Gate.io is one of the trading platforms with the longest history and the largest trading volume. It provides the most secure, convenient and versatile digital asset trading services. As a product of blockchain innovation, NFT’s solve the problem of empowerment.. Gate.io uses a centralized solution for the first time, with many advantages such as lower gas fees, better liquidity, and no need to keep private keys. Hence, providing the world's best NFT trading experience.
Gate.io adopts GateChain as the main chain of the NFT platform, inheriting the high efficiency and safety characteristics of GateChain while greatly reducing gas fees. It provides all services for NFT casting, issuance, and trading. Gate.io NFT is compatible with Ethereum’s ERC-721 and ERC-1155 protocols and integrates with the world’s top NFT platforms such as Opensea, Rarible, CryptoArt, Sorare, etc. The NFT’s can be conveniently stored on Gate.io for display, and storage purposes while enjoying a safer and more convenient NFT service.
Quickly Understand NFT’s:
Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more.
Each NFT has different attributes and is indivisible. It's like a unique work of art, each piece is different. Each NFT is completely unique and almost irreplaceable, so they are called non-fungible tokens or non-homogeneous tokens.
Unlike the Ethereum ERC-20 token, NFT’s are mainly derived from the ERC-721 and
ERC-1155 protocols. The main difference is that the former can only generate one NFT, while the latter can customize a number of NFTs.
Because NFT’s are created on the blockchain, they also come with typical features such as decentralization, non-tampering, openness and transparency, and
Why Do We Need NFT’s?
Usually in the field of traditional art and rare products, transaction vouchers are stored on a centralized database or stored on paper certificates. The disadvantage is that they are insufficiently authoritative and risk imitation or tampering. NFT’s can be explained as transaction certificates recorded on the blockchain. They can prove the ownership of related assets, record all the transaction and price history, and they also have certain investment attributes.
NFT’s have formed many game props, electronic tickets, collectibles, music, encrypted art, etc. The so-called "Everything Can be an NFT" seems to be true. These forms have a common feature, that is, valuable things have irreplaceable differences, which is very suitable for using NFT tokens to mark its digital ownership on the blockchain. Encrypted artwork is currently the fastest-growing application market for NFT’s, which has advantages for both creators and investors.
NFT’s are characterized by their rarity, indivisibility, uniqueness, and other attributes of blockchain tokens. According to these characteristics, if the artwork is made into an NFT, it can be proof that the artist owns the work and can track its future ownership and pricing history. Through the NFT market, artworks can be displayed and sold very conveniently.
In addition, royalties in the traditional art world are non-existent. However, for each
transaction of an individual NFT, the original author can obtain a certain percentage of revenue. These attributes give artists creative motivation and protection in terms of the value of the assets they produce.
NFT’s have exclusive features that are not available in the traditional investment market, such as ownership, transferability, and authenticity. For investors, NFT’s can prove ownership very effectively., The scarcity and high liquidity of NFT’s are in line with investment attributes.
NFT’s can obtain short-term speculative income, obtain fans or ecological rights activists, obtain social attributes, or satisfy collectors..
During the price discovery period, there are also a large number of collectors looking for opportunity
Explanation of Terms
Mint: Based on the GATE NFT open protocol. extraction of information and recording of the "digital content" itself, including work deions, attributes, convertible objects, copyright protection, etc.
Deposit/Creation:The user can deposit the work into the database by minting the work or depositing the NFT assets to the NFT magic box address.
Withdraw: The creator sells or transfers the existing NFT assets to a supported network address.
Fixed price: NFT holders choose to sell NFT works at a fixed price.
Auction price: NFT works are sold in incremental bidding, and the highest bidder becomes the buyer.
Reserve price: During the auction, the creator can set a reserve price. If the highest bid is lower than the reserve price, the auction item will not be sold; if not set, the highest bidder becomes the buyer at the end of the auction.
Partnership with Gate.io NFT Magicbox (Click to view)