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 device 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, has just added a cryptocurrency ATM to its metaverse. This virtual distributor was set up in partnership with Transaka firm specializing in infrastructure for the purchase of cryptocurrencies, and the studio Metaverse Architects.
“ An ATM in the metaverse is a user interface that allows players to walk around inside a game and convert their fiat money into cryptocurrency, the local currency used to transact.explains Transak on its official website.
With this vending machine, Decentraland users can easily buy MANA, the platform’s cryptocurrency. It is also possible to convert fiat money, such as dollars, for other digital currencies. The currencies are automatically paid into the digital wallet integrated into the platform. In Decentraland’s metaverse, MANA makes it possible to buy virtual land, invest in non-fungible tokens (NFTs) or enjoy digital services.
Related: Meta Drops Novi, Its Cryptocurrency Exchange Digital Wallet
Cryptocurrency, the currency of the metaverse
The developers have obviously inspired by daily life to develop the infrastructure. The British start-up specifies 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 will no longer be any need to take off your virtual reality headset to recharge your wallet.
“The decentralized ecosystem is a bit 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 your money to Ether and then to Mana”details the London firm, which is pleased to offer ” a more direct route ».
Other vending machines of the same ilk should soon appear on the platform. Indeed, Transak allows digital plot owners to integrate a distributor on their land. For that, just get in touch with the British company through its website. Unsurprisingly, Transak generates profits by charging a conversion fee with each transfer.
By facilitating the conversion from one currency to another, Transak contributes toimproved interoperability between metaverses. As Mark Zuckerberg, CEO and founder of Meta, recently assured, interoperability is one of the major challenges in the creation of the metaverse. The manager believes that it is essential that the different virtual worlds are compatible with each other. Internet users should be able to transport a digital good, such as an NFT or currencies, from one universe to another. It is in 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 have invested in a piece of land in Decentraland, we find many famous brands. For example, Samsung opened a pop-up store on the platform to showcase the Galaxy S22s last 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 Decentraland’s metaverse. In February 2022, JP Morgan, an American investment bank, revealed that it had invested in a digital parcel through Onyx, its division devoted to blockchain technologies.
Mastercard has filed 15 trademark applications for
▶️Its Circles Logo
Indicating plans for
✅NFT backed media
✅Payment processing in the Metaverse
✅Marketplaces for digital goods + NFTs
✅E-commerce transactions in the Metaverse#NFT #Metaverse #Web3 pic.twitter.com/IlamOZ6OLZ
—Mike Kondoudis (@KondoudisLaw) April 8, 2022
At the same time, payment giants like Mastercard are planning to establish themselves in the metaverse. As several trademark filings show, Mastercard plans to launch payment solutions accessible in digital worlds. Mirroring Transak, the firm wants to facilitate payments in the metaverse. Mastercard notably develops “a virtual credit card, a virtual debit card and a virtual prepaid card”. The filings, visible 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 years to come, 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 become “the most popular place to buy, store and trade cryptocurrencies”. It could replace traditional exchanges, like Binance or Coinbase, in the future. To buy cryptos, Internet users would gradually favor virtual or augmented reality spaces over websites and applications.
Ultimately, the metaverse could participate in the mass adoption of cryptocurrencies. According to a study by the Boston Consulting Group (BCG), a billion Internet users would have adopted crypto-assets by 2030.