Learn LaunchJoy: A Comprehensive Guide to NFT Mystery Boxes and Launchpad Auctions

LaunchJoy Comprehensive Guide to NFT Mystery Boxes and Launchpad Auctions


Digital Art Auctions have been soaring in popularity within the past few years and on-chain auctions have different mechanics created to varying complexities in an effort to prevent gas wars and enhance equality. 

In LaunchJoy we offer a twist to our launchpad auctions, with the introduction of mystery boxes. This creative approach captures the excitement of auctions with the appeal of mystery, creating a dynamic and engaging experience for users and collectibles. 

In this blog, we will discuss launchpad auctions in LaunchJoy, highlighting the unique twist that mystery boxes bring to the table, and how they are reshaping the gaming and NFT launchpads with their creativity and exclusive opportunities. 

What are Launchpad Auctions?

Launchpad auctions are a cutting-edge but also very well-explored area where digital collectibles meet competitive bidding. These auctions are not just about acquiring NFTs, but they also add to an engaging and adrenaline-fueled race where strategy, timing, and foresight play pivotal roles.

On the Binance platform for example, Mystery Boxes have experienced remarkable success, with sales reaching over $90 million in trading volume in 2022. These boxes, often released for cultural festivals and special occasions, have become a significant draw for the community, blending the excitement of NFTs with the thrill of discovery​

Here is a basic example of what happens during auctions:

In this launchpad Auction, Bob and Alice are vying for a highly coveted NFT called, let's say "XYZ", known for its unique digital artistry and limited issuance.

Starting Bid: The auction for "XYZ" starts at 500 CHR.

  • Alice's Strategy: Alice kicks off with an aggressive bid of 700 CHR, hoping to intimidate other bidders right from the start.
  • Bob's Approach: Bob, with a budget of 1,200 CHR, decides to wait. He observes the bidding trends, noting the increment patterns.
  • Mid-Auction Dynamics: As the auction progresses, bids escalate to 900 CHR. Alice leads, but the field is competitive.
  • Bob's Move: Sensing the right moment, Bob places a calculated bid of 1,100 CHR, a significant jump aimed at outbidding Alice and deterring others.
  • Final Moments: With seconds left, Alice counters with 1,150 CHR. Bob, sticking to his budget, places his final bid of 1,200 CHR.

Auction Close: The auction closes with Bob's bid of 1,200 CHR as the highest. He secures the "XYZ" NFT. 

The addition of Mystery Boxes adds an intriguing layer to this process. Each box, shrouded in secrecy, holds the potential for rare and valuable NFTs, making each bid not just a purchase but a thrilling venture into the unknown.

Understanding Different Sales & Auction Types

LaunchJoy Mystery Box Image

1. Full Auctions: In these auctions, participants use POINTs, CHR, or stablecoins to bid on NFTs. The competitive atmosphere escalates with each bid, culminating in the highest bid securing the desired NFT at auction's close.

For Example:

Bob enters an auction for the 'Galaxy Explorer' NFT, placing an initial bid of 300 CHR. Alice, keen on the same NFT, counters with 350 CHR. They continue this tense bidding war until the auction closes with Alice's winning bid of 500 CHR

2. Sales for POINTs: An exclusive purchase option where NFTs can be bought directly using POINTs. This method simplifies the process by utilizing our own reward currency.

For Example:

Alice uses 1,000 POINTs to purchase the 'Mystic Forest' NFT directly. This option appeals to Bob as well, who finds the process simple and efficient, using his accumulated POINTs to add a new NFT to his collection.

3. Paid Sales: Traditional sales format where NFTs are purchased using CHR or stablecoins. This method caters to a broader audience by accepting commonly used digital currencies. 

For Example:

Bob decides to purchase the 'Sunset Boulevard' NFT for 200 CHR. Alice, preferring to use stablecoins, buys a similar NFT, appreciating the flexibility of currency options.

4. Whitelisted Discounts: A system offering substantial discounts on NFT purchases. Participants compete for a spot on the whitelist, either through quests or specific tasks, which grants them exclusive access to reduced prices.

For Example:

Bob secures a spot on the whitelist and buys the 'Ocean Depths' NFT at a 30% discount. Alice, also on the whitelist, enjoys a similar discount on her purchase, finding the exclusive savings particularly rewarding.

5. Full-Price Sales: NFTs are sold at their listed market price, ensuring transparency and a straightforward pricing model.

For Example:

Alice buys the 'City Lights' NFT at its full market price of 250 CHR, valuing the clarity and simplicity of the transaction. Bob, too, opts for a full-price purchase, appreciating the predictability and fairness of the pricing.

Note: In LaunchJoy auctions, if both users have the maximum bid, the winner will go to the earliest bidder. 

The Vision

Our vision for Launchpad Auctions with Mystery Boxes is not just about buying and selling NFTs but it’s also about creating an experience for our users and community. 

Each Mystery Box type offers a unique combination of excitement, exclusivity, and accessibility, catering to a diverse range of participants. From the thrilling uncertainty of auctions to the straightforwardness of full-price sales, these auctions encapsulate the vibrant and diverse nature of the NFT marketplace. 

We invite you to join us in our upcoming Launchpad Auctions, where each bid or purchase opens the door to opportunities and surprises within our ecosystem. Join us in exploring the future of NFTs and experience the exciting Launchpad Auctions with Mystery Boxes, only at LaunchJoy.

About LaunchJoy

LaunchJoy is a platform designed to become a central hub for gaming studios, developers and creators interested in Chromia’s gaming and ecosystem. LaunchJoy will launch as a mystery box NFT sales and Quests platform, and then gradually expand its services, features, and offerings to bring value to both end users and project teams.

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