During 2021, alongside the explosive growth of the NFT market, the GameFi track also rapidly ascended, with various blockchain-based game products emerging en masse.

As the name suggests, the combination of Game and DeFi elements shapes the fundamental product form of GameFi, offering entertainment through gameplay while incorporating DeFi’s economic structure. This allows players to earn while they play, a characteristic widely known as the P2E (Play-to-Earn) model in the blockchain industry.

The emergence of the GameFi concept attracted substantial attention and caused a sensation. Although it wasn’t as widely recognized as Metaverse, it received sufficient acknowledgment as a concept pathway to the development of Metaverse.

This led to the introduction of numerous popular GameFi products, including many high-quality original products. Several non-blockchain games also joined in via chain reform.

However, the arrival of the market winter in 2022, and the subsequent shrinkage of the overall environment, dealt a significant blow to the GameFi track. Many GameFi products even liquidated and exited the market. However, some larger-scale projects withstood the impact, and due to their rich digital asset portfolio, many GameFi projects’ issued NFTs and cryptocurrencies still circulate and apply in the market today.

The price performance of these NFTs or cryptocurrencies in the secondary market has become the barometer for crypto users to understand the corresponding GameFi project.

The recent good trading volume performance of MOBOX NFTs in the NFT market illustrates this point.

What is MOBOX?

Launched on the BSC chain in 2021, MOBOX aims to offer users a seamless cross-chain application experience to meet various on-chain demands.

MOBOX is more than just a game. It is a community-driven GameFi platform that enhances player engagement and entertainment by distributing governance tokens, MBOX. Its robust economic model merges the benefits of DeFi and NFTs, using financial mechanics and gaming attributes to incentivize users, provide them with greater autonomy, and create a unique Play-to-Earn ecosystem.

MOBOX is an ecosystem that encompasses various elements of cryptography. Within this ecosystem, users can participate in Staking and NFT Minting, and trade their products. They can also participate in game development and social gameplay. As it combines the attributes of cryptocurrency, DeFi, NFTs, and gaming, it is a comprehensive platform. It was one of the rare quality projects at the time that could integrate the benefits of DeFi and NFTs.

（Source: mobox.io）

To attract more participants, the MOBOX team developed a comprehensive set of decentralized tools and an advanced smart contract system, intending to allow anyone to engage in various platform games and interactions.

On this decentralized platform, whether it involves participating in liquidity mining, designing and creating unique NFTs, developing games, or merely utilizing all tools provided by the MOBOX platform, every user contributing to the MOBOX ecosystem will receive corresponding rewards from the platform.

After its launch in 2021, MOBOX released new NFT games based on its platform according to its roadmap. MOBOX NFTs can be used across different games and fully satisfy the Play-to-Earn mechanism.

The Structure of the MOBOX Platform

Overall, the MOBOX platform consists of three main components:

1. The NFT Market: This is a decentralized marketplace where users can trade, lend, and rent NFTs within the MOBOX platform. The project extracts 5% from NFT sales, 80% of which is used for buybacks and burning.
2. The GameFi Gaming Platform: This is a part of the MOBOX ecosystem that offers a platform for independent game developers. Users can choose games to play and earn simultaneously. In parallel, developers can utilize in-platform tools for game development and launch, participating in the revenue sharing of their own published games.
3. Built-In Games: The MOBOX platform has, to date, introduced six built-in games, namely MOMOverse, Clash of MOland, ChainZ Arena, MOland Defense, Block Brawler, and Token Master. These games follow various gameplay directions based on NFTs, including staking, PVE, PVP, and RPG, offering the platform users a diverse range of digital asset application scenarios.

The elements tying these various components together are the MOMO NFT and the governance token MBOX, along with the mystery boxes connected to various digital assets within the MOBOX platform.

Engaging Applications on the MOBOX Platform

Here, we enumerate some of the applications available on the MOBOX platform.

BOX Wallet: BOX Wallet is the primary MOBOX platform wallet, designed to facilitate user participation in platform games and other applications.

（Source: mobox.io）

MOMO NFT: MOMO is an NFT (Non-Fungible Token) asset of the MOBOX platform, akin to the creatures found in the AXIE game.

（Source: mobox.io）

Users can engage with the NFT market on the MOBOX platform, buying and selling MOMO NFTs freely. Additionally, they can acquire MOMO through blind box purchases or via applications.

Naturally, NFT strategies on the MOBOX platform also encompass rental and collateralization. Users can lease MOMO NFTs from other players in the rental market to participate in various platform games.

Liquidity Mining: Users can participate in mining after collateralizing MBOX. Currently, the MOBOX platform offers a range of annual acceleration plans for user selection.

MOMO NFT Mining: The MBOX revenue that can be obtained from participating in NFT mining depends on the total computational power of the MOMO NFTs a player owns. For instance, a team owning a set of rare MOMO NFTs will have an additional fixed computational power bonus of 300, guaranteeing a minimum total computational power of 320. This not only enables participation in mining but also allows engagement in various in-platform games for corresponding returns. Owning multiple sets of rare MOMO NFTs will allow participation in various applications within the MOBOX platform simultaneously.

Engaging in BOX Treasure Chest Application and Trading: The application price for a BOX Treasure Chest is one-fifth of the average market selling price. Players can choose to sell the chest to profit from the price difference.

Participating in In-platform Games: Skilled gamers have numerous ways to earn additional profits, such as refining equipment in games, trading equipment, ranking rewards, and more. They can also choose to rent MOMO NFTs to participate in games.

