[Bybit: virtual currency, nft] What is NFT Reveal? How it works and features


NFT is currently a very lively market and many people are selling their works. The word Tori Beer, which is doing NFT, may come up often. I will explain the meaning of the word and how it works.

What is Reveal?

Reveal in NFT is “NFT with the same design at the time of purchase changes to individual design at a certain timing”. In primary distribution, where general sales have started, there are many cases in which the design of NFTs is not known in the first place. NFT reveals can often be done at the date and time set by the management, or at the same time as the sale.

Advantages of Reveal

There are three advantages of Reveal:

bought a lot

Revealed NFTs tend to be purchased a lot before the reveal. Since the pattern is not known before purchase, it tends to be easier for people to buy the pattern they want. You can enjoy the excitement of not knowing what will come out.

the community thrives

When sold by the reveal method, the NFT design is often announced by the community after the sale. Before and after the announcement, the community will be excited and you can enjoy a sense of unity. You can enjoy the feeling like a festival.

soaring prices

Revealed NFTs may also have a rarity set. If you can get a rare NFT, the value may increase significantly, so some people are aiming for each individual. You can also make money by selling.

Disadvantages of Reveal

On the other hand, there are also disadvantages.

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 sold all at once, NFT prices could plummet. There is a risk that there will be no one to buy because the price will plummet.

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:

  1. Competing for the gain or loss of property, etc. by chance victory or defeat
  2. Gambling on property or property interests (excluding “temporary entertainment”)
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)

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

Bybit has an NFT Marketplace. If you open an account, you can actually enter and trade, so let’s try it.