AlgoGems is an open NFT marketplace for the Algorand blockchain. According to the whitepaper, the platform allows artists to mint and auction their NFTs and provides a trading platform for NFT collectors. By leveraging Algorand technology, AlgoGems offers zero-fee NFT creation and low-fee market transactions.
Behind AlgoGems, there is a community of thousands of active users who interact with their creations. The team uses a carbon-negative blockchain called Algorand to manage all NFTs and related data. AlgoGems also conducts ongoing GEMS-based governance.
GEMS is the native token of AlgoGems, used to reward creators and supporters of the platform while creating positive momentum for the Algorand ecosystem. GEMS is a multipurpose utility token. The GEMS platform capabilities go hand in hand with GEMS for the benefit of all users. The GEMS governance lets holders participate in voting to fund new initiatives, verify Algorand accounts, moderate content, prevent art theft, and classify or tokenize NFTs.
The GEMS model is designed to make the AlgoGems community and content more dynamic and valuable while maintaining the user-friendliness of the platform. GEMS governance is a way to meaningfully participate in the Algorand ecosystem, as a supporter, a creator, or both.
AlgoGems is a marketplace for creators who want an easy way to start minting and trading NFTs. There are no transaction fees for creating (i.e. minting) things on the site. Once a user creates an NFT, it is present on the Algorand blockchain, which is the underlying network, and can be traded on the Algorand blockchain.
GEMS holders receive exclusive offers during special events, lotteries, featured deliveries, and fee reductions at AlgoGems. GEMS holders get early access at future events and a higher chance of getting rare content. The GEMS model is designed to make AlgoGems's community and content more dynamic and valuable while maintaining the user-friendliness of the platform.
