This article explains the advantages, disadvantages, and methods of NFT reveals. Currently, it is a very lively market with many different people selling their works. When you’re involved in NFT, the word “reveal” probably comes up often. I will explain the meaning and structure of the words.
What is Reveal?
Una revelación en NFT es “una NFT que tiene el mismo diseño en el momento de la compra, pero cambia a un diseño separado en un momento determinado”. Hay muchos casos en los que el diseño de NFT y otros artículos no se conoce en primer lugar durante la distribución primaria que inició las ventas generales. Las revelaciones de NFT suelen ocurrir en una fecha y hora establecidas por la dirección, o al mismo tiempo que la venta. Esto se implementa a menudo en proyectos y algunos se han vuelto populares porque el diseño cambia cuando lo revisas, dándole una sensación de frescura.
Advantages of Reveal
There are three benefits to Reveal: For your reference, I have listed some things to keep in mind when communicating in business. You can easily check the design on your smartphone or on the web with a click, so the icon image and design are important when you start selling. Therefore, if something is wrong here, the value may drop.
bought a lot
NFTs that undergo a reveal tend to be purchased in large numbers before the reveal. Because they don’t know the particular pattern collection before purchasing, it tends to be easy for people to buy the pattern they want. You can enjoy the excitement of not knowing what will come out, so the timing of collecting information will be exciting.
The community gets excited
When an NFT is introduced or sold through a reveal method, the complete design of the NFT is often updated and announced by communities such as Discord after it is released and sold. The point is that the community service becomes clearly lively before and after the announcement, and you can feel a sense of unity. You can enjoy and feel like you are at an event or festival.
soaring prices
Revealed NFTs may also have a rarity set. If you can get a rare NFT, the value can increase significantly, so some people aim for individual NFTs. You can also earn money by selling it. Active information dissemination through bloggers’ advertisements and tweets can also have a great effect.
Disadvantages of Reveal
On the other hand, there are also some disadvantages these days. Nowadays, some exchanges have restrictions and measures in their guidelines and terms of use, so be sure to check them before making a decision. Especially if you are a first-time user, please be careful when registering.
sold at once
After the reveal, it may be sold all at once. If it sells quickly, the price will drop and you may lose money. You don’t know the design before the reveal, but it’s sold because it wasn’t the design you wanted or you didn’t like it.
plunge in price
If they are sold all at once, the price of NFTs could plummet. There is a risk that if the price suddenly falls, there will be no one to buy it. In addition, virtual currency is used as payment for buying and selling NFTs. You need to hold Bitcoin, Ethereum, Ripple, etc. in your wallet. Gas fees may apply.
legal issues
In the case of Japan, there is a possibility of touching the gambling crime. In addition to reveals, NFTs are still underdeveloped, so it is your responsibility. Reveals have elements like gacha and the difference in value is clear, so there is a possibility of conflict.
There are two requirements to constitute a gambling offense:
Source : 賭博罪とは｜罪の定義と逮捕される条件・刑罰の重さと判例を解説｜ベンナビ刑事事件（旧：刑事事件弁護士ナビ） (keiji-pro.com)
- Competing for the gain or loss of property, etc. by chance victory or defeat
- Gambling on property or property interests (excluding “temporary entertainment”)
Mechanism of Reveal
Revealing NFT art hides the work until the moment the work is released. Buyers will not know what the work will look like until it is published. It can be implemented by smart contracts on the Ethereum blockchain for creators to reveal.
smart contract
A smart contract is a program or trigger that is executed when certain conditions are met. Smart contracts can be coded to trigger publication after a certain amount of time or when certain conditions are met. Buyers don’t know what the work will look like until the moment it’s released.
Bybit’s NFT Marketplace
Cryptocurrency exchange Bybit has an NFT marketplace. The process is that once you open an account, you can actually enter and trade, so let’s give it a try. NFT, which became popular in 2022, has begun to be used by Bybit, opensea, etc., and is also being promoted on pages such as X (twitter) and blogs, so it is recommended. The number of categories is increasing, and not only art, but also themes and items such as games and music are being exhibited.
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