An Overview of Digital Assets on the MOBOX Platform

The digital assets within the MOBOX platform can be broadly categorized into two types: MOMO NFT and MBOX tokens.

MOMO is an NFT asset unique to the MOBOX platform. Each MOMO NFT presents as a square-shaped animal character. These NFTs can be used within MOBOX games, offering a ‘play-to-earn’ mechanism.

（Source: fraternidadecrypto.com）

Each MOMO NFT is assigned a randomly generated ‘power’ value, which can be augmented by consuming other MOMO NFTs. The total power is the cumulative power of all MOMOs a user owns. The distribution of MBOX tokens relies on the weighted average of a user’s total MOMO power across the platform.

Every MOMO NFT has a unique set of attributes, symbolized by different colors that represent different qualities: Common, Good, Excellent, Rare, Epic, and Legendary. Each quality tier has a different starting power. MOMOs of rare quality with power ≥30 have a renaming attribute and can be upgraded, which significantly enhances their power. MOMOs of epic quality have a renaming attribute and those with power ≥80 have a messaging attribute. All NFTs of rare quality or above can be upgraded by consuming lower-quality NFTs. Upgrading does not change the quality of the NFT, but it substantially increases its power. Different qualities have different upgrade requirements.

MBOX is the native cryptocurrency of the MOBOX platform, conforming to the BEP-20 standard of the Binance Smart Chain.

Interestingly, MBOX is a fair-launch token, meaning that the development team did not pre-mine or sell tokens to investors during seed rounds or other public or private issuance periods. The project gradually releases MBOX tokens to the market according to a five-year distribution timetable, reducing the amount of tokens distributed each year, until it reaches a total supply of 1 billion. Beyond this period, the community might mint an additional 50 million hard tokens.

Moreover, MOBOX operates a repurchase and burn pool—funded by 80% of the platform fees—which automatically buys MBOX from the secondary market and burns tokens when their price falls below the 72-hour average.

It is noteworthy that MOBOX has another native token named veMBOX, which cannot be traded. Users can obtain veMBOX by staking MBOX for a specific period.

Holders of veMBOX can potentially triple their earnings and vote on important community governance decisions. Conversely, MBOX can be used for transactions with other users, for trading and leasing NFTs, and to purchase items and game tokens within the platform’s games.

Besides these functionalities, MBOX’s chief purpose is to incentivize platform users. After all, the platform operates on a community-based model with a Decentralized Autonomous Organization (DAO) governance mechanism. Furthermore, MBOX can be used for NFT lotteries, auctions, and other events held on the platform.

The Evolution and Market Performance of MOBOX

Since its launch, the MOBOX platform has achieved impressive results, being recognized as one of the representative projects of the comprehensive GameFi ecosystem at the time. Compared to its contemporary, Axie, MOBOX’s overall ecosystem framework is much larger. It doesn’t integrate various DeFi elements into one game product like typical GameFi platforms. Instead, it breaks down different elements, providing an independent gaming carrier for each economic factor.

In addition, the platform incorporates game developers and community groups into its ecosystem, thus injecting sustainable growth impetus beyond project products. For instance, the built-in games within the MOBOX platform have grown from three to six.

Over the past two years, MOBOX has gained various implications within the industry. Initially coveted as a key layout in the GameFi track within the BSC ecosystem, MOBOX thrived amidst the booming wave of NFTs, eventually achieving commendable market performance.

Of course, with the expansion of the MOBOX platform itself, there have been some shifts in the developer and community systems built around NFT applications.

One notable change is the development of a full suite of DeFi gameplay centered around MBOX. The platform has successively withdrawn from the trading market, and introduced new farming contracts, a variety of token pools, and a comprehensive chat system.

Perhaps what intrigues users the most is the governance protocol of the platform community’s DAO, and the efforts in building the foundation for its diverse gaming ecosystem — MOBOX Chain. The work done around these developments has been a common interest among users in the past two years.

The MOBOX Chain is a public chain infrastructure built for players and developers. As a fundamental platform infrastructure, it focuses more on instant user interactions on the chain and the interaction between MOBOX Chain and other public chains. It further provides scalability, aiming for a zero gas fee target, ultimately lowering the cost for users to participate in various gameplay within the platform ecosystem. To date, the latest news about MOBOX Chain involves various technical details released for developers in the fourth quarter of 2022.

To date, MOBOX has become the most representative blockchain gaming platform. It currently boasts an enormous ecosystem consisting of a community and various applications, and the price of its NFT often maintains a high floor price in the platform’s trading market.

Even the subsequent market downturn didn’t inflict a fundamental blow to MOBOX. Although its market cap shrank by nearly half, the impact on the platform’s application level wasn’t particularly severe. Meanwhile, the price of MBOX experienced significant volatility, with the lowest price dropping to $0.14, roughly a tenth of its peak value.

Conclusion

Despite the retreating trend of the crypto market in 2022, reflected in the development of MOBOX, the more profound significance lies in the steps taken after the bubble burst. The key for MOBOX has been figuring out how to better concretize the concept of GameFi into application products that more closely align with user needs.

In light of this, MOBOX has not ceased its development and exploration.

One of the major advantages of MOBOX is the diversity of its gaming ecosystem. The platform places a high value on community building and user experience. The establishment of the DAO and community fund, combined with regular gaming competition events, has attracted many players to stay on the platform for the long term.

In summary, MOBOX is a promising project. From its inception, it brought new possibilities to the blockchain gaming and NFT ecosystem, embodying specific innovation in the GameFi concept. If GameFi becomes a hot topic once again in the future, MOBOX may well deliver even more pleasant surprises to its users.