7 min read
Cryptocurrency mining is one of the most interesting and profitable processes we can face if our desire is to earn cryptos. However, it is no secret that the initial investment for mining is usually high.
However, as a response to this, other fun ways to participate in different crypto communities while playing games or interacting with others and earning cryptocurrencies or NFTs have emerged.
An example of this are the play to earn games with similar dynamics to yield farming like the game I will talk about today. Without further ado, let’s enter the wooded grounds of MOMO, the NFT farmer.
What is MOMO NFT Farmer?
MOMO NFT Farmer is one of the most popular gaming platforms of the MOBOX project. In it, for providing liquidity in the pools within the platform, you receive a unique NFT.
The more liquidity you provide, either by saving or depositing, the rarer it is and the more NFT you can collect.
What type of NFT do you earn?
The NFTs you will encounter are MOMOs, which are square creatures that have a hash power. Indeed, the hash power is an in-game power that increases the probability of receiving a higher amount of native MOBOX: MBOX tokens.
This way, while you are yield farming, you are not only rewarded with an NFT, but that NFT can be used in other MOBOX games that will help you generate MBOX Tokens that you can then exchange for cryptocurrencies.
Consequently, it is a free to play – play to earn game, since you extract resources from the game that you can enjoy later.
This game was developed by MOBOX, a platform that combines decentralized finance, NFT’s and video games to reward its players for their time invested.
It currently has three games available: Momo Farmer, Token Master and Trade Action.
In the pipeline are two games that, like Token Master, are interconnected with Momo Farmer: Block Brawler and MOMO Tactical Party Slayer.
As a project, MOBOX has been active since 2017 and is composed of a team with more than ten years of experience in the video game industry and four years in the Blockchain dApp industry. Among its objectives are:
How does it work?
To get a basic understanding of how MOMO NFT Farmer works, three aspects must be taken into account:
In order to start generating liquidity in MOMO NFT Farmer, to be able to access your MBOX and NFT, you must have the MOBOX Platform wallet.
In that sense, it works like any other Metamask wallet. Although, its access is easier, since you can register and log in with your social network accounts. In this wallet, you can:
- Transfer cryptos.
- Store your NFTs.
- Invest in other DeFi protocols.
As a favorable point, just like Bitnovo wallet, you can download it on your cell phone through the App Store or Google Play Store and on your computer as an add-on for your Google Chrome in the Google Web Store.
As mentioned, you can be rewarded by contributing liquidity in certain pools or creates (groups), which is automatically generated by CREATE contracts.
CREATE is a type of Yield Farming smart contract that detects your financial movements to generate a reward according to the amount of liquidity you achieve.
These rewards are token keys with which you can unlock boxes that will enable you to obtain your MOMO, which can vary in class and rarity.
Essentially, rarity is what you might be most interested in, since if it is epic, you have more hash power which will make you get more MBOX tokens.
Yield Farming Mechanism
- Go to the MOBOX website and choose the “MOMO NFT Farmer” option.
- Deposit stablecoins such as DAI, USDT or USDC into your MOBOX Wallet or use one of the eight liquidity pools available on the MOMO NFT Farmer homepage.
- Subsequently, automatically through smart contracts, you will acquire a key or token key that will unlock access to a chest containing your MOMO.
- Once you have the key, all you have to do is open the chest that has a MOMO. At that moment, you will find out what type of MOMO you got (if it is wind, earth, water or it is a creature or a human).
What else can I do in MOBOX after I have my NFT?
You can do three things:
- Put your MOMO in the “mining camp” option so that it instantly starts to farm the MOBOX token. For this purpose, the hash power is fundamental, since, according to it, the amount of MBOX you receive will be lower or higher, therefore, it is recommended that you get at least 4 MOMOS, since 4 make up a crew and, by having one, they give you 100 hash power as a bonus, which will increase your earnings.
- Sell it in the MOBOX market.
- Make use of it in other games such as Token Farmer to earn more money.
As a result, with the MBOX that your MOMOs earn, you can actively participate in the MOBOX community to support them in the decisions they make to guide the direction of the project, which, in turn, will earn you platform bonuses.
In itself, it is a win-win through liquidity mining. This process can be done over and over again for greater rewards.
Additionally, the MBOX you earn can be invested in GEM, an in-game currency used to improve the hash points, skills and qualities of your MOMOs in the MOBOX platform games.
We hope you found this brief tour of MOMO NFT Farmer useful!
To be honest with you, in the NFT world we have a lot to say, much more than we can convey to you in a single article.
So, to keep you up to date with the latest news in the cryptocurrency and NFT ecosystem, we invite you to check out our blog. There you will find all the information you are looking for and more.
For the time being, see you in a future article!