The moodboard, also known as an inspiration board, is an overview of inspiration material. The selected pieces relate to a theme specific to your project, brand or company. They can be magazine pages, screenshots of sites, images, drawings, words, diagrams and so on. The aim is to lay out and show a selection of creative ideas and concepts, to settle on an artistic direction for the next stages of your project. The moodboard is the equivalent of a UI benchmark.
The cataloguing process lets you list creative ideas, find sources of inspiration, and also share a common base to discuss and iterate on with clients. Here, before talking pixels or technique, the point is to bring out the emotion, the feeling. This phase shouldn't be taken lightly: it will save you time and effort during art direction and later when producing the high-fidelity mockups in the UI sprints.
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