The first cryptocurrency vending machine has appeared in the metaverse. This digital kiosk makes it easy to convert money into cryptocurrency to buy virtual goods and land. The device was discovered in Decentraland, a universe where the local currency is MANA.
Decentraland, one of the interactive virtual reality platforms based on the Ethereum blockchain, has just added a cryptocurrency ATM to its metaverse. This virtual distributor was created in partnership with Transak, a cryptocurrency buying infrastructure firm, and Metaverse Architects.
“ An ATM machine in the metaverse is a user interface that allows players to walk inside the game and convert their fiat money into cryptocurrency, the local currency used to conduct transactions,” explains Transak on its official website.
With this vending machine, Decentraland users can easily purchase MANA, the platform’s cryptocurrency. It is also possible to convert fiat money such as dollars to other digital currencies. Currencies are automatically paid out to a digital wallet integrated into the platform. In the Decentraland metaverse, MANA allows you to buy virtual land, invest in non-fungible tokens (NFTs), or use digital services.
Related: Meta Drops Novi, its digital cryptocurrency exchange wallet
Cryptocurrency, the currency of the metaverse
The developers were clearly inspired by everyday life to develop infrastructure. The British startup clarifies that it is possible to top up the account between two visits to virtual stores or even during a concert. Previously, the user had to exit the VR game in order to add cryptocurrency to their account. From now on, you will no longer need to take off your virtual reality headset to replenish your wallet.
“A decentralized ecosystem is a bit like visiting a new country with a different currency. If you’re looking to make your first purchase on Decentraland, it will take the tedious research of how to convert your money into Ethereum and then into Mana,” elaborates the London-based firm, which is happy to offer a “more direct route.”
Soon, other vending machines of the same type should appear on the platform. Indeed, Transak allows digital site owners to integrate a distributor on their land. To do this, simply contact the UK company through their website. Not surprisingly, Transak makes a profit by charging a conversion fee on every transfer.
By making it easy to convert from one currency to another, Transak helps improve the interaction between the metaverses. As Mark Zuckerberg, CEO and founder of Meta, recently assured, interoperability is one of the biggest challenges in building the metaverse. The manager considers it important that different virtual worlds are compatible with each other. Internet users should be able to transfer digital goods such as NFTs or currencies from one universe to another. It is from this perspective that the Metaverse Standards Forum, a coalition of participants involved in the design of the metaverse, was born.
The Future of Payments in the Metaverse
There are many well-known brands among the organizations that have invested in the plot of land in Decentraland. For example, last February, Samsung opened a pop-up store on the platform to showcase the Galaxy S22. 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 on Fashion Street, Decentraland’s trendy district.
The banking industry has also shown interest in the Decentraland metaverse. In February 2022, US investment bank JP Morgan revealed that it had invested in a digital package through Onyx, its blockchain technology arm.
Mastercard has filed 15 trademark applications for
▶️His circles logo
Specifying plans for
✅Metaverse Payment Processing
✅Marketplaces of digital goods + NFT
✅Metaverse E-Commerce Transactions#NFT #Metaverse #Web3 pic.twitter.com/IlamOZ6OLZ
— Mike Kondoudis (@KondoudisLaw) April 8, 2022
At the same time, payment giants like Mastercard are planning to gain a foothold in the metaverse. As several trademark filings show, Mastercard plans to launch affordable payment solutions in the digital world. Like Transak, the firm wants to make payments easier in the metaverse. Mastercard, in particular, is developing a “virtual credit card, virtual debit card and virtual prepaid card.” The applications visible in the database of the US Patent and Trademark Office are related to the integration of cryptocurrencies. Please note that American Express has registered trademarks for such projects.
In the coming years, the metaverse should quickly establish itself as one of the preferred hotspots for cryptocurrencies. According to Agora research, 70% of developers in the sector believe that the metaverse will become “the most popular place to buy, hold and exchange cryptocurrencies.” In the future, it may replace traditional exchange platforms such as Binance or Coinbase. To buy cryptocurrency, Internet users will gradually prefer virtual or augmented reality spaces over websites and applications.
Ultimately, the metaverse can participate in the mass adoption of cryptocurrencies. According to a study by the Boston Consulting Group (BCG), by 2030, one billion Internet users will be using crypto assets.