It's a bed in a box
Well, it's more of a bed in a footstool or ottoman, but it's still a small place for a single bed to fold away into. If you live in a studio apartment, this will allow you to keep your sleeping area tucked away in a corner. Or, if you're short on space and need a guest bed, this is a great solution.
When in bed form, the lid serves as a comfy head board.