Initiated by the CyberVein Foundation in Singapore, CROSS is the world’s first decentralized NFT issuance & auction platform, and also the most diverse issuance and trading platform for NFTs. It is based on the most comprehensive NFT market, with NFTs like crypto artworks, data passes, AI training models, and digital financial derivatives.
Phase 2 of CROSS Mystery Box was launched on Mar 26, and according to official news, the Mystery Box will be held on CROSS every week.
What is CROSS Mystery Box?
All users can use MetaMask, Huobi Wallet, or Bitkeep to access cycross.io to participate in the game every Friday. A total of four NFT artworks containing four mystery boxes will be auctioned in the form of Vickrey auction within the specified time. When the first round of auctions is over, buyers can choose to open the mystery boxes immediately with a 25% chance of winning the ultimate prize worth 0.5 BTC. Buyers can also choose not to open the mystery boxes and to reauction, which will allow buyers to obtain higher profits. The game will end when the box with the ultimate prize is opened or when the time is up. The bids from failed buyers will be returned to the payment addresses at the end of the game.
How to be a smart buyer?
Suppose buyers put aside the value of the artworks and only hope to make profit, what they should do is to make the most comprehensive assumption, behaving like traders. Smart buyers certainly have trading plans that can be executed, rather than following the news that appears in the telegram group to decide whether to buy or sell BTC.
Plan 1: A buyer wins the mystery box with the ultimate prize with a total bid < 0.5 BTC + the value of the artwork.
Plan 2: A buyer sells all the mystery boxes he or she owns after successful bidding: the total price of the boxes + the value of the artworks > the cost of the buyer’s bidding for the boxes.
In the initial auctions, all buyers hope to auction the NFT with the box containing the ultimate prize worth 0.5 BTC; however, there are four NFT artworks in the game. Therefore, from an economic perspective, the maximum value of each box is more than 0.5/4 BTC, equal to 0.125 BTC. All buyers will bid about this price, which means that buyers who bid far below are not likely to win the boxes, in accordance with the black swan theory. This reminds me of Texas Holdem: some players get A&A at the beginning while some get 2&3. We all know that the probability of winning with 2+3 is significantly lower than with AA, but when 2+3 is made into two pairs and the player wins, what can we do?
When it comes to strategies, a buyer should have at least one box in the first round of auctions since the boxes will only become more expensive in the following rounds. As the number of boxes available for bidding decreases, buyers will no longer be able to bid for NFTs and boxes with a price close to 0.125 BTC.
Next, let us take a look at Plan 2.
The beginning part of Plan 2 is similar. A buyer must auction an artwork successfully in the first round of auctions since the buyer can no longer get an artwork at a lower price. Of course, if the buyer is willing to take a risk, he or she can choose to reauction after another buyer opens an empty box, becoming one of the several buyers who own boxes.
Then luck comes. A buyer can wait for other buyers to open an empty box, and there are only two boxes left unopened. The buyer can sell the box to another buyer at a price close to 1/2 BTC, equal to 0.5 BTC. The risk faced by the other buyer is high, wining nothing or 0.5 BTC; therefore, he or she may be willing to collect all the boxes at a price close to 0.5 BTC, unless he is “mad”. The buyer who sells the box can make profit because of this. It sounds smart, but it is risky since every time a box is opened, the box owned by the buyer may become worthless. The lowest risk method is to sell the boxes you have when there are still four unopened boxes.
About CROSS
CROSS is the largest NFT platform for issuing and trading NFTs on Huobi ECO Chain Heco.
CROSS is committed to supporting NFT artists.
CROSS uses IPFS, Chainlink, and other services for secure storage.
CROSS has a strict copyright protection plan to ensure that the copyrights of all artworks are legally protected.
Contacts:
Email: prteam@cybervein.org
Twitter: @CyberVeinGroup
CROSS: cycross.io
Cybervein foundation: https://www.cybervein.org/
