The first cryptocurrency vending machine has emerged in the metaverse. This digital kiosk makes it easy to convert money into cryptocurrency to buy virtual goods and land. The tool was inaugurated in Decentraland, a universe where the local currency is MANA.
Decentraland, one of the interactive virtual reality platforms based on the Ethereum blockchain, recently added a cryptocurrency ATM to its metaverse. This virtual distributor is set up in partnership with Transactiona company specializing in infrastructure for the purchase of cryptocurrencies, and the studio Metaverse Architects.
“ Metaverse’s ATM is a user interface that allows players to walk around within a game and convert their fiat money into cryptocurrency, the local currency used for transactions”Transak explained on its official website.
With this vending machine, Decentraland users can easily buy MANA, cryptocurrency on the platform. It is also possible to convert fiat money, such as dollars, for other digital currencies. Funds are automatically paid into the digital wallet integrated into the platform. In the Decentraland metaverse, MANA makes it possible to buy virtual land, invest in non-fungible tokens (NFTs) or enjoy digital services.
Related: Meta Drops Novi, The Cryptocurrency Exchange Digital Wallet
Cryptocurrency, the currency of the metaverse
The developers have it clear inspiration for everyday life to develop infrastructure. The British startup determines that it is possible to recharge your account between two visits to virtual stores or even during a concert. Previously, the user had to exit the VR game to add cryptocurrencies to their account. From now on, there is no need to remove your virtual reality headset to recharge your wallet.
“The decentralized ecosystem is like visiting a new country with a different currency. If you want to make your first purchase in Decentraland, it requires a tedious amount of research on how to convert of your money in Ether and then in Mana”details the London firm, which is delighted to offer ” more direct route ».
Other vending machines of the same type should appear soon on the platform. In fact, Transak allows it digital plot owner to integrate a distributor in their land. For that, just contact the British company through its website. Unsurprisingly, Transak generates a profit by charging a conversion fee for each transfer.
By facilitating the conversion from one currency to another, Transak contributes toimproved interoperability between metaverses. As assured by Mark Zuckerberg, CEO and founder of Meta, interoperability is one of the major issues in the creation of the metaverse. The manager believes that it is important that the different virtual worlds are compatible with each other. Internet users should be able to transport a digital object, such as an NFT or currencies, from one universe to another. It is from this perspective that the Metaverse Standards Forum, a coalition of actors involved in the design of the metaverse, was born.
The future of payments in the metaverse
Among the entities that invested in a piece of land in Decentraland, we found many famous brands. For example, Samsung opened a pop-up store on the platform to showcase the Galaxy S22s in February. The world of luxury has also made a name for itself in this metaverse. Iconic brands such as Dolce&Gabbana, Elie Saab, Monnier Frères and Franck Muller have settled in Fashion Street, the fashion district of Decentraland.
The banking sector also showed interest in the Decentraland metaverse. In February 2022, JP Morgan, an American investment bank, revealed that it invested in a digital parcel through Onyx, its division dedicated to blockchain technologies.
Mastercard has filed 15 trademark applications for
▶️The Logo of its Circles
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At the same time, payment giants like Mastercard are planning to establish themselves in the metaverse. As shown in several trademark filings, Mastercard plans to launch payment solutions accessible in digital worlds. Mirroring Transak, the company wants to facilitate payments in the metaverse. Mastercard is on the rise “a virtual credit card, a virtual debit card and a virtual prepaid card”. The filings, which appear in the database of the United States Patent and Trademark Office, refer to the integration of cryptocurrencies. Note that American Express has registered trademarks for similar projects.
In the coming years, the metaverse should quickly establish itself as one of the privileged access points to cryptocurrencies. According to a study by Agora, 70% of developers in the sector believe that the metaverse will be “the most popular place to buy, store and sell cryptocurrencies”. It may replace traditional exchange platforms, such as Binance or Coinbase, in the future. To buy cryptos, Internet users are gradually favoring the virtual or augmented reality space over websites and applications.
Finally, the metaverse may join the mass adoption of cryptocurrencies. According to a study by the Boston Consulting Group (BCG), one billion Internet users will adopt crypto-assets by 2030.