DeFi mixed with NFTs for a fun gamified experience
MOBOX is a force to be reckoned with, that could shake the DeFi space as we know it. They’ve had 40,000 NFTs minted, $10,000,000 in NFT trades, and 200,000,000 TVL in the first week of launch. But what is MOBOX all about?
The team behind MOBOX has lots of experience in developing and running social gaming platforms in the blockchain space. By the end of last year, the team was already working on plans to combine decentralized finance (DeFi) with digital collectibles (NFTs). That’s when the idea for Mobox.io came up. This is now a platform that combines free-to-play-to-earn gaming with NFT yield farming and DeFi.
The MOBOX platform engages users through a mix of gaming, NFT, and DeFi mechanics, using liquidity pools, yield farming, and NFTs. You could call this GameFi.
Users can create all kinds of strategies to optimize their yield, but also create a unique NFT that they can use across a multitude of games. The platform and infrastructure have already seen significant growth. At the time of writing MOBOX has been live for one week, and NFT trading has already exceeded a total volume of $5 million.
How does MOBOX work?
Every MOBOX user can supply stablecoins (i.e. BUSD or USDT) or liquidity-pool tokens from pools indicated by the team. By locking these tokens into the platform, users earn a yield. The system automatically compounds earnings into the pool, benefiting the user and their earnings. Also, players can earn keys this way. Users need these keys to open chests. Once the chests open, they will reveal a unique NFT. MOBOX already has $150,000,000 worth of tokens staked on their platform and Currently only supports Binance Smart Chain
The NFTs then become active on the platform and can be staked to mine the MBOX governance token. There are different NFTs with certain rarity levels. The more unique an NFT is, the more mining power it has. In addition, users can sell these NFTs on the MOBOX NFT Exchange or use them in games. The most valuable NFT sold so far on the secondary market for $60,000.
Where’s Mobox going?
Mobox is working on a bridge to transfer NFTs between Binance Smart Chain, Ethereum, and the Tron blockchain. These so-called Momo NFTs work in multiple games, giving users interoperability between different games and different blockchains.
This year they will launch three different NFT games. The NFTs can be used in each of these games, while also providing a play-to-earn mechanic. Mobox sees itself as a next-generation platform combining saving, earning, and fun into one.