After Artifact Labs’ purchase, Refinable to sunset its NFT trading and creation platform

Right after the acquisition of Refinable by Artifact Labs, the three-phase process for the complete closure of the NFT trading and creator platforms gets kicked off. Artifact Labs, which happens to be actively engaged in preservation as well as bridging and archiving the past on the blockchain, will now be seen to be utilizing Refinable’s technology in terms of the next stage in its development. Simultaneously, the three-phase process for the final closure of Refinable will be set in place and commence with immediate effect.

The first phase will see the cessation of Creator Suite credit card subscriptions. In addition, those users who unintentionally purchased additional subscriptions will receive a pro-rata refund of their purchases. The current Prime subscribers will continue to have access to the service until the final stages of closure. The platform will continue to function for a further six months as part of the second phase of the closure.

The idea behind this is that consumers will then have the time necessary to switch to other platforms of their choice without truly feeling hurried. The users will be able to maintain healthy interactions on all relevant topics during this time. 

Following the period of six months, the entire functioning of the entity will be incapacitated. This will include aspects such as its Creator Suite, as well as its Marketplace and API. However, all of the NFTs duly built on the platform will remain in existence, except the listings, which will be shut down. In the case of the present token holders, they will find themselves in the position of continuing to get advantages stemming from all of Artifact Lab’s launches. This will also happen to include connectivity to the whitelist as well as free mints. 

With the funds received from the acquisition, the entity will now be in a position to continue the platform’s sustenance for a while longer, which otherwise was beginning to become slightly difficult. This will also pave the way for a smoother exit line for the connected users. Refinable also takes great pleasure in the delivery of BSC’s first NFT marketplace, as well as the backing of the first sales to be made on Digital Art Fair Asia. They also happen to be boastful of incorporating Solana with EVM assets, along with permitting the building of 721, 721A, and 1155 contracts. Further to that, there is the positioning of their public API, as well as the creation of their proprietary NFT indexing engine, and many more such landmark occurrences. 

Advertisement

They also claim responsibility for the fact that it all started as a BNB Chain marketplace and has since developed into a laudable multi-chain NFT business platform, enabling artists and NFT followers to create and manage their own NFT collections.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button