What are They? How Do They Work?
Imagine you bought a lottery ticket and how excited you feel before opening it. The child-like feeling of not knowing what gifts you are going to get makes these games interesting. The same kind of excitement is now brought by the new NFT mystery boxes concept.
From digital artwork to utility tokens in blockchain-based games and metaverse projects, non-fungible tokens are constantly evolving. The new NFT mystery boxes concept is gaining traction from the enthusiasts in the industry these days. One of the major reasons for their popularity is the child-like excitement and surprise nature.
But, what are these mystery boxes? Why are they gaining attention in the industry? If you would like to find answers to these questions and learn more about this new concept, you are at the right place. The present article explains everything you need to know about NFT mystery boxes. Let us start!
What are NFT Mystery Boxes?
As their name suggests, NFT mystery boxes are the mysterious package of non-fungible tokens that contain random non-fungible token collections. No one knows what they have in their mystery box until and unless they open it. A similar concept to this surfaced in 2021 with the name “blind box”. Besides, the “loot box” giveaways we see in blockchain-based games is also similar to the mystery box.
NFT mystery boxes contain different types of items including digital collectibles, virtual real estate, video games, and more. When you purchase a mystery box, you will get the package and there is no way to find out what is inside. You can buy these mystery boxes on best NFT marketplaces like OpenSea. Once you buy, you might get extremely valuable items or some basic NFTs. Both chances are possible and this surprise element and anticipation to know what people will get in their mystery boxes is what is attracting them.
How Do NFT Mystery Boxes Work?
Users can browse and find different types of NFT mystery boxes on marketplaces. Some mystery boxes do not reveal any kind of information about the assets. But, some boxes mention in the description the type of assets that you can expect in that box.
For example, in Binance NFT mystery boxes, some boxes contain the asset details in the description like wearable items or weapon items, etc. Though you don’t know exactly what assets are present in a box, you will get an idea of what to expect. Binance mystery boxes have 4 types of assets which are Super Super Rare, Super Rare, Rare, and Normal.
After buying the mystery box, you can digitally open it to see the inside assets. From digital artworks to in-game assets like weapons, wearable items, you can get any kind of non-fungible tokens. Their value depends on the utility and rarity of NFTs.
Once you open the box, no matter the value and rarity of the assets, you will be the owner of them. You can choose to sell them on auctions or show them in online exhibits, or based on their usage, you can use them in blockchain games and metaverse platforms. Some people choose not to open the box and wait for its value to go up. Then, they will sell that box to another buyer without opening it.
Benefits and Risks of NFT Mystery Boxes
Benefits
The major and obvious benefit of NFT mystery boxes is the excitement and anticipation around them. The mysterious element of these boxes makes the process of buying exciting for the users, unlike buying other crypto assets. Another advantage is the possibility of gaining high-value non-fungible tokens in these mystery boxes at lower prices. They are also the best choice for investors who are looking to diversify their portfolios with different types of assets.
Risks
Similar to every aspect of cryptocurrencies and blockchain applications, NFT mystery boxes also have their fair share of risks. The uncertainty of the items buyers get inside of a mystery box is the major risk associated with these assets. Though we cannot deny that the uncertain nature gives the surprise element to these assets, there is also a risk of getting low-quality items after revealing the mystery box.
Additionally, it will be easier for con artists to scam the investors with the mystery box concept. They can take advantage of the anonymous and uncertain nature of the mystery box concept and sell fake non-fungible tokens to customers. Lack of transparency and oversight are the additional factors that can contribute to scams. To avoid such cases, it is important to buy mystery boxes from reputable marketplaces like OpenSea and Binance.
Conclusion
The NFT mystery boxes concept is gaining attention these days. They bring child-like joy and excitement as they do not reveal the inside contents, which is why they are attracting buyers in the industry. Though the element of surprise is what makes these boxes interesting, it also has some risks like low-quality assets and lack of transparency.
Similar to other trends in the crypto industry, NFT mystery boxes also have some risks and benefits. As we always say, you must do your research and buy these assets only on secure and reputable marketplaces. All the best as you go exploring this mystery world!
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