You probably know about cryptocurrencies and how early adopters have mostly become very rich as a result. What you may not be aware of is that NFTs or non-fungible tokens is the latest form of digital/crypto assets that have caused excitement in the coin market due to the huge amount of money that collectors are putting into it.
The most expensive NFT was auctioned for $69 million. Yes, NFTs are the new millionaire play thing because of their uniqueness and rarity.
Binance has announced that it is taking its promotion of non-fungible tokens to the next level through the promotion of its mystery boxes. These are non-fungible tokens (NFTs) of different rarity levels that are packaged in a way that they are like surprise boxes. This means that the collector won’t know exactly the value of the collectible in the mystery box that they’re collecting prior to opening them.
According to the exchange:
- Register, deposit and trade to open Mystery Boxes worth up to $500 each.
- There’s $600,000 up for grabs, so start completing tasks now!
About Mystery Boxes
Mystery boxes have become part of the NFT revolution which has seen the value of the coin market capitalization soar since early 2021. It involves buying these mystery boxes from the NFT market. The buyer after the purchase decides what they would do with the box or boxes that they have purchased.
Just like the traditional mystery boxes that people have been receiving for generations, mystery boxes could bear very valuable objects, the way the physical boxes have been known to contain valuables such as expansive ornaments of diamonds and gold. They could also contain common objects such as toys for children.
The NFT space has revolutionized the crypto space by making it possible for non-crypto adherents to adapt to what they can relate with or what they have been relating to such as games and arts.
How Mystery Boxes Are Sold
On NFT marketplaces, there are several ways that mystery boxes are sold. The makers of the boxes could sell them at fixed rates. Obviously, the price of the boxes would be fixed based on the perceived value placed on them by the makers. However, it is left to the collectors to determine if the value of the boxes were worth what they paid for them. It is possible that the mystery boxes are worth more than what they were bought for. It is also possible that they would be worth less.
Mystery boxes can be auctioned. In this case, those that want to buy the boxes would have to bid for them and the highest bidder takes possession of the box. It is generally acceptable that every box be accompanied with a sort of description that gives those that bid for them a general idea of what they may be worth.
Sometimes, the makers of mystery boxes price them differently based on certain criteria. These criteria could be:
- The value of the NFT based on the amount of work put into it: Obviously, the NFTs that are more elaborate would be worth much more than those that are simple. The artwork by Beeple “Everydays: The First 5,000 Days” that Christie’s auctioned for $69 million was a collection of 5000 images painstakingly collected over a long period since 2007. It is not surprising then that this unique work of art that has been placed on blockchain, the same technology behind Bitcoin, would sell for $69.3 million. Complex works are more valuable and if any of such is found in a mystery box, your guess at the value is as good as mine.
- The value of the NFT based on its rarity: Some NFTs are made to be rare. This means that there are very few of the collective that are made. Their rarity makes them valuable. So the buyer or collector of such NFTs own very rare works. Such NFTs are also quite expensive.
- The number of the NFTs that are in circulation or that can come into circulation: NFTs that the makers have few in circulation are generally more expensive than those that have unlimited quantities in circulation. The implication is that those NFTs that have fixed circulation that are low are generally more valuable. For an example, let us look at Pudgy Penguins, which has a total of 8,888 NFT collectibles in the form of penguins. This means that only 8,888 of these unique penguins were minted. After the last of the penguins have been sold out, no other can be minted and no other can come into circulation. Cryptopunks, another popular NFT platform has 10,000 of the collectibles in circulation.
What Do You Do With A Mystery Box?
Mystery boxes such as those promoted by Binance could be a source of fortune if the collector gets a valuable NFT. This could be so valuable that they make a difference to the fortune of the collector. What you could do with a mystery box is:
- Open it to know the value of the NFT that you own
- Do not open it and put it up for sale again
- Open it and put it up for auction
- Do not open it and put it up for auction
- Open it and keep it as one of your collection
- Schedule it for opening at a particular time
Whatever you decide to do with your mystery box is up to you.
How To Participate in The Binance Mystery Box
- To participate in the Binance mystery box promotion, you’ll have to sign up with Binance. This will enable you to complete the tasks that are required before you can win a mystery box.
- You also have to fund your finance account
- Be sure that you own a wallet such as Trust wallet or Metamask if you’re planning to make a career out of mystery boxes.
Binance is presently giving out mystery boxes valued at $600,000. This is a good point to start collecting some non-fungible tokens (NFTs). Access the promotion page here. You can also benefit from NFTs by buying NFT-related tokens here.