Digital assets such as Non Fungible tokens are currently getting so much hype. NFT is fetching millions of dollars by attracting future investors, big and small companies. Some experts argue that the digital token is here to stay and will change the investing sector forever.
What is NFT?
NFT or a non-fungible token is a data unit that is stored on a Blockchain. It verifies a digital asset to be unique hence non- identical.
In addition, it uses similar programming as Cryptocurrencies such as Ethereum and bitcoin. However, cryptocurrencies and physical money are fungible. On the other hand, NFTs are non-fungible. This means that it is not possible for the non-fungible token to be exchanged equal or for one another. Like any digital asset, you cannot hold it in your hand. It is a code that is stored, protected, and shared on a public exchange.
There is the NBA which has launched Top shot. This is an online market platform for trading videos of game highlights. These clips come in NFT format and have various prices based on rarity. Buyers purchase them and resell them at a profit. Moreover, there are NFT that are profitable. For example, on March 11, 2021, Christie Auction House sold images by Beeple for $69.3m. This has drawn more interest to the globe.
Who is using NFTs?
NFT is formed from digital objects representing tangible as well as intangible things such as:
- Designer items
- Video game skins
- Virtual avatars
- Sports and video highlights
Therefore, content creators, artists, sportsmen, collectors, and VR can use the digital asset to monetize their wares. They can sell their work directly to the consumers as NFT. Also, it allows them to have more profits. Besides that, users can program royalties to get a percentage of cells when the work is sold to a new buyer. To illustrate, this technology guarantees artists’ uniqueness of work hence prevents forgeries.
Influence of NFT
NFT has a wide range of impacts on diverse forms of property, content, and distribution. This influences online market platforms and communities by creating unique dynamics. This is an attractive feature that accelerates the growth of the digital economy. Besides that, it allows the artist to sell art directly to potential clients. On the other hand, it has disrupted the traditional industry. This is because artists no longer rely on galleries to sell their work.
Gate.io NFT Magic Box
Gate.io as one of the leading exchanges in the industry has now launched the world’s first centralized NFT trading platform “NFT Magic Box”. It is one of the first NFT trading platforms for minting, creation, promotion and auction. On the NFT magic box, any user can form their own NFT or take part in an NFT auction.
NFT magic box of Gate.io consists of two components:
- Avant-garde creation platform: it helps users to upload work through NFT thus can create themselves.
- Trading & auction platform: it gives auction and fixed price transaction trading options.
NFT Magic Box interacts with the GateChain protocol to provide a cost-efficient and high-performance blockchain so that artists can focus on the creation process. With over 4 million users from across the world, artists will have access to all the audience and can benefit immensely from the current demand for NFT’s.
What does it mean for the artists, users and buyers?
NFT supporters can trade valuable creations in games, music, art, and sports on the NFT Magic Box. Users can benefit from high-mobility and low-fee transactions. Moreover, the author can create their NFT at a low cost and enjoy maximum market exposure as well as copyright value stimulus.
Gate.io NFT Magic box support
- Financial support: Gate.io has set up an NFT fund for artist activities like training, study tour, salon, and exhibitions.
- Data support: it attracts millions of users to assist artists in displaying their works and activities.
- Activity support: it operates with other platforms to conduct online and offline activities.
- Brand support: it provides resources to help with promotion.
- Technological support: the platform provides training in the blockchain.
In addition, the NFT auction and trading platform will provide two trading options: fixed price transaction and auction. In the marketplace, any user can display and auction creative pieces built on Gate.io NFT or other NFT platforms. “Everyone can be an NFT artist,” Marie Tatibouet, CMO at Gate.io, said in a statement.
How to trade on Gate.io
- Click the trade button on the homepage depending on your preferred market.
- Select a trading pair.
- Place an order depending on your amount and price.
- The order will fill or partially fill if a matching opposite order is available.
- If the order is still open for a while, you can cancel it.
- To cancel, go to the open order page, then lock; it will return to the balance.
The NFT Magic Box is officially launched. Users of the Gate.io main station platform can directly log in to the Gate.io NFT market to quickly start the NFT experience journey. New users can register directly in Gate.io, and then you can create or trade in the Gate.io NFT market.