Gate.io Launches OpenPunks, First-Ever Community-Driven NFT Collection

Global digital asset exchange, Gate.io, has announced OpenPunks, a community-driven NFT collection aimed to spark the creativity of its users, inspiring a deeply integrated community while promoting the NFT ecosystem.

According to Gate.io, OpenPunks is the world’s first community-driven NFT collection, encouraging users to explore their creativity and create new NFT artworks. OpenPunks are built on Gate.io’s public blockchain, GateChain ecosystem and use the company’s NFT Magic Box marketplace for trading.

According to data from Reuters, NFT sales volume during the first six months of 2021 surpassed $2.5 billion, signalling a high appetite for NFTs across the world. Consumers aren’t the only ones investing in NFTs, last month payment processor Visa acquired a CryptoPunk NFT for nearly $150,000.

Inspiring Users to Become Creators

A total of 10,000 OpenPunks will be generated by the system, consisting of different combinations of attributes. Users can then purchase these sets of attributes and use them to create their very own NFT artworks in the form of OpenPunks, displaying them as either an image or video. OpenPunks can be traded or sold on the Gate.io NFT Magic Box marketplace.

Marie Tatibouet, Chief Marketing Officer at Gate.io, said:

“Gate.io users will be able to create their own unique OpenPunks based on several different attributes including character type, hair colour, skin tone and role and more. OpenPunk combinations will be entirely generated by the system and users will be able to pick those they resonate with most. Since OpenPunks are built with layered characteristics, users will be able to update them at any point in time.”

Guaranteed Value

The total mintage of OpenPunks will be limited to 10,000 NFTs and Gate.io commits to repurchase OpenPunks a year after its mintage at the original price through a dedicated repurchase plan. Should the value of these OpenPunks be higher than the original price, users can opt not to sell them.

About Gate.io

Gate.io allows blockchain enthusiasts to trade and store assets in over 890 of the leading cryptocurrencies for over 6 million users from over 190 countries. The exchange offers spot, margin, futures and contract trading in addition to DeFi products through HipoDeFi, custodial services through Wallet.io, investments through Gate Labs and it’s 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.