Money in metaverse
It is the first and most basic requirement to make metaverse purchases. Virtual platforms like the Sandbox and Decentraland require users to have a crypto wallet before creating an account on the platform. The most popularly used wallet is MetaMask, and it can be linked with the platform of your choice. Users can add their native currency using a credit or debit card and exchange it for crypto tokens of their choice, depending on where they wish to transact.
2. NFT-based cards
However, Mastercard and Coinbase have since simplified the process. They have entered into a partnership to create the first NFT-based card. Mastercard users can simply log on to the Coinbase NFT interface and straightaway purchase NFTs with their respective credit or debit cards.
Both partners aim to engage a larger share of crypto enthusiasts with this move and also make NFT-based transacting more secure in the process.
3. Metaverse tokens
For example, the Canadian firm Tokens.com made a $2.43 million land purchase on Decentraland for 618,000 MANA, which is the native currency of Decentraland. Similarly, Sandbox uses SAND, Blockchain-based game Axie Infinity uses AXS, etc., in the buying/selling process.
Every metaverse token can be re-exchanged for fiat currency whenever the owner wishes. Here are some of the most popular cryptocurrencies that can be used to make purchases in the metaverse:
Metaverse platforms have opened new avenues for business. Experts at crypto giant Grayscale believe the metaverse offers businesses revenue opportunities worth $1 trillion. There is potential in advertising, hosting online events, e-commerce, and the supporting hardware industry. Organisations have shown increasing interest in metaverse projects, and they continue to do so as developers keep expanding and developing the digital universe through numerous tech innovations.
It’s only been a short while since the metaverse opened its door for business. Despite this, there have already been some really astounding, record-breaking transactions, especially in the digital real estate market. The best-known example is the record $4.3 million deal in which digital land developer Republic Realm purchased a plot on the Sandbox platform.
(Edited by : Yashi Gupta)