A week of the situation, NFT blind box is really safe?

Author: 0x21, Rhythm Blockbeats

Players who are immersed in NFT are used to the "blind box" approach to NFT publishing.

As with The blind box, investors do not know in advance what their NFT will look like. Since the popularity of NBA Top Shot, blind box has dominated NFT play. Just like when the emergence of casino games on the chain led to the pursuit of truly random numbers on the chain, investors have absolute trust in the chain of blind boxes, it seems that under the contract written dead, the chain of blind boxes will not appear any accident. However, aside from on-chain contracts, the way the development team uploads, and the content control of the creative team are all important factors in the security of the NFT blind box.

In recent years, several highly concerned blind box NFT has appeared serious non-random, content leakage in advance, content infringement and other major accidents, resulting in the floor price break, community complaints, some even directly off the shelf.

BoredMummyWakingUp -- The mummy falls to the floor and sleeps again

"Boring Mummies", the NFT collection of mummies, has more than 2,700 owners before the blind box opened, because of the excellent design and the integration of traditional elements from various countries.

However, there was a delay of nearly three hours on the opening day and a major problem after opening the box, as the developer made a mistake in uploading the mummy to the cloud server, resulting in all the rare mummy NFT appearing between 6000-6444. That means an investor outside the 6,000-6,444 range has a zero percent chance of getting a rare item.

Within the next few hours, the development team recalled all 8,888 NFT's and reshuffled them, much to the dismay of the investors who had acquired the rare NFT. Within hours of the incident the development team was working on a quick remedy on Twitter and discord.

1) Recover the NFT at the collector's purchase price

2) Hold on until the event is over and maybe airdrops will be issued to everyone

Later, according to a developer discord bulletin,"The remediation of this incident is currently costing the team nearly 100ETH.And spending continues to climb.

In addition, due to data errors and display errors, some highly rare mummy series are ranked very low on sites like Raity Tools. This error has not been corrected yet.

Although the entire BoredMummyWakingUp development team works very quickly to solve problems and actively solves each collector's problem, even so, some collectors lose their enthusiasm. The floor price has also dropped from 0.19ETH to 0.03ETH (deadline: August 18, 2021).

The Wanderers -- I didn't know anything in space, so nothing happened

"The Wanderers," a psychedelic cyber-like cockpit of a spaceship, sold out in just 27 minutes due to its simple and unique design. The team also promised to give each owner the tools to create high-resolution images that can be used as social profiles and backgrounds.

The Wanderers has a similar problem to BoredMummyWakingUp. The Wanderers uploads The hyperlink in advance before The blind box is revealed, so many people can extract NFT data from The underlying hyperlink in advance, causing an incident in which The contents of The blind box are known even if The box is not opened. For the buyer, what is in front of them is the "blind" box in transparent packaging. Therefore, after opening and closing, The Wanderers series was flooded with a large number of unopened blind boxes with different prices on The secondary market OpenSea.

As of writing time, The Wanderers developer team has not issued an apology for The incident, nor offered any remedy. In contrast to The Mummy project, The Wanderers' no-ask approach didn't stop The secondary market from collapsing. The floor price fell to around 0.05ETH (as of 18 August 2021).

Sad Frogs District -- Even sadder than the Sad Frog is its Owners

Sad Frog is a re-creation of Pepe, a sad frog that has been popular on social media, and raity Tools' 7-day value list has soared in a short time. The sad Frog team didn't suffer the same data errors as the other two teams. The problem with Sad Frogs District NFT is the design team. After receiving a warning and a lawyer's letter from the creators for allegedly copying, OpenSea removed all of its products at the same time.

While the team apologized internally to the Dicord community for the sad Frog's removal, they are also rallying the community to try to control the comments and fight the negative news.

Regarding the removal and the solution, the development team said to the community:"Our response to the DMCA complaint has been filed with OpenSea. We dispute the allegation of infringement and believe that Sad Frog is simply an extension of Internet meme culture, Matt has 10 days to hire legal counsel to refute our response, and if he does, He's destroying the very purpose of his meme and, more importantly, the economy of the 1,900 people who take the Sad Frogs District NFT.

While the development team has vigorously denied any infringement, as for when it will return to the store, the official news is that pepe-related elements (mainly eyes and mouth) will be removed.

These three projects should not discourage blind box collectors, but the number of accidents in a week should put us on alert.

NFT is unique, provable, liquid, tradable, and can prove who the owner is, but at the same time brings a mixed market. Many immature projects, immature teams in order to get an early share of the pie, and neglect to polish the most basic project rushed into the market. There are a lot of copycat "ideas", copy "ideas", their rough package a layer of "salute" slogan, simply do a "attractive" development Roadmap (Roadmap), can hype marketing in the Crypto community, try to achieve success.

The essence of NFT comes down to the creation of artists, whether a single work or a series of mass-produced works is the artist's own creativity and expression of appeal.

The success of the community profile picture model will undoubtedly allow more investors to see the opportunity. In the blind box NFT security can not be guaranteed, following the hype is very easy to make investors lose money. There's only one Crypto Punks, one Bored Ape Yacht Club, and one Pudgy Penguins.

For developers, phenomenals are about getting people to pay attention to the NFT space, not something you can look at to speculate on. For collectors, they should not be too focused on social attributes and appreciation space to ignore the artistic value and aesthetic orientation. A really good NFT project will always be based on the aesthetic needs of the masses, not the aesthetic of twitter leaders.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia