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What Are NFT Mystery Boxes and How Do They Work?

NFTs are a cryptographically unique non-fungible token. The most common example is Cryptokitties. These are digital collectibles that are often sold on the Ethereum blockchain.

Table Of Content

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Everyone enjoys being caught off guard now and then, right? Especially if the unexpected item is a unique token that cannot be exchanged for anything else (NFT), Mystery boxes, both online and offline, have many forms, and NFT versions are not dissimilar. The contents of the box are, as the name suggests, randomly selected NFTs from a designated NFT collection. Typically, NFT mystery boxes will contain a mix of rare and common NFTs. You might find a highly rare NFT worth thousands, if not millions, of dollars. If not, you can expect to receive a generic NFT that many other mystery box owners already have.

NFT Mystery Boxes

Binance NFT Marketplace is one such NFT market where you can buy mysterious boxes filled with NFT. You're free to open the box whenever you like, or you can try to recoup some of your costs by selling it unopened.

What is an NFT mystery box?

A "mystery box" is a package that may or may not contain a certain item. Regardless of what's inside the box, customers are willing to pay the same price.

You might be wondering who would buy anything like that if they have no idea what they're buying. It's like unwrapping a present; they're looking forward to finding something unique and valuable that won't cost too much. Buyers of all ages are drawn in by the anticipation and intrigue.

As a wonderful treat, you probably remember receiving surprise chocolate eggs when you were a kid. Mystery boxes can be viewed in a similar light. These chocolate eggs typically have a toy or other surprise inside a plastic capsule. Uncertainty surrounds what lies within until you open it. Even if you don't like the toy, the element of surprise is what has us so pumped. In a similar vein, mystery boxes function, but without the delicious chocolate exterior and in much smaller quantities.

In early 2021, the NFT market had a surge, and with it came the mystery box craze in the cryptocurrency world. As a way to attract customers, many businesses are now selling "mystery boxes" that, once opened, reveal a variety of rare NFTs.

There are now literally thousands of different NFT mystery box series available. You can get an idea of what's inside a mystery box from a collection by reading its description before making a purchase. The probabilities of obtaining the various NFTs are also displayed in some instances.

NFT mystery boxes aren't just for art lovers.Rare in-game items can be acquired in the form of mystery boxes in blockchain games like Axie Infinity, DeHero, and Metamon. Scarce, non-fungible token assets can be anything from playable characters to entire virtual worlds to cosmetic items like skins.

Maybe the NFT inside the package will shock you positively or negatively. Rare NFTs can be worth far more than their price tag if there is demand, while more common NFTs may quickly lose value after the initial sale. If you happen to crack open one of these mysterious boxes and find a rare NFT inside, you can sell it on one of the many NFT exchanges or auction sites.

As of the month of November 2021, Beeple's Everyday: The First 5,000 Days is the most costly NFT in the world. The NFT is a compilation of five thousand photographs produced every day since 2007. A record price for the NFT market was achieved when it sold at Christie's for almost $69 million.

Where can I get an NFT mystery box?

A wide variety of NFT markets provide thousands of NFT collections for sale. With so many new NFT series coming out, the best place to look for mystery boxes is at one of the leading NFT exchanges like Binance NFT Marketplace, OpenSea, Rare, or SuperRare.

Some NFT platforms often issue mystery boxes in collaboration with well-known businesses. For instance, Vogue Singapore has released NFT mystery boxes including paintings of sunrises from all around the world. In order to find out what NFT mystery boxes are available at any given time, you can follow Binance on social media platforms like Twitter and Telegram.

You need a Binance account to purchase NFT mystery boxes. To purchase NFT mystery boxes, simply log in with your existing account.

You'll need a cryptocurrency wallet on the BNB Smart Chain (BSC) or Ethereum networks to make purchases on other markets or store your NFTs. To store cryptocurrency, you can use MetaMask, Trust Wallet, or the Binance Wallet.

Typically, you'll need ETH, BNB, or BUSD to buy NFT mystery boxes. Following our Binance Newbie Guide, you may easily add them to your Binance Spot Wallet.

