Metaverse is one of the hottest topics in the world right now. To be honest, it has been a burning question since Facebook announced its rebranding back in October 2021. The company announced its plans to be a metaverse company unleashing the virtual universe for our entertainment.
However, the metaverse is more than just a portal for virtual frolics and networking. Experts say that the metaverse will transform human society from social networking to shopping, investing, and trading. This is also an indicator that the metaverse will act as a catalyst to establish virtual economies using cryptocurrencies.
If you are wondering what role crypto will play in this transformation and how people will be using crypto, you are in the right place. Let us explore the role of crypto and strategies for its usage.
Role of Cryptocurrency in the Metaverse
Just like any world economy in the real world, even a digital economy in the metaverse will need money and currency. This is where cryptocurrency comes into the picture, as these digital coins will act as your virtual cash to buy, sell, invest and trade.
You will be using cryptocurrency for instantaneous transfer when buying and selling digital assets. The crypto built on blockchain technology will alleviate any intermediary brokers, agents, banks, and authorities.
This will give you 100% control over your crypto coins and use decentralized technology to protect your personal and transactional details. As you enter the metaverse using an avatar, you will need cryptocurrency to dress up your avatar with clothes and accessories.
Cryptocurrency in the Metaverse Today
Metaverse is not here as a full-fledged digital world open for all. However, the crypto coins are already showing promising signs of the role they will be playing in the metaverse. Blockchain technology is already offering robust and quick transactions while ensuring trust and security.
Many existing metaverses, such as Decentraland, are already minting their own crypto coins. For instance, Decentraland’s cryptocurrency is known as ‘MANA.’ Therefore, if you are a player or user of Decentraland and wish to make a purchase, you will have to purchase MANA crypto.
Similar to metaverse crypto coins, another metaverse, the Sandbox, has its native crypto known as SAND. Another metaverse Enjin’s native coins are ENJ. However, these are not all, as several other upcoming metaverses are coming with their personal native cryptocurrencies. However, many metaverses support multiple cryptocurrencies.
So, you can be a metaverse enthusiast, trader, investor, or a business interested in creating your own digital world; you will have to be well-versed in the niche.
Crypto and NFTs
Non-fungible tokens, or NFTs, will be the digital assets of the metaverse. These can be digital artwork, pieces of land, real estate properties, books, music, clothing, accessories, stocks, and more. In order to make these metaverse purchases, you will need crypto coins.
The idea behind owning NFTs is an important one. The sooner you know how to invest in NFTs or earn money in the metaverse, the better it is for you.
Crypto and Investors
As metaverse economies start growing, the investors will be able to reap profits through ventures within the Digi-verse. This will be similar to making investors in the real-world investment market or stock exchange.
As a metaverse investor, you will be able to buy properties, stocks, and other assets and sell them for short-term and long-term profits.
Metaverse Crypto? Is it a good idea to Get in?
While the metaverse may still be in its infancy stage, the future role of crypto coins is already quite clear. If you have been on the fence about whether cryptocurrency has any future in the metaverse, the fact that Facebook oversees its own cryptocurrency Diem should clear your doubts.
Facebook plans to introduce a universal metaverse to which everyone in the world can connect. The best part is that this global metaverse will have a single cryptocurrency without any manipulation or monopoly of a single currency, like what you observe in the fiat currency.
4 Uses of Metaverse Crypto
You will be able to design and use metaverse cryptocurrency for myriad purposes in a virtual ecosystem. However, here are the four uses that are most worth mentioning.
- You will be able to transfer value.
- The crypto coins will empower governance of the assets in the most authenticated manner
- Your assets’ ownership will come with 0% discrepancies and enables 100% ownership authentication
- It will enable other customized functionalities in the associated metaverse
6 Steps to Buy Metaverse Crypto
Here is how you will become a metaverse cryptocurrency owner.
- You will sign up on a crypto brokerage platform.
- Select the number of crypto coins you wish to buy.
- Make payment with your traditional currency.
- You can even convert or exchange your existing crypto coins into the ones you need.
More and more meta-crypto are appearing more frequently. This pace will continue to gain momentum as more and more metaverses start to appear on the horizon. That said, the above-mentioned metaverse platforms are showing real potential for profits in the recent future.
Therefore, if you wish to buy metaverse crypto, you can start by exploring any metaverses mentioned in this post. If you need help minting NFTs or even building your own metaverse, we at Prolific Studio can help you do that and more.
Conclusion
Even when you do know that crypto coins will be the future currency, it is best not to make any rash decisions or rush into the frenzy. The talk about a virtual verse has been around for many years now – remember the Spy Kids movie or even the Matrix? So, it is all still up for speculation.
However, if you wish to get a taste of what is to come, you can explore various metaverses such as Decentraland, the Sandbox, and many others. It would help if you also remembered that the crypto in the metaverse would come with its own perks and risks. So, whatever you do, it is always a good idea to proceed safely and take all precautions to make informed decisions.
