People interested in making money online have expressed both admiration and disapproval of the non-fungible token (NFT) market. NFT mystery boxes are arguably one of the strangest products available on the market.
NFT mystery boxes include random but unknown NFTs (either one, or a set of NFTs with different rarity levels).
On websites like Binance NFT and OpenSea, collectors can find NFT mystery boxes and try their luck at obtaining specific rare NFTs.
Because they are so uncommon, collectors may decide to keep their mystery boxes sealed and sell them to a willing buyer for a profit without ever opening the box.
The anticipation by each buyer of what they will likely get when they open the box they purchased is what gives NFT mystery boxes their value. While some NFT mystery boxes might capture the spirit of adventure well, in reality, not all of them do. This explains why the value of each mystery box varies from one to the next.
The allure of NFT mystery boxes is that collectors never know what they will receive.
Collectors have the option of either selling their box unopened or opening it to determine whether any of the NFTs inside are worth more than the total value of the mystery box.
The mystery box craze started in 2021, at the height of the NFT market boom. Many businesses now give mystery boxes to prospective customers to pique their interest as they wonder what surprises or mysteries they will find inside.
For instance, NFT mystery boxes with artwork depicting sunrises from ten cities around the world were released by Vogue Singapore in collaboration with NFT platform Brytehall and NFKings Productions.
Given that surprise is a personal experience, customers may quickly lose interest in their purchase once they learn what they have bought, particularly if they did not have good luck finding valuable NFTs. As a result, some mystery boxes lose value after the initial purchase.
Numerous well-known NFT marketplaces, including Opensea, SuperRare, Rarible, and Binance NFT, offer NFT mystery boxes for sale.
You need to create a crypto wallet that supports NFTs and the blockchain network used by the NFTs mystery boxes of your choice in order to purchase one. These wallets include Trust Wallet, MetaMask, and Coinbase Wallet, among others. To pay for transaction fees and the price of the mystery box, you will also need the chain's native tokens.
For instance, you will require a wallet that supports BNB Chain and BNB coin in your wallet to pay for the mystery box if you intend to buy a mystery box on Binance NFT that runs on BNB Chain.
It is not as easy to purchase NFTs (and NFT mystery boxes) as it is to purchase a book from Amazon.
Due to the self-sovereign nature of using a non-custodial wallet to manage your non-fungible tokens, you need to be careful with how you manage your wallet us private keys and follow basic cybersecurity guidelines to prevent losing your NFTs as a result of a hack or operational error.
To reduce the risk of phishing, you should first only use trusted NFT platforms and wallet service providers. Before investing, make sure to double-check the contact information and thoroughly review the NFT's official website, roadmap, communication channels, and reviews.
Second, keep an eye out for widespread frauds like messages from phony clients or technical support, phony giveaways, and fake NFTs. Verify the unique information provided by the seller and NFT on other social media profiles as well as platforms like Discord. Use only official links to prevent phishing.
Thirdly, pump and dump schemes are nothing new in the world of investing in digital assets, and they are also widely used in the NFT market. Do not be fooled by price increases if one individual or group makes a rash purchase of a collection of NFTs in an effort to increase demand. Watch out for your own greed, as a con artist might use it to exploit your FOMO (fear of missing out) on "the next big thing"
Finally, to prevent losing your NFTs or cryptocurrency to scammers, store your seed phrases in a secure location, use trusted wallet services, and steer clear of clicking links you do not understand.
The current bear market has brought valuations back to levels that seem a little bit more reasonable, despite the fact that NFTs experienced an incredible boom in 2021, with prices of NFTs containing pixelated figures or images of apes shooting to levels at which they perhaps should not have traded.
Therefore, purchasing NFT mystery boxes in the hopes of making a fortune with an ultra-rare NFT may not be the best way to invest money in the cryptocurrency markets. Particularly in the current market environment, where investors are still licking their wounds, especially new crypto investors and NFT collectors.
When dealing with NFTs, and especially mystery NFTs, you must be able to manage your expectations because the market determines what an NFT is worth, and you might get NFTs that are not as uncommon and valuable as you would like. This is similar to traditional art collecting.
Nobody is preventing you from trying your luck with an NFT mystery box if you still want to. However, you should be careful not to spend more money than you can afford to lose because many NFTs that were once valued at thousands of dollars are no longer able to sell.
By fLEXI tEAM