Should I unwrap the cat?

The box is a gamble. As it says, the odds are against you. That said, for a long while, things in Fallen London won't be too dangerous. You are meant to be curious and explore to get a sense of the place and how it works.

The box may also have more uses later on in the game, but I don't suggest holding on to this particular one. There will be more, believe me.

Currently the only thing you can do with "A Nearly Unwrapped Cat", is to open it.

As the description says, the odds are against you here, and there is a good chance you'll end up with a negative outcome.

The possible rewards, however, are quite useful, and outweigh the risks for most players.