The Latest Trend in NFT World: The Mystery Boxes
What Are NFT Mystery Boxes and How Do They Work?
Who doesn’t love a good surprise? Even more so if the surprise is a super rare non-fungible token (NFT). An NFT mystery box is similar to a physical mystery box. As the name suggests, the box contains a random NFT from a specific NFT collection. In most cases, an NFT mystery box will feature NFTs with different rarity levels. If you are lucky, you can get a super rare NFT that sells for thousands or millions of dollars. If not, you will likely get a common NFT that your fellow mystery box owners also have in their collection.
NFT mystery boxes can be purchased from NFT marketplaces like the Binance NFT Marketplace. You can open the mystery box whenever you want or try to sell it without opening for a profit.
A mystery box is a box that contains a special random product. Buyers are willing to pay a fixed price without knowing the content until they open the box.
You might wonder why anyone would purchase such a product when they don’t know what they’re getting. Much like opening a gift, they are hoping to receive special or rare products at a relatively small price. The expectation and curiosity attract buyers of all ages.
You can also think of mystery boxes as an upgraded version of surprise chocolate eggs, a fun treat you’ve likely had in your childhood. Typically, these chocolate eggs contain a toy or another surprise in a plastic capsule. Before you crack it open, you have no idea what you will be getting. You may or may not like the toy, but it’s the element of surprise that makes us excited about it. Mystery boxes work in a similar way, except that you don’t get that yummy chocolate shell, and the quantity of the boxes is usually limited.
The mystery box buzz has emerged into the cryptocurrency space amidst the boom of the NFT market in early 2021. Many companies are now issuing limited-edition mystery boxes that contain NFTs of different rarity levels to surprise buyers.
Currently, there are thousands of NFT mystery box series on the market. When you buy a mystery box from a collection, you can get a sense of what you might get by reading the box description. In some cases, you will also be able to see the odds of getting each type of NFT.
NFT mystery boxes hold more than just artworks. Some blockchain games, such as Axie Infinity, DeHero, and Metamon, give players rare in-game items in mystery boxes. These scarce NFT assets can be characters, virtual lands, skins, or other collectibles.
The NFT inside the box might surprise you in both ways. While the more common NFTs could quickly lose value after the initial sale, the rare NFTs can value way beyond the price tag, as long as there is demand. If you are lucky enough to reveal these highly sought-after mystery box NFTs, you can put them for sale on NFT marketplaces or auction houses.
As of November 2021, the world’s most expensive NFT is the artwork “Everydays: The First 5,000 Days” by Beeple. The NFT consists of a collage of 5,000 images created daily since 2007. It was sold at Christie's for over $69.3 million, setting a new milestone for the NFT ecosystem.