The play-to-earn game receives support from Binance Labs alongside the Binance NFT METAFund.
Gaming Platform Sector Gets Pushed by Binance Labs
Binance Labs, the venture capital arm and innovation incubator of Binance, announced their strategic investment in the metaverse game MOBOX.
The unannounced fund amount, detailed in a Nov. 18th blog post, included in the strategic investment will enable the team to develop the MOMOverse and MOMO Chain to complete the Decentralized Autonomous Guild (DAG) that the game’s players have created. This DAG will be used to build its Game Creator and NFT Creator tools, onboard game studios, expand intellectual property (IP), and deploy resources on the NFT Mystery Boxes Strategy.
“With the team experienced in developing and operating social gaming platforms, we believe that MOBOX can suggest a game-changing gaming platform and user experiences to develop the gaming platform sector even more. MOBOX is a project that we have high hopes for; MOBOX has been collaborating with the entire Binance ecosystem organically. It has been building the smart contracts on the Binance Smart Chain (BSC), selling the mystery boxes on Binance NFT Marketplace, and launching the token through Launchpool. These were all part of the strategic investment, and we hope to bring the innovation to the gaming platform with MOBOX,” stated Bill Chin, the Head of Binance Labs, in the official blog post about the strategic investment.
“We are excited about this announcement and to work closely with the entire Binance ecosystem to bring ‘fun to play’ and ‘play to earn’ gaming mechanisms to the Binance community while utilizing the speed and low gas fees of the BSC blockchain. On top of that, we want to share what we acquired while operating the team through the METAfund and hope to contribute in supporting promising gaming platforms and raising talented developers with Binance NFT,” added the co-founder of MOBOX in the official blog of the release.
With this collaboration, MOBOX will become the first metaverse to integrate with the Binance ecosystem enabling it to utilize Binance’s tools like Binance Mini Program, Binance Pay, and Binance NFT marketplace. In the brief time since launching in April 2021, the protocol has launched 3 NFT games that have attracted over 800k users within six months. There have been over 200 million NFT trades on the platform, with over 1 million NFTs minted on the Binance Smart Chain (BSC) network.
MBOX Token on a Tear
The day before the investment announcement, the MoBox (MBOX) token began rallying from trading at the $4.8 range on Oct.8 to nearly multiplying in price twofold to hit an all-time high of $8.52 on Nov. 19, according to data from CoinMarketCap. The token has a market capitalization of $545 million, with the trading volume be up by nearly 40% in the last 24 hours.
The token is a BEP 20 standard token with a supply of 1 billion tokens with a token distribution schedule extending up to 5 years. From the 6th year onwards, 50 million new MBOX tokens can be minted if the community votes for it. The distribution schedule is as below:
MOBOX is a community-driven Gaming Finance (GameFi) platform that simultaneously rewards users for their engagement and enjoyment. It is a play-to-earn (P2E) ecosystem that uses the MBOX token to power the economy based on the BSC network. As previously reported by BSC News, the Traders to Gamers series organized by BSC News had a giveaway from MOBOX, a major sponsor of the series. The protocol even gifted 3 NFTs to the BSC News.
Find more about the MOBOX here:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.