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Guide to NFT MagicBox
Gate.io
Updated at:95 days 4 hours ago
NFT MagicBox
Gate.io NFT MagicBox is the world's first centralized NFT trading platform, which consists of a Pioneer Creation platform and an Auction platform. It supports auctions and fixed-price trading of NFT collectibles in broad fields ranging from games, music, art to sports, providing artists, users, and professional NFT brokers with an all-round experience of platform empowerment, low-cost tokens minting, work exhibition, and selling.

Linked to GateChain, Gate.ioNFT MagicBox is as safe and efficient as GateChain. It cuts down Gas fees dramatically, integrates the world's top NFT platforms such as Opensea, Rarible, CryptoArt, and Sorare, and is compatible with Ethereum’s ERC-721 and ERC-1155 protocols, committing to exploring NFT's infinite possibilities in the fields of artistic value and application, and to building the world's top-ranking platform that supports NFT minting, creation, communication, auction, and trading.

A quick introduction to NFT:

What is an NFT?
NFT, the acronym of Non-fungible Token, is a special protocol created on the blockchain. Two bitcoins are generally interchangeable as they share the same properties and prices. Therefore, a Bitcoin is also called a "fungible token". While NFTs, as each is unique, indivisible, and irreplaceable, are called non-fungible tokens or non-homogeneous tokens.

Different from Ethereum ERC-20 tokens, NFTs are mainly derived from ERC-721 and ERC-1155 protocols. The major difference is that the former can only generate NFTs, while their amount is defined by the latter. Since NFTs are created on the blockchain, they are naturally decentralized, tamper-proof, open, transparent, and traceable.

Why do we need NFTs?
In the field of traditional art and rare products, transaction vouchers are normally stored in centralized databases or paper certificates. These vouchers are less authoritative and at risk of being reduplicated or tampered with. However, NFTs can be considered as a transaction certificate recorded on the blockchain to prove ownership and record price discovery of all transactions and have certain investment properties. NFTs have been used in popular marketplaces such as game props, electronic tickets, collectibles, music, encrypted art, etc., creating a phenomenon of "NFTs for everything".

A common feature these marketplaces share is that valuable things enjoy irreplaceable otherness, which makes it perfectly fit for applying NFTs to mark their digital ownership on the blockchain. Among the above-mentioned marketplaces, encrypted artwork has turned to be the fastest-growing one in NFT application. It boasts irreplaceable advantages for both creators and investors.

NFTs for creators:
NFTs are characterized by being rare, indivisible, and unique. They share certain properties with blockchain tokens. Based on these properties, if a work is made into an NFT, it can easily be proved that the creator owns this work, and its future ownership and pricing history can be easily tracked. In the NFT market, works can be displayed and sold conveniently.

What's more, traditional artwork transactions will generate no additional profits for the creator after the work is sold, even if the price goes sky-high in the future. By contrast, in NFT transactions, a creator can receive resale royalties from every subsequent trading. An NFT makes it easy to verify its scarcity, to transact, and to bring original creators profits repeatedly, which bring artists stronger motivations to create.

NFTs for investors:
Different from traditional investments, NFTs have such exclusive features as ownership, transferability, and authenticity. For investors, NFTs can help to prove ownership effectively. Its scarcity and high liquidity make NFTs a good fit for investment, from which investors can obtain short-term speculative gains, get more fans or certain privileges, fulfill social needs or pursue collecting hobbies.

During the price discovery process, a large number of collectors get to hunt for excellent works to earn from the profit margin.

Glossary:
Mint: To extract and record the "digital content" and its information based on the open blockchain protocol, including work description, property, physical item backed, copyright, etc.

Input: The act of minting a work or recharging NFT assets to the NFT MagicBox address.

Output: NFT creators transfer the existing NFT MagicBox assets to a supported network address.

Fixed price: NFT asset holders sell NFT works at a fixed price.

Auction price: NFT asset holders sell NFT works by bidding in an incremental manner. The highest bidder becomes the buyer.

Reserve price: In an auction, the creator can set a reserve price. If the highest bid is lower than the reserve price, the item will not be sold. if no reserve price is set, the highest bidder becomes the buyer at the end of the auction.

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