What is the future of NFT? – Nicholas Chan

Our podcast can also be listened to here.

Who?

Nicholas Chan is the Co-Founder of Refinable. Refinable is the first major NFT marketplace on BSC, empowering both individual creators and beloved brands to easily and affordably create, discover, trade, and leverage NFTs.

https://refinable.com/

Quick Summary

What is a NFT?

Nicholas describes an NFT (non-fungible token) as a digital identifier that you can attach to anything in the world. It is essentially a numerical identifier like a barcode for anything from your water bottle to a JPEG image online. Refinable is looking at long term integration of NFT’s into the world of digital transactions to make it easier for communities to purchase authentic creations.

What is a difference between Binance Smart Change (BSC) and Ethereum based exchange?

Ethereum based exchange (blockchain) are very energy consuming and dependent. When there are more users on the platform, gas fees go up. Its like an auction system. There is limited processing power so you want to finish your transaction faster so that you outbid the other transactions. BSCs have a different algorithm. This means that BSCs are a lot more efficient, affordable and secure but not decentralized.

What is some advice for start ups that are wanting to attract big names and investors?

Nicholas suggested that a lot of the time, this comes down to luck. Attracting big names stems from networking and getting your foot in the door. It is important to know what to do with those connections and learn how to use your network for your own benefit.

If you could leave the youth with one piece of advice, what would it be?

Perfect is the enemy of the good.

“You are never too young to start something.

Nicholas Chan

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