WHAT IS A MYSTERY BOX AND HOW TO BUY, SELL AND OPEN IT ON BINANCE NFT MARKETPLACE?
18/04/2022
By Damilola Ogungbayi
Key points:
- What is a Mystery Box?
- What is Binance NFT Marketplace?
- What makes the Binance NFT Marketplace different?
- How do I open my Mystery Box?
- How to sell a Mystery Box on Binance NFT
- How to buy a Mystery Box on Binance NFT
(i) NFT mystery box auction sale
(ii) Fixed price - Additional information
- Conclusion
WHAT IS A MYSTERY BOX?
Mystery Box contains a surprise NFT that is only
revealed when you open the box.
There are four kinds of NFT you might find: super,
super rare (SSR), super rare (SR), rare (R), and normal (N).
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.
WHAT IS BINANCE NFT MARKETPLACE?
The Binance NFT Marketplace is a platform that allows you to trade and create non-fungible tokens. You can mint your own NFTs on both Binance Smart Chain and Ethereum and even transfer between the two blockchains. It’s not just about creators either. Collectors can buy NFTs from its inbuilt marketplace for a fixed price or through auctions.
When you sell the collectible on the marketplace, the creator receives a 1% royalty payment. Binance processes these royalties to creators who have minted their NFTs on other platforms too. Depositors also receive a 1% royalty whenever users purchase their deposited NFTs.
WHAT MAKES THE BINANCE NFT MARKETPLACE DIFFERENT?
There are already a lot of marketplaces out there that allow you to mint your own NFTs. Not every marketplace can, however, tap into an already existing community as big as Binance’s. The Binance NFT Marketplace leverages the Binance ecosystem. The marketplace won’t just have creations from users but also big-name artists as well.
When it comes to selling or auctioning your NFTs, it’s simple to tap into Binance’s large user base and get the best price and value for your artwork. This pre-existing userbase is also great for liquidity too and the visibility of your NFTs.
HOW DO I OPEN MY MYSTERY BOX?
STEP 1:
Go to [User Centre] - [Asset] - [Mystery
Boxes] - [Collections]. Click on the Mystery Box
you want to open
STEP 2:
You’ll be directed to the Mystery Box
product page. Press [Click to Reveal], then click
[Open box].
STEP 3:
Now you’ll see what NFT you have unboxed
from your Mystery Box. You can find the NFT in
your Mystery Box collection.
HOW TO SELL AN NFT MYSTERY BOX ON BINANCE
You can choose to sell the NFT mystery boxes unopened or the NFTs you got from them on the Binance NFT Marketplace.
STEP 1:
Click [List NFT] on the product page
STEP 2:
You will be redirected to the listing page. For an Auction sale, choose [Highest Bid]. In the [Minimum Bid] field, you can input the starting price for your listing. You can also include a [Buy-out Price] for direct purchase. If you would like to have an instant sale without bidding, select [Set Price].
STEP 3:
You will then see a [Price] field to choose how much you want to sell the NFT. You can choose to receive ETH, BNB, or BUSD as payment.
STEP 4:
Then, choose an end date for your sale. This date
can be from 12 hours to 7 days from the time of
listing. Once you’re happy with the terms of your
listing, click [Submit].
HOW TO BUY A MYSTERY BOX ON BINANCE NFT
To purchase a Mystery Box, head to the Mystery
Box page for more information.
STEP 1:
Go to the Binance NFT Marketplace and log in to your account. If you don’t have a Binance account, click [Register] to create one.
STEP 2:
Click [Mystery Boxes] on the top navigation bar. Then scroll down and click [Explore Marketplace] to go to the Mystery Box Market.
STEP 3:
Select the [Unopened] filter to find unopened NFT mystery boxes you like.
STEP 4:
We will use the [VOGUE SG MYSTERY BOX] as an example. Click on its name to enter the product page.
STEP 5:
Here you can find more details about the NFT mystery box, including the description, price, expiration date, and other information.
STEP 6:
For example, you can click [Series Content] to check the NFT rarity ranking, i.e., the probability of getting a “super super rare” NFT from the box.
STEP 7:
Click [Buy Now] to buy the mystery box. A pop-up should appear with the order details. Click [Confirm] to finalize your purchase.
NFT MYSTERY BOX AUCTION SALE
If the NFT mystery box you want to buy is
an auction sale, you will need to make a
bid, and the user with the highest bid at the
end of the auction will get the box. You can check the auction end time next to the bid price.
1. To bid, click [Place a Bid]. In some cases, you may also find a [Buyout price], which means that you can pay for this price to buy the mystery box instantly.
2. Next, you can place your bid. Your bid must be higher than the previous bid by at least the minimum markup. When you’re happy with the amount, click [Place a Bid] to confirm.
FIXED PRICE
- You’ll then see a fixed price for each box,
along with a changeable quantity. A
Mystery Box sells for a fixed price, so all
you need to do is select the quantity to
purchase. - Underneath the item’s description, you’ll
also find the probability of the different NFTs you could receive. You’ll see
information on the number of NFTs
available and their percentage chance of
appearing in the Mystery Box. - Select the number of Mystery Boxes you’d like to purchase and click [Buy].
- An [Order Detail] pop-up will appear asking
you to confirm your purchase’s details.
Click [Confirm] once you are happy with the transaction.
Please note: After purchasing your Mystery Box, you can either
choose to open it straight away or add it to your
collection. Note that Mystery Boxes are
non-refundable.
ADDITIONAL INFORMATION
Once you’ve bought the Mystery Box, you don’t have
to open it straight away. You can open it whenever you want or
even trade it without opening. (You can sell the Mystery Box on
the Marketplace or open it and sell the NFT inside should you
wish).
CONCLUSION
Binance NFT Marketplace, with its dual chain architecture, increases liquidity in the realm of NFTs and, through its network effect and large user base, enhances the reach of both regional and well-established artists.
To get started on NFT Mystery Box and to learn more about Binance NFT Marketplace, Click the link below Sign up and begin your NFT trading journey.
https://www.binance.com/en/nft?ref=331234001
