In an up and down crypto market, MOBOX (MBOX) has been one of the big movers lately. It hit an all-time high in late August, rising from below $ 2 to $ 10.81.
MOBOX is a cryptocurrency project with a wide variety of uses and focuses on online crypto games. Since it is still a smaller site, there is hope among investors that the price will continue to rise. However, there are also some issues that you should be aware of. If you’re interested in MOBOX, read on to find out more.
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1. MOBOX is a platform for crypto gaming and NFTs
Crypto gaming has become hugely popular in 2021, and that’s MOBOX’s main niche. It offers free games where players can earn crypto in the form of MOBOX tokens. One game is currently available on MOBOX – MOMO: Token Master, and two more are in preparation.
Non-fungible tokens (NFTs) are a big part of MOBOX. His MOMO NFTs are game characters that players can use, and each has their own unique features. Players can buy NFTs or randomly unlock them with KEY tokens earned by staking MOBOX or other cryptocurrencies.
While MOBOX has its own games and NFTs, it also plans to give users the ability to create their own games on its platform. It is working on a game developer and an NFT creator.
2. You should try it before you buy
Since MOBOX is free to play, if you are thinking of investing, be sure to visit the website and try the MOMO: Token Master game. You can get an idea of how it works and see if you think it will be a success.
Some users have complained that the gameplay on MOBOX is too easy. While I’m not a crypto gaming enthusiast, I thought the same thing during my test run of MOBOX. It didn’t seem that fun, and I doubt how good it will be in the long run, especially if it has already rivaled Axie Infinity (AXS).
3. It also offers DeFi
Another concept that has gained significantly in popularity this year is decentralized finance (DeFi), i.e. financial services without intermediaries. One example is decentralized exchanges that make it easier to trade smart contracts and user-contributed crypto funds.
In the case of MOBOX, it offers decentralized trading between its MOBOX cryptocurrency and Binance Coin (BNB). This is done with a liquidity pool – a pool of MOBOX and Binance Coin that is contributed by users. Anyone who has both and is interested in staking crypto can borrow their money from MOBOX’s liquidity pool and earn rewards.
While this is a start, other decentralized exchanges offer far more liquidity pools and trading options.
4. The cryptocurrency MOBOX has a variety of uses on the platform
We talked about the MOBOX platform, but what about the MOBOX cryptocurrency? It’s the platform’s native utility token, so it’s used in a number of ways.
MOBOX is a governance token, which means that it gives the owners the right to submit and vote on proposals related to the project. In fact, everyone who owns MOBOX decides their future.
The token is MOBOX’s game currency. It is both a reward that you can earn while playing, and the way you make purchases in the game, such as: B. buying characters.
You can also use MOBOX in the platform’s liquidity pool to earn rewards, use it for a chance at mystery boxes with MOMO-NFTs and thus bid at NFT auctions.
5. MOBOX was a Binance launch pool project that resulted in a price increase of over 450%
The Binance exchange regularly posts DeFi projects on its Binance launch pool. For 30 days, its users can use their crypto and earn rewards in the project.
On August 19, 2021, Binance announced that MOBOX was the 22nd project selected for the Binance launch pool. Since Binance is one of the largest cryptocurrency exchanges, the results were there right away.
On this day alone, the value of MOBOX almost tripled. And in just over a week the price had gone up over 450%.
6. The purchase options are limited for US investors
Most of the major exchanges don’t have MOBOX listed, so buying it can be a challenge. If you want to get your hands on this cryptocurrency, Gate.io is an exchange that offers MOBOX trading.
Binance also has MOBOX, but this is currently only the case for customers outside the USA. MOBOX is not available on Binance.US, the US version of the exchange.
There is another option if you have a Binance.US account. You could buy Binance Coin and then go to the MOBOX website. On the MOMO Farmer page you can then exchange Binance Coin for MOBOX.
7. It may have already peaked
At the time of this writing, MOBOX is down over 20% from its all-time high. Although there hasn’t been a drastic drop, the price is trending down.
When a cryptocurrency skyrockets in price and popularity, it is tempting to believe that it will continue to do so. But for many cryptocurrencies, the hard part is keeping the momentum going. The market is full of investors who bought into a cryptocurrency after its peak and hope that it will regain that initial success.
MOBOX could certainly continue to do well if it attracts enough players. This recent slump could just be a temporary retreat on the path to bigger gains. Or it might not prevail and its short August run might be its best moment.
Given the competition MOBOX has and the lackluster gaming it offers, I tend to go for the latter scenario. Proceed with caution when making an investment decision.