Few technologies have experienced the scale of growth and expansion that the non-fungible token (NFT) sector experienced in the past year. Coming from relative obscurity to surpassing $40 billion in trading volume in less than 12 months is nothing short of remarkable. Launched last summer, Binance NFT is a digital collectibles marketplace that has quickly become a home to many NFT creators and collectors thanks to advanced trading features, numerous digital collection listings and customizable sorting filters. In addition, Binance NFT runs exclusive Mistery Box promotions designed for those who love a good surprise.
What is Mistery Box?
A Mistery Box, as the name implies, is a special box that contains a random NFT that is revealed after you open the box. A Mistery Box can be bought at a fixed price or at an auction and features a unique digital collectible that can be characterized as super, super rare (SSR), super rare (SR), rare (R), and normal (N). A Mistery Box doesn’t have to be opened immediately after purchase. Instead, the owner can decide to sell a sealed Mistery Box on the Binance NFT marketplace.
The appeal of a Mistery Box is quite simple to understand. Imagine buying a lottery ticket. While the average value of a ticket is typically close to its sale price, many people are excited to participate in lottery draws for the surprise element and the ability to turn a small amount of money into something more. Binance’s Mistery Box captures that same feeling of excitement – each box has a probability of winning rare items, which can then be sold far above the Mistery Box’s original price, or kept as prized possessions.
A Mistery Box is not limited to containing just digital art. NFT collections of blockchain games such as Axie Infinity, DeHero, and Metamon, for instance, can contain various NFT-powered items, including characters, skins, virtual lands, and other in-game items.
Step-by-step guide to mystery boxes
Whit a brief description of mystery boxes out of the way, let’s take a look at how you can purchase a Mistery Box and enjoy the excitement of finding out what’s inside.
How to buy a Mystery Box?
Step 1 – Head to the Binance NFT’s Mistery Box section by clicking on the button below.
Step 2 – There are numerous collections to choose from, ranging from game and sports-themed collections to those minted in celebration of special events or cryptocurrency-related topics. For this example, we’ve decided to pick the Mystery Box collection celebrating American boxing icon Mike Tyson.
Step 3 – There are several ways to filter the items in each collection. You can choose between different rarities, sorting options, digital currency payments and more. To sort only through the available mystery boxes, click on the “Unopened” button located in the Status panel.
Step 4 – Mystery boxes are available via an auction system or bought outright. You can try securing your Mistery Box by clicking on “Place a Bid” as shown in the image below. You can also buy the box outright by clicking on the button in gray. The benefit of the auction method is that you will likely pay less than buying the box outright. However, the box won’t be available until the auction period ends.
Step 5 – While some mystery boxes can be obtained in an auction, others can be bought directly. Click on the “Buy Now” button to get your box.
Step 6 – A Mystery Box from each collection has a different set of probabilities to contain different rarities of NFT items. Binance lists the probability data on each respective Mistery Box product page.
Step 7 – After deciding to buy the box outright, you will be asked to confirm your payment.
Step 8 – Once the payment is processed, which takes less than a second, a popup message will prompt you about the successful payment. You can click on “Collections” to quickly navigate to your new Mistery Box.
How to open a Mystery Box?
The Mistery Box you bought is now safely stored in your account. Now comes the most exciting part, opening the box to find out what’s inside.
Step 1 – Navigate to the Binance NFT homepage by clicking the button below.
Step 2 – Click on the “User Center” option located in the user account drop-down menu accessible from the Binance NFT homepage.
Step 3 – On the left side of the screen select “Mistery Boxes” from the list of menu items. Your MIstery Box should now appear. Click on it.
Step 4 – The “Click to reveal” button will appear. Click on it and then select “Open box”. You will find out what NFT your Mistery Box contains.
How to sell a Mystery Box?
You can sell a Mistery Box before opening it in the same way as selling any other collectible on the Binance NFT marketplace. Do note that we’ve already opened our Mistery Box and are selling an NFT with got from it. However, the process is the same for selling an unopened box and an NFT.
Step 1 – Select an NFT from your collection and click “List NFT”.
Step 2 – A listing dialog will appear where you can choose between several options. You can decide to sell your NFT at a fixed price or in an auction, set the expiration date, and the form of payment (BUSD, BNB, ETH). Click “Submit” once done.
Step 3 – A window will appear showing your selected listing options. Do note that Binance charges 1% of the total sale as a Platform fee and an additional 1% as a Royalty payment that goes to the NFT’s original creator.
Step 4 – If you change your mind, you can remove the NFT from the marketplace by clicking on the “Delist NFT” button at any time.
Once listed, your collectible is available to users of the Binance NFT marketplace, which features thousands of unique digital items from hundreds of different collections.
How to withdraw an NFT?
If you are set on keeping your collectible for the long term, it might be a good idea to move it to a supported digital wallet. Here’s how:
Step 1 – Navigate to the NFT you would like to move to an external wallet. Click “Withdraw” to start.
Step 2 – Select quantity if there is more than one item available. Click “Confirm” to proceed.
Step 3 – Select the network supported by your digital wallet and enter the destination wallet address. Click “Withdraw” to move a collectible to the wallet. Note that Binance charges a small transfer fee for the service.
Mistery boxes offer an exciting way of collecting unique artwork and other digital items from various collections listed on Binance. If you are lucky, you might open a box containing an NFT from the highest rarity tier, which can be worth tens of thousands of dollars or even more, depending on a collection.
If the surprise element of opening a Mistery Box doesn’t’ excite you, that doesn’t mean that you can’t be a part of the promotion. Case in point, Binance allows traders to buy mystery boxes to sell them still unopened to more curious investors.
Hopefully, this guide helped you understand what are mystery boxes and how they work. For more information about the topic, click here.