7 things to know before buying MOBOX

In a see-saw crypto market, MOBOX (MBOX) has been a big driver lately. It hit an all-time high towards the end of August, dropping from less than $ 2 to $ 10.81.

MOBOX is a cryptocurrency project with a variety of uses, and it is focused on online crypto games. Since this is always a smaller side, investors are hopeful that the price will continue to rise. However, he also has a few issues to be aware of. If you are interested in MOBOX, keep reading to find out more.

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1. MOBOX is a platform for crypto games and NFTs

Crypto games have become extremely popular in 2021, and this is the main niche for MOBOX. It offers free games where players can earn crypto in the form of MOBOX tokens. There is currently one game available on MOBOX – MOMO: Token Master, and two more are on the way.

Non-fungible tokens (NFTs) are a big part of MOBOX. Its MOMO NFTs are in-game characters that players can use, and they all have their own unique characteristics. Players can purchase NFTs or randomly unlock them using KEY tokens, which are earned by staking MOBOX or other cryptocurrencies.

While MOBOX has its own games and NFT, it also plans to allow users to create theirs on its platform. He is working on a game creator and an NFT creator.

2. You should try before you buy

Since it is free to play with MOBOX, you should visit their website and try out their MOMO: Token Master game if you are considering investing. You can get a feel for how it works and see if you think it will be successful.

Some users have complained that the gameplay on MOBOX is too simple. Although I am not a crypto gaming enthusiast, I thought the same during my test of MOBOX. It didn’t sound so entertaining, and I doubt his long-term performance, especially when he has already established competition in Axie Infinity (AXS).

3. It also offers DeFi

Another concept that has become much more popular this year is decentralized finance (DeFi), which consists of financial services without an intermediary. One example is decentralized exchanges that facilitate transactions using smart contracts and user-contributed crypto funds.

In the case of MOBOX, it offers decentralized exchanges between its MOBOX cryptocurrency and Binance Coin (BNB). It does this with a cash pool – a pool of MOBOX and Binance Coin contributed by users. Anyone who owns both and is interested in crypto staking can lend their funds to MOBOX’s cash pool and earn rewards.

While this is a start, other decentralized exchanges offer a lot more liquidity pools and trading options.

4. MOBOX cryptocurrency has a variety of uses on the platform

We have 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 holders the right to submit and vote on proposals related to the project. Indeed, everyone who owns MOBOX helps decide its future.

The token is the in-game currency of MOBOX. It’s both a reward you can earn while playing and the way you make in-game purchases, such as purchasing characters.

You can also stake MOBOX into the platform’s cash pool to earn rewards, stake it for a chance to win Mystery Boxes with NFT MOMOs, and use it to bid on NFT auctions.

5. MOBOX was a Binance Launchpool project, which resulted in a price increase of over 450%

The Binance Exchange regularly places DeFi projects on its Binance Launchpool. For 30 days, its users can stake their crypto and earn rewards in the project.

On August 19, 2021, Binance announced that MOBOX was the 22nd project chosen for Binance Launchpool. Since Binance is one of the largest cryptocurrency exchanges, the results were immediate.

MOBOX’s value almost tripled on that day alone. And in just over a week, the price had risen by over 450%.

6. 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.

Although Binance also has MOBOX, this is currently only the case for customers outside of the United States. On Binance.US, the US version of the exchange, MOBOX is not available.

There is another option if you have a Binance.US account. You can buy Binance Coin and then go to the MOBOX website. On the MOMO Farmer page, you can then trade Binance Coin for MOBOX.

7. He may have already reached his peak

As of this writing, MOBOX has fallen more than 20% from its all-time high. Although it has not seen a drastic drop, the price has followed a downward trend.

When a cryptocurrency rises in price and popularity, it’s tempting to believe that it will continue. But for many cryptocurrencies, the hardest part is keeping the momentum going. The market is full of investors who have bought after the peak of a cryptocurrency and are hoping that it will regain that initial success.

MOBOX could certainly continue to do well if it attracts enough players. This recent drop may only be a temporary setback on the path to larger gains. Or, it might not be spreading, and her brief August run might be her best time.

Considering the competition from MOBOX and the lackluster game it offers, I lean towards the latter scenario. Proceed with caution if you decide to invest.

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About Jimmie T.

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