Gate.io Introduces OpenPunks, A Community-Based NFT Collection

Gate.io, a leading cryptocurrency trading platform operated by Gate Technolgy, is happy to announce its community-driven NFT collection called OpenPunks.

As per the announcement, the NFT collection was created to spark creativity and promote the NFT ecosystem among Gate.io users. OpenPunks prides itself as the ‘world’s first community-driven limitless creation platform. The platform is built on Gate.io’s public blockchain GateChain ecosystem. In addition, OpenPunks uses the company’s NFT Magic Box marketplace for trading.

While commenting on the launch, Marie Tatibouet, the CMO at Gate.io, stated:

“Gate.io users will be able to create their own unique OpenPunks based on several different attributes, including character type, hair color, skin tone and role, and more. The system will entirely generate OpenPunk combinations, and users will 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.”

As the name suggests, OpenPunks is an open and free NFT platform created to inspire creativity among users. Each OpenPunks is characterized by four elements, with each having different attributes and specifications from the rest. These elements are randomly generated on a variety of possibilities. In addition, the characteristics of each element are displayed in the form of texts allowing a few elements to have rarer value attributes.

Notably, Gate.io plans to generate a total of 10,000 OpenPunks. Users will then purchase these sets of OpenPunks and use them to create their own NFT works. Depending on the artist’s desires, the end product will be displayed as an image or video. After one year, Gate.io plans to repurchase OpenPunks mintage at the original price through a dedicated repurchase plan. During this period, should the value of these OpenPunks be higher than the original price, Gate.io will allow the users the option of not selling. 

Unlike other Punksm, OpenPunks allows users to layer all the characteristics. The platform also allows creators to update or renew their NFT creations at any given time. 

Lastly, the platform provides a marketplace for users to buy, bid on, and offer punks for sale. Initially, each OpenPunks will be delivered to the market at a fixed price and auctioned.