Get to Know What is Cryptocurrency Mobox (MBOX)
Rancakmedia.com – The following is an explanation to get to know and give you more information about what cryptocurrency Mobox (MBOX) is. In this article, Rancakmedia has summarized the articles for you loyal readers. MOBOX (MBOX) made waves in August after announcing a new crypto project on Binance's Launchpool.
According to CoinMarketCap data, the price has jumped by more than 400% in less than two weeks. MOBOX is a platform that allows users to create, trade and earn non-fungible tokens, among others (NFT).
NFTs have a wide selection of digital collectibles, from art to sports trading cards. Because authorship, ownership, and copyright information are embedded into tokens, each one is unique.
If you are going to invest in cryptocurrency, you must know what it does, what problems it aims to answer, and how it competes with its competitors. So, while investigating MOBOX, I asked myself some questions that you might use when analyzing a new digital asset.
What is Cryptocurrency Mobox and How Does it Work
MOBOX is known as “GameFi,” a combination of the words “game” and “decentralized finance (DeFi).” The term “DeFi” refers to a range of services that eliminate middlemen in financial transactions.
This is a completely free to play play-to-earn game. MOBOX users use KEYS to access chests and earn random NFT MoMos, which can then be bought and sold. Some MoMo have unique characteristics that make them even more valuable.
Since you have so little influence over the types of MoMos you can unlock, this means there are a lot of possibilities. Axie Infinity (AXS), the most popular play-to-earn game today, is still one of the top cryptos in terms of revenue.
However, Axie faced a large financial investment to get started. MOBOX, on the other hand, claims that it is free to play, although you have to wager MBOX tokens or other cryptocurrencies to earn KEY tokens, which unlock NFTs. You can buy it, but it's no longer free.
Stalk GameFi is a mini Defi. This works in the same way as tying cryptocurrencies to interests on other platforms. MOBOX users can only wager MBOX and Binance currencies at the time of writing (BNB).
There are also instructional games such as Bear vs. Bull, a tug of war where users predict whether the price of Bitcoin (BTC) will go up or down in the next two minutes.
MOBOX is still in its infancy, but has already set some high goals for itself. Still, it's hard to see how it will compete with other more fun and strategic play-to-earn games.
It's also disconcerting that sites that claim to educate people about cryptocurrencies are instead focusing on sweepstakes, random chests, and lotteries rather than trading tactics.
Who is the Founder of MOBOX?
MOBOX boasted a team of over 30 people with “extensive experience building and operating a world-renowned social gaming platform” last year. However, on its website, there is no information about who these people are or what “extensive experience” means.
It's fantastic that they have a whitepaper, but I wonder who's leading the team and how much experience they have. Researching the people involved is an excellent method of avoiding crypto scams or poorly executed projects.