Magic box is a centralized NFT trading platform from Gate.io. Not only for NFT trading, but this feature also opens various possibilities to create and even auctions on NFT.

Gate.io is one of the leading and fast-growing crypto exchanges in the world that supports 1,400+ cryptocurrencies and 2,500+ trading pairs. It also offers a number of crypto-related services like buying and selling cryptocurrencies, copy trading, crypto staking, mobile trading, and more. For almost a decade, Gate.io has been operating safely and transparently. According to Gate.io's official website, it currently has over 4 million subscribers and around 1 million active users worldwide. But that's not all.

Gate.io Magic Box

Last year, the brilliant minds behind the huge success of Gate.io decided to launch the first centralized NFT trading platform called Gate.io NFT Magic Box. It quickly grabbed the attention of different types of crypto enthusiasts out there, considering that NFTs or Non-Fungible Tokens are highly anticipated these days and many people are actively looking for the best NFT marketplace to invest in. Gate.io's Magic Box eliminates many hurdles found in other platforms and provides an easy way to create, buy, and sell NFTs. Let's hear more about it.

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What is Gate.io Magic Box?

Launched in 2021, Gate.io's Magic Box is the first centralized NFT trading platform that focuses specifically on incubation and asset management in the digital currency space. The platform is connected to the exchange's GateChain protocol, hence providing a high-performance and relatively low-cost blockchain. This also enables the platform to cut down gas usage significantly and integrates many other NFT platforms like OpenSea, Rarible, CryptoArt, and Sorare. In addition, the blockchain is compatible with Ethereum's ERC-721 and ERC-1155 protocols.

Any artist can easily participate and get access to the many resources that the platform offers without having to spend a fortune in the beginning. On the other hand, users can find a lot of different variations of NFT collectibles in a wide range of fields, such as games, art, music, and sports.

Essentially, Gate.io's Magic Box consists of two components: the NFT pioneer creation platform and the NFT auction and trading platform. The former allows users to upload their NFT works and spread their art to the world. After uploading, the platform will review the NFT content. Once it's done, the NFT will be available to display and search on the platform. It is worth noting that the process of creating NFT is completely free on this platform. After all, Gate.io always makes sure to provide the best technological support as well as an institutional basis for its users. Therefore, artists can easily monetize their creative works and take profit from the platform.

The auction and trading platform basically acts as the marketplace where users can buy and sell NFTs. There are two methods that you can choose, which are fixed-price transaction (buy-it-yourself trading) and auction. So, the NFTs on the platform can either be displayed with a fixed price or opened for auction. Most of the revenue from the token sales will be transferred to the creators and a small portion will be paid to Gate.io's artistic fund, which then will be used to support contract creators on the platform.

If you take a look at the work page, you'll see that there are a bunch of NFT works in various forms, including photographs, 3D videos, emoticons, comics, etc. The content is very diverse and unique, so it appeals to many users with different interests. If you want to search for a specific NFT or theme, you can simply hit the search bar or you can sort the NFTs based on categories like popularity, artist, and more.

In a nutshell, Gate.io's Magic Box aims to be the biggest NFT trading platform in the world that's able to connect artists, enthusiasts, and NFT collectors from all around the world. It is designed to provide access to a number of interesting functions, so users can appreciate as well as support the artists that they like with ease. At the moment, the platform only supports BTC, USDT, and GT for payment. More currencies might be added in the future.

