

This is an interesting question that I also have not answered before. So our immdiate roadmap intends to focus on specifically native digital content since NFTs are inherently digital, and its a lot easier for us to support. However, there is no reason for us not to support tokenizing real physical assets.

The main challenge right now is how do we enforce the connection between digital tokens and physical assets?

It’s very easy to print a QR code and stick it on something but we will have to clearly set the expectations of what is included in that NFT experience for the physical asset.

Until we have a solid solution for that, I’m not sure it would actually bring that much value for people unless they just wanted to see proof of provenance information and less on the transaction asepect.

Q4. As a creator, which format of ERC (1155/721) will my creations’ NFT be minted when I upload them on the platform? What are the pros and cons of the 2 formats? — @hermanly

🖼 Nick C:
So we will offer our creators a choice but it’s important to understand what the main differences are between the 2 standards. We have a medium article on this subject but feel free to just search a youtuve tutoraial on this. In short, 721 allows only unique assets to be created whereas 1155 allows you to mint multiples of one asset. There are a few other differences as well but I can let you figure those out yourself 😜

🚗 Mustang | SpacePad :

I see

That is definitely a feature that I have not seen with other projects so far

Q5. In order to maximize the nfts mass adoption, Refinable will allow to use both crypto and fiat currency on its platform, or the goal is to push strongly on the Fine token and try to make difference with it during the project beginnings already? — @naucrati

🖼 Nick C :

We do aim to allow Fiat transaction at some time to make it easier for users to onboard. NFT is the tech powering how transaciton happen and we can definitely support fiat in some shape or form. The FINE token itself has many other platform benefits that will incentivize users to hold it so users are free to use it to settle tx or hold it for another purpose on the platform! It’s entirely up to you 🙂

That’s about all the time I have for tonight

🚗 Mustang | SpacePad :

Those were some fantastic questions and answers, a lot of insights and information to digest ! Now that our AMA for today has come to an end, I would like to give a great thank you to Nick and the $FINE team for giving SpacePad the opportunity to take part in such an important part of the allocation process! I think Nick’s answers tonight speaks louder than anything, and any praise I could give Refinable as a project!

I hope that you have enjoyed your time with us today Nick !

🖼 Nick C :

Thank you Mustang for hosting this ama! It’s been a pleasure tonight and thanks to everyone who came out to ask questions. I’m very appreciative of all the support and hope I answered a wide enoguh range of questions for everyone!

🚗 Mustang | SpacePad :

The pleasure is ours Nick ! feel free to hop back in and interact with our community anytime ! Spacepad welcomes everyone !

Refinable

At Refinable, we are unlocking the potential of NFTs for all users. As the first major NFT hub built on BSC, we’re building the definitive platform to create, discover, trade, and leverage any digital content on the blockchain.

https://refinable.co

For those who would like even more information and updates regarding Refinable I have put together this list of social media channel for you to check out and follow:

Telegram: https://t.me/refinableapp

Twitter: https://twitter.com/refinableapp

Official website : https://refinable.co/

🚗 Mustang | SpacePad :

Lastly thank you to those who had taken time out and participated in this AMA, SpacePad is nothing without its community so lets’ take off together !

Follow us on twitter : https://twitter.com/SpacePad_io

See you guys in space!

— End of AMA —

For Collaborations/ AMA Please Contact:
Telegram: @spacepadmustang
Email: spacepadmustang@gmail.com

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