What are they and are they worth it?

Source: Adobe Stock / Hafiez Razali

The non-fungible token (NFT) market has generated equal admiration and controversy among those interested in making money in the digital realm. NFT Mystery Boxes are arguably one of the most unique products on sale in this market.

Read on to find out what NFT mystery boxes are and if they are worth buying for 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 a set of NFTs with different levels of rarity from a specific NFT collection.

Collectors can find NFT Mystery Boxes and try their luck at scoring particular rare NFTs in marketplaces such as Binance NFTs and OpenSea.

Given their rarity, collectors may choose to keep their mystery boxes sealed and sell them for a profit to a willing buyer without ever opening the box.

The value of NFT mystery boxes lies in each buyer’s anticipation of what they are likely to receive when they open the box they have purchased. While the sense of adventure may well rub off on some boxes, realistically it doesn’t extend to all NFT Mystery Boxes. This is the reason for the variation in value from one mystery box to another.

The Lure of NFT Mystery Boxes

The appeal of NFT mystery boxes comes from the fact that collectors don’t know what they will get.

Collectors can sell their box unopened or choose to open it to see if the individual NFTs contained inside are worth more than the entire Mystery Box.

The buzz around mystery boxes first appeared in 2021 during the NFT market boom. Various companies now distribute mystery boxes to potential customers to attract their curiosity by anticipating the surprise or mystery they will discover.

For instance, vogue singapore in partnership with NFT platform brytehall and NFKings Productions to release NFT mystery boxes with artwork showing sunrises from ten cities around the world.

Since surprise is subjective, buyers can quickly lose interest in their purchase after finding out what they bought, especially if they weren’t lucky enough to end up with valuable NFTs. This leads to some Mystery Boxes losing value after the first sale.

Where to find NFT Mystery Boxes

NFT Mystery Boxes are available for sale on many top NFT marketplaces, such as Opensea, super rare, Rareand Binance NFT.

To purchase a Mystery Box, you need to set up a crypto wallet that supports NFTs and the blockchain network that the NFT Mystery Boxes of your choice operate on. Some of these wallets include Coinbase Wallet, MetamaskWhere Trust Wallet. You will also need the on-chain 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 that runs on BNB Chain, you will need a wallet that supports BNB Chain and BNB coin in your wallet to pay for the mystery box.

How to Stay Safe When Buying NFT Mystery Boxes

Buying NFTs (and NFT Mystery Boxes) isn’t as easy as buying a book on Amazon.

Due to the self-sovereign nature of managing your non-fungible tokens using a noncustodial wallet, you must ensure that you properly manage your wallet’s private keys and follow basic cybersecurity practices so as not to not lose your NFTs due to hacking or operating error.

First of all, you should stick to legit wallet service providers and NFT platforms to avoid the risk of phishing. Be sure to check contact addresses and take the time to research NFT’s official website, roadmap, communication channels and reviews before investing.

Second, you should watch out for common scams, such as fake customer or tech support messages, fake giveaways, and counterfeit NFTs. Perform cross-platform checks to verify unique seller and NFT information on platforms such as Discord, or other social media profiles. Always use official links to avoid phishing.

Third, pump and dump systems are not new to digital asset investing and are also common in the NFT market. If a person or group aggressively buys a collection of NFTs to increase demand, don’t fall for the price trap. Beware of your own greed, or a scammer might use it to leverage your fear of missing out (FOMO) on “the next big thing.”

Finally, store your seed phrases securely, 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 seen an incredible boom in 2021, with the prices of NFTs containing pixelated numbers or images of monkeys reaching levels at which they perhaps should not have traded, the current bear market has brought the valuations at levels that seem a bit more reasonable.

As such, buying NFT mystery boxes as an investment in hopes of winning 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.

Similar to traditional art collecting, you need to be able to manage your expectations when dealing with NFTs, and especially mysterious NFTs, as the market determines the value of an NFT, and you may end up with NFTs that aren’t as rare and valuable as you want them to be.

If you still want to go ahead and try your luck with an NFT Mystery Box, no one is stopping you. But make sure you don’t spend more than you can afford to lose, as many NFTs that were once worth thousands of dollars are no longer finding buyers.

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Learn more:
– NFT hacks via Discord could be connected – Analysts
– Top 7 NFT scams to watch out for

– A law firm tries to organize a class action against Yuga Labs
– NFT Hackers Attack: the influencer Zeneca and the PREMINT platform are the latest targets

– MetaMask aims to help victims of crypto and phishing scams take legal action against fraudsters
– Here’s how you can protect yourself against phishing when Trezor is under attack

– ENS ‘Joke’ auction goes bad, NFT Whale loses ETH 100
– Players play different strategies: Minecraft says no to NFTs, while Square Enix unveils its NFT project

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