 

Main Features and Supports

By registering on Gate.io's Magic Box, you will have the chance to experience the following features:

  • Transaction support: The majority of the sales income will be directly transferred to the NFT creators, while the collected fees will be added to Gate.io's NFT Art Fund to support the artists.
  • Financial support: Gate.io has an exclusive NFT fund that's mostly used in various activities for artists on the platform such as training, salon, study tour, exhibitions, and others.
  • Event and activity support: Gate.io has been cooperating with many artist associations, auction companies, universities, and institutes to conduct both offline and online activities. One of the most recent events is the Digital Artist Support Plan, which was held in January 2022. The program basically encourages artists to showcase their work by giving them access to several exclusive deals, promotions, traffic, and creators' funds.
  • Technological support: Gate.io offers superior support and training in blockchain technology. The idea is that by having a good understanding of the technology and technical matters, artists can just focus on their work and use their creativity to the fullest.
  • Data support: Gate.io uses global stations, vertical communities, cooperative media, and other nodes to support its data. This is certainly an attractive feature for users as it can help spread artists' work and activities in the NFT space.
  • Brand support: Gate.io also provides resources like funds, venues, and transmission for their cooperative institutions. Such connection then enables them to give access to the developer community, investment institutions, and project managers to assist specifically with promotion and circulation.

As for creators, they can get extra bonuses, deals, and resources by joining the Original Artwork Collection program. This program basically will certify original artworks to support the quality of the artworks provided on the platform. Certified NFTs automatically have a higher value in the eyes of collectors, so it's definitely a great opportunity to make more income.

In order to apply for the Original Artwork Collection, you simply need to provide your Gate.io UID, email address, original portfolio link, name of the original collection and a brief introduction, a proof of identity in the form of social media account, and a proof of originality (a screenshot of the work on Photoshop, Blender, Final Cut, etc). Send all of the required files to [email protected] with the subject of "Gate.io NFT Magic Box Original Portfolio Application".

 

How to Buy NFT on Gate.io Magic Box

a. Head over to Gate.io's official website and log in to your Gate.io account. Hover your cursor over the "NFT Box" button at the top of the screen and click on "NFT Markets".

Step 1

b. You'll see all of the available NFTs that you can buy on the "NFT MagicBox" page. To browse the collection, you can sort the NFTs into categories like types, collection, and payment currency using the advanced search feature on the left side of the screen. You can also choose to browse through officially certified NFTs only or the free market.

Step 2

c. Click on the NFT that you'd like to purchase to see the Asset Details. Then choose whether you want to purchase with the fixed price or offer your own price.

Purchase and offer

  1. If you click on "Purchase", you'll see a pop-up window about the details of the product. Click "Are You Sure to Purchase this Asset" to buy the NFT at the sale price and confirm your order.
  2. If you click "Offer", you'll need to input your own price and choose the cache, then confirm your order by clicking the "Offer Confirmation" button. If the seller accepts your offer before the expiration date is due, the transaction will be automatically executed. But if the seller does not accept your offer before the due date, the offer will become invalid and your payment will automatically be returned to your spot account.

d. Once the order is made, you'll need to pay the order through your spot account. In this case, make sure to have a sufficient balance in the corresponding currency in your account.

 

How to Bid an Auction on Gate.io Magic Box

1. Browse through the NFTs and click on the one that you want to purchase. On the Asset Details page, you'll see the product and the auction details, including the remaining time and closing period. Click on "Bid" to participate in the auction. 

Bidding on an auction

2. In the pop-up window, you'll see the opening price, margin, and increment. Click "Confirm Your Bid Price" to complete the order.

Confirming the bid

Usually, the highest bidder is the last buyer at the end of the auction. However, if no one makes a bid or the highest bid is lower than the reserve price, then the NFT will become an "abortive auction" and the owner can sell it again later on.

 

Final Thoughts

Gate.io's Magic Box is a centralized platform where anyone can monetize their work and participate in the vast NFT world. It offers something completely unique for artists to be able to enjoy maximum market exposure at a very low cost compared to other platforms on the market. Buyers can also choose to either purchase the NFT with a fixed price or through an auction where the highest bidder will get the NFT.

All in all, if you're looking for a user-friendly and cost-effective NFT platform, Gate.io's Magic Box is the right way to go. Here, you can find a huge community of creative, talented people from all around the world and it's a great place to simply enrich yourself and have fun. Just make sure to read all the terms and conditions before you register, and consider the risks of investing in digital assets like NFT.