Decentralized Finance (DeFi) has had a major impact on the cryptocurrency market over the last year, directly impacting the centralized exchange (CEX) platforms that continue to sit at the top of the crypto food chain. Due to the already huge amounts of traffic these platforms receive daily, they have contributed significantly to the rapid growth and expansion of the DeFi market and reaped great benefits in the process. As the market continues to expand, exchanges have started shifting focus onto NFTs and the platforms they’re built on, ushering in a new era in the cryptocurrency space. These exchanges offer NFT platforms a lower barrier to enter the market, giving them access to existing markets and millions of users.
Gate.io’s NFT Magic Box platform officially went live on June 22, 2021, after being launched at the end of April. The centralized NFT trading platform built on Gate.io existing platform was touted as the “NFT platform for everyone,” having several advantages such as a high degree of freedom for artists, no fees for minting NFTs and support for various different NFT platforms. In less than a week after the platform went live, it had already generated a high level of interest from users on the platform.
How Gate.io’s NFT Magic Box Offers ‘Zero Thresholds’ For Creators
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 in line with the broader 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 worrying 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 access not only to hundreds of cryptocurrencies but also to the entire NFT marketplace.
Magic Box consists of two main platforms; the NFT pioneer creation platform and the NFT auction and trading platform. The creation platform encourages all users to create and express themselves in artworks in the form of an NFT. Minting new NFTs on this platform is entirely free, which has its advantages over other mainstream NFT platforms such as OpenSea and Rarible. Additionally, Magic Box will use its resource advantages to provide professional technical support and institutional backing for famous works of art, fueling users’ creativity and ensuring value creation.
The NFT auction and trading platform is the most familiar part of the NFT marketplace for ordinary users. Like most digital art platforms and decentralized NFT markets, Magic Box’s NFT auction and the trading platform provide both ‘Buy It Now’ and ‘Auction’ 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 to support creators on the platform.
The ‘Buy It Now’ feature allows users to set the price and duration an NFT is listed for. Users can also 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 auction duration. 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.
The Magic Box interface is similar to many e-commerce platforms ordinary users would be accustomed to. The left sidebar displays a variety of filtering options. Users can filter works by Status, Category, Advanced Attributes, and supported Payment Methods, ensuring they can locate artworks they might be interested in with ease.
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, many artworks are testing the waters, 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.
Because of this “zero threshold” experience, many art pieces are being uploaded to the Magic Box platform by users, ranging from simple pictures to expanded packs. Compared to most NFT platforms on the market, where existing works are the main focus and products range from several hundreds or even tens of thousands of dollars, Magic Box provides a simple, easy-to-use platform that even novice users can use filled with products affordable price points to premium pieces. Magic Box provides an all-around, user-focused platform with a low barrier of entry for creatives.
To support up-and-coming artists, Gate.io has launched an NFT Art Fund that will be used to train and market artists and their work and fund exhibitions of their art on global platforms, vertical communities, and cooperative media promoting the NFT market as a whole.
With the official launch of Magic Box and the platform going live, the next step is to promote artists and the NFT market in general. This will be done through online and offline campaigns working with artist associations, auction houses, universities, and educational institutes. In turn, this will provide better opportunities for artists and their peers in the NFT ecosystem through exhibitions, voting, rehearsals, charity events, and other promotional activities. Creators will gain access to funding, venues, discussions, and other resources to create, collaborate and work with developers, investors, and other projects through Gate.io. Technical support, blockchain education and support, and more will be offered, in stark contrast to other platforms that only focus on art and selling.
On June 23, Magic Box launched its first series of Auction Week activities to highlight some of the platform’s artwork and introduce users to the different aspects of the platform. Several limited-edition works of art were showcased, including pieces by contemporary artists, ranging from traditional Chinese paintings to gouache and oil paintings and pieces using fine brushwork. The Auction Week activities aim to cultivate and support different artists while introducing users to the different artworks they create.
Users participating in the various auctions will not only receive NFTs of the works but the physical artwork as well. Additionally, they will receive points and their share of multiple prizes offered during the Auction Week campaign. During each of the weekly campaigns, two works of art will be auctioned each day. One will be auctioned through a regular auction starting at 1 USDT with a set reserve price, and the other will be auctioned off with the same 1 USDT starting price but no reserve.
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 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.