Over the past few years, NFTs have emphasized being “completely open.” While openness enables composability and verifiability, it also introduces another issue: once a collection is revealed, rarity rankings and attribute combinations can be instantly batch-calculated, leaving holders with almost no informational advantage. @FungoLabs’s approach is to decouple openness from privacy again. Ownership, transaction records, and transfer history remain fully public, but the actual content can stay encrypted until the holder chooses to reveal it. This is different from the traditional “project team knows, buyers don’t” blind box model. Here, even the project team doesn’t know the specific content at minting—it’s generated on-chain using FHE-based randomization. Holders can prove certain attributes without exposing all information, or choose to never reveal anything at all. I haven’t yet seen many practical use cases that fully demonstrate the value of this level of privacy. But at minimum, @FungoLabs has introduced a previously difficult-to-achieve option on public blockchains: NFTs can exist in a state where “only the holder knows what’s inside,” rather than defaulting to all information being visible to everyone. Whether this will develop into genuine user habits depends on future collections launched on the Launchpad and how holders actually behave. The rules are clear—the question now is whether the market will adopt them.