What is an NFT Mystery Box?
NFTs stand for non-fungible tokens meaning they are unique and irreplaceable digital tokens that exist in the form of digital artwork or other media files. NFT mystery boxes have an assortment of different NFTs that are sent as a package deal. This box can contain various NFTs that hail from various issuers.
The point of the mystery box label is that the collection is random and consists of a surprise element. At the same time, the purchaser is not aware of the total number of NFTs that are present in a box.
NFT mystery boxes may also contain various other elements such as digital assets, Web 3.0 games, digital artwork, tokens, virtual real estate, and other objects. For the most part, investors are incentivized to buy an NFT mystery box on account of the possibility of finding rare NFTs.
In this manner, a factor of gamification is added for the investors and it adds to the excitement and traction of the product.
Working Mechanism of NFT Mystery Boxes
NFT mystery boxes are usually listed on NFT marketplaces. At the same time, it is also listed on online trading platforms that offer NFT services. In this manner, anyone can purchase an NFT mystery box.
However, the investors do not have to wait for the long duration for the delivery to arrive. The mystery box is instantly sent to the digital wallet address of the buyer. Therefore, the investors are able to digitally open the box and find all the mysterious NFTs in the box.
The value of the purchase is determined by the rarity and worth of NFTs packaged in the box. This is an exciting offer for NFT investors who are looking to add an element of surprise to their NFT portfolio.
However, it is imperative that investors have to read the terms and conditions of the seller before placing the order. The important points to note are hidden fees or restrictions regarding reselling the NFT. Furthermore, investors are advised to conduct detailed research to ensure whether the seller is reliable or not.
Important Features of NFT Mystery Boxes
Here are some important features of NFT mystery boxes:
Customers can browse the NFT marketplace and look for various merchants that have listed an NFT mystery box. The customer can take reference from the feedback from other buyers and reviews.
In order to intrigue consumers, marketers have introduced the concept of NFT mystery boxes. The format has gained more popularity on account of social media trends. Therefore, it is possible for the merchants to increase online traffic by announcing or advertising mystery boxes on their websites. However, the NFT mystery box contains a wide and random assortment of NFTs from different sources.
The buyers seemingly enjoy the element of surprise on account of mystery and secrecy. The moment of truth arrives at the time of opening of the mystery box that allows the purchaser to find all the different types of NFTs contained in the box.
Once the buyer has access to all the NFT products of a mystery box purchase they can go forward and evaluate the value of individual item. The buyers can reference the market price of each NFT found in the box using internet. In this manner, they can determine if the price of the purchased NFT box has benefited them or resulted in losses.
The overall value of an NFT box purchase is determined by the rarity of the products. If there are many products in the same collection it will not harbor a massive demand from investors. However, if the buyer is able to find a very rare NFT by luck they can increase profits by reselling or using it as collateral.
Propriety and Utility
Once the purchase and evaluation process has been completed the investors can check if they are able to stake, resell, or use a given NFT for unlocking new features. Otherwise, it is possible for buyers to place the NFT in a digital wallet or earn yield by participating in digital exhibitions.
NFT Mystery boxes work in the same way as traditional mystery box purchases. It is a novel concept that has gained massive traction on account of popularity on social media forums and intrigue among investors.