This Crypto Is Up 414% in the Past Month. Should You Buy?
MOBOX (MBOX) is a cryptocurrency token that launched in April 2021, but it has recently become much more popular. On Aug. 19, 2021, Binance announced that MOBOX would be the 22nd project on Binance Launchpool, which lets investors stake tokens to earn new types of cryptocurrencies.
The announcement had an immediate impact. A month ago, the price of a MOBOX token was $1.47. It’s now $7.55, a 414% increase and a better return than most cryptocurrencies have managed in the same timeframe.
Its website describes MOBOX as a community-driven GameFi platform that combines the best of decentralized finance (DeFi) and non-fungible tokens (NFTs). Here’s a breakdown of what that means and how MOBOX works.
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What is MOBOX?
MOBOX is a platform with several different uses. Its main attraction is play-to-earn cryptocurrency gaming, and it has released one game so far — MOMO: Token Master. It has two more scheduled for release this year — MOMO: Block Brawl and MOMO: Tactical Party Slayer.
By playing these games, you have the opportunity to earn MOBOX tokens and acquire NFTs, which are digital assets you can collect or sell. In that respect, it’s similar to another popular cryptocurrency game, Axie Infinity (AXS). Unlike Axie Infinity, MOBOX is free to play, but the better characters do cost money.
In addition, MOBOX is working on a game creator and NFT creator. These would allow developers to launch their own games and NFTs on the platform.
Although crypto gaming is a big part of what MOBOX offers, there’s more to it than that. As mentioned before, it also has DeFi applications. With MOBOX’s liquidity pools, you can stake crypto to earn rewards.
A liquidity pool is a pool of crypto funds loaned to an exchange by investors. Each pool includes one or more cryptocurrencies so that the exchange can offer trading with it. For example, MOBOX has a MOBOX and Binance Coin (BNB) pool. If you have both of those and you want to earn rewards on them, you could stake your crypto with MOBOX.
How MOBOX tokens work
MOBOX tokens are the native cryptocurrency on the MOBOX platform, and they serve a few purposes:
- In-game currency: Players can use MOBOX tokens to make in-game purchases, such as buying new characters. It’s also used as a reward for in-game activity.
- Governance: MOBOX is a governance token. With this type of cryptocurrency, token holders can submit and vote on proposals that help determine the future of the platform.
- Staking: Those who lend MOBOX tokens to the platform’s liquidity pools can earn rewards and the chance to win NFTs.
- NFT auctions: MOBOX has NFT auctions that you can bid on with its cryptocurrency token.
Besides those uses, MOBOX tokens can also be purchased as a cryptocurrency investment if you think the price will go up.
Where can you buy MOBOX?
Since MOBOX is relatively new and has a low market cap, it’s not on many of the top cryptocurrency exchanges. But there are still some options to buy or trade for it.
If you’re a U.S. citizen, then Gate.io is an exchange you can use to buy MOBOX. Binance also lists it, but only on its international platform. U.S. customers need to use Binance.US, which hasn’t added MOBOX to its crypto selection.
Should you invest in MOBOX?
Deciding if you should purchase MOBOX depends on what you think about crypto gaming and MOBOX’s platform in particular. Given that it has plenty of competition and is in such a new industry, it’s best to be cautious.
MOBOX saw its price go up quite a bit recently, but that was likely because Binance Launchpool listed it. For its growth to continue, it will need to keep attracting new players and investors.
Reviews of MOBOX as a game so far are mixed. Some players seem to enjoy it or at least the potential profits of playing it. Others have complained that you need to buy expensive NFTs to have a chance at winning and that most of the gameplay is overly simple.
This is still very much a work in progress. The game creator, NFT creator, and multiple games are in development. MOBOX’s community currently has about 6,000 members on Reddit. For comparison’s sake, Axie Infinity has about 55,000. While MOBOX still has plenty of room to grow, there’s no guarantee that it will get more popular.
If you’re thinking about investing in MOBOX, I’d recommend visiting its website first and playing MOMO: Token Master. Games are what will make or break this cryptocurrency, so they can help you better evaluate MOBOX and its chances of long-term success.
Read more: https://mcc.exchange/2021/08/31/this-crypto-is-up-414-in-the-past-month-should-you-buy/
Text source: MCC.EXCHANGE
