Place/Date: - November 9th, 2021 at 10:25 am UTC · 4 min read
Contact: Gate.io, Source: Gate.io
After recently launching support of multiple chains on its Gate.io NFT Magic Box platform, leading digital asset exchange Gate.io has announced the launch of several leading NFT series on the platform, including one of the market leading collections, Bored Ape Yacht Club, also known as BAYC.
Over the last year, the global NFT market has boomed, becoming one of the leading sectors in the cryptocurrency market, with leading exchanges across the world launching NFT marketplaces of their own. Gate.io’s NFT Magic Box was launched as the world’s first centralized NFT marketplace, and with the introduction of supporting multiple chains, the platform will expand to offer a wider range of assets from across the market.
With over 8 million users, Gate.io has emerged as a leading digital asset exchange and NFT Magic Box sits in a unique position to grow into a leading marketplace. Built on Gate.io’s own GateChain ecosystem, Magic Box has developed into an all encompassing platform attracting the likes of APENFT, MetaverseX, iFans and other well-known NFT collections.
APENFT became the first major partner on NFT Magic Box, showing stellar results in the process. The launch of their ‘Tribute to KAWS’ NFT series in September saw a total of 1,000 mystery boxes sold to 322 NFT holders. The total transaction volume on the secondary market exceeded $270,000, with the highest price reaching $2,888 with a 3,676% premium.
Losercoin became the second major partner to launch artworks on the platform, with artworks created by their community in the ‘All-Professional Series’ launched on NFT Magic Box. Then there’s the MetaverseX series, which are built in a decentralized virtual world known as the Sandbox. The game supports creating NFTs as well as trading and earning through their Play-to-Earn mode.
Artworks aren’t the only collections featured on NFT Magic Box with iFans’ music NFT collection being launched on the platform. iFans’ collection includes 50 vinyl music NFTs with 46 singers and combinations. Additionally, in celebrating the 25th anniversary of famous basketball player, Iverson’s debut in the NBA, Iverson’s colourful NFT series recently launched on NFT Magic Box.
CryptoPunks paved the way for the global NFT market as it is known today. Following in its footsteps, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections in the world. Data from CoinMarketCap shows that BAYC ranks third in the NFT market with a total market volume of over 418,000 ETH. As the latest layer of the BAYC ecosystem, Mutant Ape Yacht Club (MAYC) is the latest set in their collection to onboard new users and expand the ecosystem.
After the introduction of supporting multiple chains on Gate.io’s NFT Magic Box marketplace, users will now be able to deposit their Bored Ape Yacht Club and other popular series of NFTs on the platform to either display or trade. Both BAYC and MAYC have passed the official certification process on the platform and users can freely deposit their assets on the platform.
As the popularity of the Ethereum ecosystem, especially for NFTs has grown to new highs, users have struggled with high gas fees in addition to network congestion. As the popularity of the platform and NFTs continue to grow, these problems are expected to grow. As such Gate.io introduced blockchain interoperability.
NFT Magic Box aims at building an all encompassing, expansive ecosystem for NFT collectors by bringing together the various different ecosystems on which NFTs are built. Currently, the new generation of Gateio’s public chain, GateChain, has been independently developed and is fully compatible with Ethereum’s ERC-721 and ERC-1155, as well as Tron’s TRC721 and BTFS protocols. This greatly improves usability for users and enhances the overall trading experience, bringing down fees in the process.
Creating a strong, open and secure NFT ecosystem requires an effective approach and enhanced development process. With the rise of Web 3.0 and global tech giants’ increased focus on the Metaverse, NFTs will play a more important role in the future. Keeping this in mind, Gate.io remains committed to expanding the NFT Magic Box platform.
Gate.io allows blockchain enthusiasts to trade and store assets in over 1,000 of the leading cryptocurrencies for over 8 million users from over 190 countries. The exchange offers spot, margin, futures and contract trading in addition to DeFi products through Hipo DeFi, custodial services through Wallet.io, investments through Gate Labs and its dedicated GateChain platform. The company also offers a wholly integrated suite of products such as its Startup IEO platform, NFT Magic Box marketplace, crypto loans and more.