Gate.io, a leading crypto exchange announced recently that GateChain, its public blockchain, allows cross-chain interoperability to its NFT market, Gate.io NFT Magic Box. GateChain allows the platform to operate with compatibility for several different blockchain protocols, including Ethereum’s ERC-72 and ERC-1155 protocols, Tron’s TRC-721 and BTFS protocols, and more, besides bringing high levels of security to NFT Magic Box.

GateChain, a new-generation blockchain created by Gate.io for the purpose of expanding and growing its ecosystem. Gate.io NFT Magic Box’s cross-chain support allows different ecosystems to interact. This solves the problem of NFT collections that are created on different blockchains, but not traded on one platform.

“Much like the rest of the cryptocurrency market, NFT projects are built on the blockchain. There are many different blockchains where NFTs are being constructed, the most well-known being. NFTs are likely to spread over multiple chains, and different platforms. To ensure that support is available and inclusion, they will also need to be adapted as the market develops. In order to promote inclusivity and a platform that brings together the best the NFT market has to offer, Gate.io NFT Magic Box provides a unique offering using Gate.io’s native GateChain,”
Marie Tatibouet is the CMO of Gate.io.

Global NFT markets have seen a significant increase in demand over 2021. This has led to an uptake in GameFi and DeFi. The latest market statistics revealed that more than 13,000,000 NFTs were in use in the global market as of October 25, with an estimated market value of over $5.2 billion. There are more than 570,000 NFTs in circulation around the globe, and 137,000 active traders have traded over the last 30 days. The 30 day average trading volume was $1.8 billion.

Launched in late June 2021, Gate.io’s NFT Magic Box marketplace was developed to expand the digital art ecosystem in a unique way while putting emphasis on providing artists with a cost-effective, accessible platform. In October 2021, Gate.io’s OpenPunks series was launched as one of the world’s first community-driven NFT collections, showing huge interest from the Gate.io community. With the platform’s focus on ‘cross-chain interaction,’ Gate.io hopes to develop an ecosystem that brings together artists and collectors from across the different blockchains which NFTs are being built on.

We can lower the barriers to entry

Non-fungible tokens (NFTs) are tokens that cannot be used in multiple places. Each token is unique and each token can only be used once. As Ethereum has grown in popularity, so has the barriers to entry for creators and artists. The rising cost of gas, especially Ethereum, has led to minting becoming a luxury that is only available to a few.

Gate.io NFT Magic Box. Built on Gate.io’s native GateChain ecosystem,Gate.io NFT Magic Box has lowered the barrier to entry for artists and creators by making it free to mint NFTs on the platform. Creators can now focus on creating original artworks and not worry about NFTs.

The Building of a Community-Driven NFT Library

Much like Elon Musk caused Dogecoin’s popularity to spike on social media, early NFT collections such as CryptoPunks and CryptoKitties and other newer series such as Bored Ape Yacht Club have caused a rising interest in NFTs and built a global community built around NFTs and the artists that create them. Avatar-based NFTs are unique in that creators control the design, and collectors must purchase only the ones that resonate most with them.

Keeping this in mind, Gate.io launched one of the world’s first community-driven NFT collections, the OpenPunks series. OpenPunks, a series of attribute-based NFTs that allow users to make their own artworks and associate them with Punks they’ve purchased, was launched in October. OpenPunks can be categorized by four distinct attributes: role, type and hair color, as well as skin tone. Different combinations of attributes and characteristics drive interest and are therefore rarer than others.

OpenPunks NFTs totalling 10,000 will be produced. There are 5,000 Mystery Box releases and auctions. Regular sales listings have already been listed for 5,000. Over 3,000 Mystery Boxes sold in less than 2 minutes after their release in the past 3 weeks. Soon, the next phase of sales activities is expected to be revealed. OpenPunks has an initial transaction cost of $100. So far, the most expensive price on the secondary marketplace was $1.888.

OpenPunks can be purchased at their initial prices one year after they were put up for sale to help the creators keep the NFTs’ value. If the original sale price is not sufficient to cover the cost of work, then the NFT owner may decide not to take part in the repurchase program. It works similarly to options trading.

NFTs saw a surge in popularity over the past year. They have gone from being a niche technology within the larger cryptocurrency market to becoming a major sector that is experiencing rapid growth. With the emergence of Web3, increased focus on the so-called ‘metaverse’ and more growth and interest in the overall cryptocurrency market, NFTs are being the hottest topic in the industry and Gate.io’s focus on community and interoperability through Gate.io NFT Magic Box is sure to contribute positively to the expansion of the global market.

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