Turn your NFTs into yield rewards with MOBOX’s GameFi Mechanics
What is MBOX?
The MBOX token is a utility token used by MOBOX, which aims to create a gaming platform with community-driven games that are free to play, while rewarding players with their Play To Earn system.
Currently launched on the Binance Smart Chain Network (BSC), the MBOX token can be utilised in a various number of ways on the platform. These include:
- Processing transactions on the MOBOX platform
- Staking for platform bonuses
- Governance voting for allocating resources on MOBOX
- Gamified rewards for players through gamification techniques
To emphasise its community-driven approach, MOBOX aims to reward users for generating and sharing content such as articles, images, and short clips in their planned MOBOX Social Platform. Users can also earn rewards through their Achievement System which rewards players when they achieve various goals such as signing up or collecting MOMO NFTs in-game.
Photo: A Guide to MOMOs – mbox.medium.com
What are MOMOs ?
MOMOs are Non-Fungible Tokens (NFTs) found in the MOBOX gaming ecosystem and are built upon the BRC1155 and BRC721 standards. While the NFTs come in all size and colours, they are shown as a cuboid object and comes in various rarities as well.
MOMOs can be traded, staked, or upgraded, and they are an essential part of MOBOX’s GameFi economy. To obtain one, players can purchase them on the MOBOX NFT Marketplace, or obtain a Key to unlock chests and get a MOMO.
A unique feature of the MOMO is its assigned hash power that dictates the amount of MBOX tokens mined. The total hash power is calculated by adding up the hash power of all MOMOs that the user has, and this affects the amount of MBOX tokens mined per day.
While the NFTs are currently built on the Binance Smart Chain (BSC), MOBOX plans to build a NFT bridge between Ethereum and the Tron network to allow them to be exchanged within blockchains.
Adding liquidity lets you accumulate Keys to unlock MOMO NFTs
GameFi – Combining Gaming, Defi, and NFT Yield Farming
By using NFTs as an essential interoperable asset on the platform, MOBOX uses it to bridge its gaming aspect and decentralised financial feature which includes liquidity pools and yield farming.
Various liquidity pools, also known as Crates on the platform are available for users to choose from, and it allow users to benefit from automatic compounding by smart contracts. What’s more, players can earn Keys by staking in Crates or they can swap their cryptocurrencies for Keys in the integrated PancakeSwap feature.
Once the chests are unlocked with the Keys and the NFT is obtained, players can choose to use them in the various MOBOX’s games such as Token Master or Block Brawl, otherwise they are automatically staked on the platform to earn MBOX tokens for the user.
Interested to find out more about MOBOX? Find out more about them via their site here.
