Artifact Labs Acquisition & Refinable’s Sunset

Last week, we announced the acquisition by Artifact Labs. Today, we will follow up with the official plan to sunset Refinable’s NFT trading and creator platform.  

Invested by SCMP, Artifact Labs is dedicated to preserving and connecting history on the blockchain and will be leveraging Refinable’s technology for the next phase of its development. 

Effective immediately, we will commence Refinable’s closure in three phases. Firstly starting today, we will be suspending credit card subscriptions to Creator Suite and refunding users who purchased extended subscriptions on a pro-rata basis. Existing premium subscribers will have premium access throughout the remaining sunset period.

Secondly,  we will continue to keep the platform operational for the next six months. Our goal during this transition period is to ensure ample time for our existing users to migrate to other platforms. We will also facilitate and attend to any questions creators and traders might have during this time. 

Eventually, after six months, Refinable’s Creator Suite, Marketplace, and API will officially be decommissioned. NFTs created on Refinable will continue to exist but all listings on Refinable will be closed.

Here are the important dates:

• Phase 1 (Apr 14, 2023) – Premium credit card subscription suspended
• Phase 2 (Apr 17 – Oct 16) – Normal platform functionality and operation. Limited support capacity
• Phase 3 (Oct 16, 2023) – Last operational date for Marketplace, Creator Suite, and API

Listings & NFTs

All NFTs created via Refinable’s contracts will continue to exist on the blockchain and are accessible on any wallets and other NFT marketplaces that support the same blockchain network.

Any open and active NFT listings created via Refinable’s contracts will be closed and deactivated upon the platform’s last operational date, to prevent any unauthorized trades after the sunset period.

Token

As part of the acquisition, existing FINE token holders will be able to receive benefits from subsequent Artifact Labs launches, including whitelist access and free mints. Details will be announced ahead of time in the next month.

Additionally, the team will not withdraw any liquidity from the PancakeSwap pool during or after the transition process.

FTX Impact & Looking Ahead

The past few months have been incredibly challenging, as the FTX situation has materially impacted Refinable. We had to make difficult decisions but have been doing our best to continue smooth platform services on Marketplace, Creator Suite, and API. With the significant loss of our treasury, keeping the platform operational was no longer sustainable for the team without assistance. 

We are pleased to have found an acquisition partner in Artifact Labs, whose long-term digital assets vision aligns very much with ours. With the acquisition proceeds, we are then able to continue sustaining the platform for a few more critical months while giving ample time for our users to find alternative solutions for their NFT ventures. 

We are incredibly proud of what we have accomplished up to this point, including launching BSC’s first NFT marketplace, supporting the first sales on Digital Art Fair Asia, integrating Solana with EVM assets (for a short while), first to allow the creation of 721, 721A, and 1155 contracts, deploying our public API, building our proprietary NFT indexing engine, optimizing the loading of over 70TB of cached image data, launching Neil Barrett’s first NFT collection with Museum of Digital Arts, partnering with FWD’s digital fitness campaign, launching our no-code Creator Suite, allowing existing collection owners to claim their own fully customizable branded storefronts, and much more. 

What started as a simple BNB chain NFT marketplace has developed into a significant multichain NFT business platform, empowering artists and NFT enthusiasts to create and manage their own NFT collections. Looking ahead, we have full faith in Artifact Labs to carry on our mission into its next evolution. Although this was not the conclusion we had anticipated from the start, we are incredibly grateful to everyone for their support these past 2 years.

From the team at Refinable, thank you for being part of our journey.