What are they and are they worth it?
The non-fungible token (NFT) market has attracted equal admiration and controversy among people interested in making money in the digital realm. Arguably one of the most distinctive products on sale in this market are NFT mystery boxes.
Read on to find out what NFT mystery boxes are and whether they are worth buying by an NFT collector looking to generate a return on investment.
What are NFT Mystery Boxes?
NFT Mystery Boxes contain a random but unknown NFT or sets of NFTs of varying rarity levels from a specific NFT collection.
Collectors can find NFT mystery boxes and try their luck at scoring special rare NFTs at marketplaces such as Binance NFT and Open sea.
Given their rarity, collectors may choose to keep their mystery boxes unopened and sell them for a profit to a willing buyer without opening the box.
The value of NFT mystery boxes lies in the expectations of each individual buyer as to what they are likely to receive when they open the box they purchased. Although the sense of adventure may rub off on some boxes, it is realistic that it does not extend to all NFT mystery boxes. This is the reason for the variation in value from one mystery box to the next.
The allure of NFT mystery boxes
The lure of NFT mystery boxes comes from collectors who don’t know what they want.
Collectors can sell their box without opening it or choose to open it to see if individual NFTs inside are worth more than the entire mystery box.
The buzz around mystery boxes emerged in 2021 during the NFT market boom. Various companies now issue mystery boxes to potential customers to pique their curiosity as they anticipate what surprise or mystery they will uncover.
For example, Vogue Singapore the collaboration with the NFT platform Wrestling hall and NFKing’s productions to release NFT mystery boxes with artwork depicting sunrises from ten cities around the world.
Given that surprise is subjective, buyers can quickly lose interest in their purchase after discovering what they’ve bought, especially if they weren’t lucky enough to end up with valuable NFTs. This causes some mystery boxes to lose value after the first sale.
Where to find NFT mystery boxes
NFT mystery boxes are available for sale on a number of leading NFT marketplaces, such as Opensea, SuperRare, Rareand Binance NFT.
To buy a mystery box, you need to set up a crypto wallet that supports NFTs and the blockchain network on which the NFT mystery boxes of your choice operate. Some of these wallets include Coinbase wallet, MetaMaskor Trust Wallet. You’ll also need the chain’s native tokens to cover transaction fees and the cost of the mystery box.
For example, if you plan to buy a mystery box on Binance NFT running on BNB Chain, you need a wallet that supports BNB Chain and the BNB coin in the wallet to pay for the mystery box.
How to stay safe when buying NFT mystery boxes
Buying NFTs (and NFT Mystery Boxes) is not as easy as buying a book on Amazon.
Due to the self-indulgent nature of managing your non-fungible tokens using a non-custodial wallet, you must ensure that you adequately manage your wallet’s private keys and adhere to basic cybersecurity practices so that you do not lose your NFTs due to . a hack or a malfunction.
First of all, you should stick to legitimate wallet service providers and NFT platforms to avoid the risk of phishing. Be sure to verify contact addresses and take time to research NFT’s official website, roadmap, communication channels and reviews before investing.
Second, watch out for common scams, such as messages from fake customers or tech support, fake handouts, and fake NFTs. Make cross-platform checks to verify the seller’s and NFT’s unique information on platforms such as Disagreement, or other social media profiles. Always use official links to avoid phishing.
Third, pump and dump schemes are not new to the digital asset investment space and are also common in the NFT market. If an individual or group buys a collection of NFTs aggressively to increase demand, don’t fall for the price jumps. Beware of your own greed, or a scammer can use it to exploit your fear of missing out on “the next big thing.”
Finally, store your seed phrases safely, use verified wallet services, and avoid blindly clicking on links from unknown sources to avoid losing your NFTs or crypto to scammers.
Are NFT Mystery Boxes Worth It?
While NFTs have experienced an incredible boom in 2021, with prices of NFTs containing pixelated figures or images of monkeys shooting to levels they perhaps shouldn’t have been trading at, the current bear market has brought valuations back to levels that seem a little more sensible.
As such, buying NFT mystery boxes as an investment in hopes of scoring big with an ultra-rare NFT may not be the smartest way to deploy capital in the crypto markets. Especially in the current market conditions, where investors – especially new crypto investors and NFT collectors – are still licking their wounds.
Like traditional art collecting, you need to be able to manage your expectations when dealing with NFTs, and especially mystery NFTs, as the market determines what an NFT is worth, and you may end up with NFTs that are not as rare and valuable as you would like.
If you still want to try your luck with an NFT mystery box, there’s no stopping you. But be careful not to spend more than you can afford to lose, as many NFTs that were once worth thousands of dollars no longer find buyers.
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Learn more:
– NFT hack via Discord may be linked – Analysts
– Top 7 NFT Scams to Watch for
– The law firm is trying to organize a class action against Yuga Labs
– NFT Hackers Attack: Influencer Zeneca and Platform PREMINT are the latest targets
– MetaMask aims to help crypto fraud and phishing victims take legal action against fraudsters
– Here’s how you can protect yourself from phishing when your Trezor is attacked
– ENS bidding “Prank” goes wrong, NFT Whale loses ETH 100
– Players play different strategies: Minecraft says no to NFTs, while Square Enix unveils its NFT project