How to buy an NFT mystery box on Binance

  1. Visit the Binance NFT Marketplace and sign in. Select [Register] to sign up for a Binance account.

  2. Select "Mystery Boxes" from the menu. Click [Explore Marketplace] down below to access the Mystery Box Market.

  3. If you're looking for unopened NFT mystery boxes, you can find them by selecting the [Unopened] filter.

  4. As a model, we shall discuss the [VOGUE SG MYSTERY BOX]. If you click on the product's name, you'll be sent straight to the page detailing that item.

  5. Additional information on the NFT mystery box is available on this page, such as its description, price, and expiration date.

  6. To see the NFT rarity ranking, i.e., the likelihood of pulling a "super rare" NFT from the box, select [Series Content].

  7. To purchase the unidentified package, select [Buy Now]. The order details should appear in a pop-up window. To complete your transaction, please click [Confirm].

NFT Mystery Boxes

NFT mystery box auction sale

If the NFT mystery box you want to purchase is being sold through an auction, you will need to place a bid in order to get it. Alongside the current bid price, you'll find the auction's closing time.

Select "Place a Bid" to submit a bid. A [buyout price] indicates that the mystery box can be purchased immediately for this amount if paid in full.

After that, you can submit a bid. Any bid you place must have a minimum markup over the previous bid.Once you've settled on a price, click the [Place a Bid] button to make it official.

How to open an NFT mystery box

The NFT mystery box may be found in [Collection]—[Mystery Boxes] after its purchase.

  1. Navigate to the item page by selecting the black box.

  2. Then, to access, click the [Click to reveal] button.

  3. Finally, in the new window, click [Open box].

  4. After that, you'll be taken to the NFT artwork. Your collection of mystery boxes is where you'll keep it.

How to sell an NFT mystery box on Binance

Unopened NFT mystery boxes, as well as any NFTs you may have received from them, can be sold on the Binance NFT Marketplace.

  1. To start, visit the product page and select [List NFT].

  2. To get to the listing page, just click the link. When conducting an auction sale, select [Highest Bid]. You can set your listing's starting bid in the [Minimum Bid] section. A "buy-out price" can be included for a quick and easy sale. Select [Set Price] to sell immediately without an auction.

  3. After that, a "Price" box will appear where you can enter the asking price for the NFT. Payments can be made in BUSD, BNB, or ETH.

  4. The fourth step is to set the last day of your sale. This date is flexible and might be anytime between 12 hours and 7 days after the listing was created. When you've finished editing your listing and are satisfied with the results, hit [Submit].

How to withdraw an NFT from Binance

NFT mystery boxes cannot be withdrawn from the Binance NFT Marketplace at this time. Instead, the NFT can't be withdrawn until the secret compartment is cracked open.

  1. Select the NFT from the mystery box you want to remove, then go to [Collection] -- [Mystery Boxes].Then, on the NFT page, select [Withdraw].

  2. Go to your wallet, where you'll be sending the funds, and paste the [Destination Wallet Address]. To add a wallet if none have been previously connected, select the corresponding button. The "Connect Wallet" page will load automatically for you.

  3. Make sure the receiving blockchain supports NFTs before sending them over.

Conclusion 

In light of the recent boom in NFT trading volume, many are curious as to how they may get in on the action. The NFT mystery box is one choice that's rising in popularity. The allure of these boxes lies in the fact that their contents are a complete mystery, and that the purchaser has the potential to acquire high-quality works of art at a fraction of their retail price.

NFT Mystery Boxes

FAQs

What is the procedure for opening a mystery box in NFT?

NFT mystery boxes purchased from a marketplace can be found in the buyer's inventory with other NFTs and cryptocurrencies. From there, you can choose to either put the package away or open it. You can check out the contents after you open it.

For those unfamiliar, what exactly are NFT boxes?

The famed NFT collector "Pranksy" curates each NFTBox with great care. The Ethereum blockchain provides permanent storage for all NFTs.

When do you get the mystery box?

The mythical Pokémon Meltan can be caught in Pokémon GO for a limited time by using the Mystery Box. Sending a Pokémon from Pokémon GO to either Pokémon: Let's Go, Pikachu!, Pokémon: Let's Go, Eevee!, or Pokémon HOME will get you a Mystery Box.

That's all for today, see ya tomorrow! If you want more, be sure to follow our Twitter (@croxroadnews)

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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