Gate.io’s NFT Magic Box: A centralized NFT marketplace with a difference
NFTs are all the buzz these days, as such it should come as no surprise that exchanges such as Gate.io are joining in on the trend to offer users a trusted platform on which to create and/or trade in non-fungible tokens. Gate.io NFT Magic Box was launched in late April, but only recently went live. Here is a look at how NFT Magic Box stands out from the rest.
NFT Magic Box In A Nutshell
Gate.io’s NFT Magic Box platform (referred to as Magic Box hereafter) is the world’s first centralized NFT trading platform, focusing on incubating creativity within the NFT space while integrating simple asset management inline with the wider crypto market. By implementing the GateChain public chain and cross chain protocol, Magic Box offers a high performance, low-cost NFT market for creators, institutions and ordinary users who are open to collecting NFTs. This allows creators to focus on doing what they do best, creating works of art, without having to worry about the cost involved in minting and transferring new artworks.
Users of the Gate.io exchange can access the dedicated NFT marketplace and trade with ease. New users can easily create or trade NFTs simply by signing up on Gate.io, providing them access not only to hundreds of cryptocurrencies, but the entire NFT marketplace.
Magic Box Features
Similar to most digital art platforms and decentralized NFT markets, Magic Box’s NFT auction and trading platform provides both ‘Buy It Now’ and ‘Auction’ selling options. NFTs created on the Gate.io platform can be sold on Magic Box and transferred to other supported platforms. A small portion of the proceeds generated through the sale of NFTs on Magic box will go into the Gate.io NFT Art Fund in order to support creators on the platform.
The ‘Buy It Now’ feature allows users to set the price and duration an NFT is listed for and users are also able to fill in certain relevant pieces of information such as a description, copyright information and more. The ‘Auction’ feature allows users to set a starting price, reserve price and range of increase in price during the duration of the auction. Additionally, users can choose between allowing a delay in bidding by three minutes, or strictly abide by the preset auction time until the auction is completed.
Currently, the different categories of NFTs provided on Magic Box are divided into works of Art, Culture, Domain Names, Virtual Worlds, Trading Cards, Collectables, Sports and Others. The platform supports payments in BTC, ETH, USDT and GT. Because there are no costs involved in minting NFTs on the platform, there are a lot of works of art testing the waters at the moment and many sellers have products listed for as low as 0.1 USDT. As of the time of writing, the highest asking price among ‘Buy It Now’ works has reached 1 million USDT. Magic Box provides an all-round, user-focussed platform with a low barrier of entry for creatives.
What Sets Magic Box Apart
Unlike many other NFT platforms, Magic Box allows creators to mint new NFTs completely free of charge. This allows creators to focus on creativity instead of the costs involved in creating blockchain art. Additionally, Gate.io has launched an NFT Art Fund which will be used to train and market artists and their work in addition to funding exhibitions of their art on global platforms, vertical communities and cooperative media, while promoting the NFT market as a whole.
You Can’t Escape NFTs
Gate.io’s NFT Magic Box platform aims to connect NFT artists, institutions and ordinary users in addition to providing a new channel for popularising the concept of NFTs, market education and liquidity expansion. While at the same time also providing a better user experience for artists, ordinary users and professional NFT institutions, so as to promote and popularize the overall NFT landscape. Although Magic Box acts as an NFT marketplace it also offers the ability for creators to explore the possibilities of NFTs.
