People have used pegboard. The hole pattern is good in that it allows ventilation but not too much where you can't maintain some humidity. I think PVCx is better but pegboard is much much less pricey and the ventilation holes are already done.
Also, pegboard has a "shiny" side (or white vinyl side for the white pegboard) that can be used as is facing into the box. You don't need to coat the other side.
Pegboard flexes alot, so build a frame of pine 1x2s or 3/4" x 3/4" molding and glue it along the perimeter and down the center to minimize flex. Don't use liquid nails - the stuff offgasses for a long time. Use wood glue. It is safe and doesn't smell at all once dry.
If you don't frame the pegboard for rigidity, you may be dissappointed over time if the boxes are large.
Pegboard is surprisingly resilient to moderate humidity. No worries.