You’ve probably heard the term “Metaverse” before. If not, you may have heard it Facebook changed its name to Meta because it plans to offer products and services within the metaworld. So what is it? In this article, we will provide a guide to the metaworld and its connections with cryptocurrencies.
What is the Metaworld?
The metaworld is a virtual world or digital universe where people can connect. The metaworld is still in its infancy as virtual reality headsets are not widely available or mainstream. However, the idea is that one day people will be able to socialize, work, attend meetings and meetings, have fun, earn money and basically live in a virtual world. Currently, there are several cryptocurrencies that help fund Metaverse crypto projects.
Why Does the Crypto Metaverse Matter in 2023?
In 2020, there was a change. People were forced to work from home and attend online meetings via video. Since then, many people prefer to work from home, and companies see fewer and fewer reasons to force employees to return to the office. This has led to the emergence of many online and virtual businesses looking to take advantage of this new era where people mostly stay at home. Virtual reality games and headsets aren’t new, and neither is the idea of a metaworld, but we’re starting to see a virtual world come to fruition. The development of this space will continue in 2023 and beyond.
Key Features of Metaverse Crypto Projects
With the digital universe comes digital payments. Cryptocurrency is important because it allows people to trade peer-to-peer and eliminate banks. In a metaworld where thousands of 3D worlds are connected, there is no room for centralization. It’s about people connecting with others virtually.
Crypto facilitates payments in the metaverse. If you want to buy digital land, you need to buy it with cryptocurrency. If you want to buy an NFT in the game, you need to buy it with cryptocurrency. If you want to purchase a ticket to a virtual event, you will need cryptocurrency. For all of these items, whether it’s a ticket or a piece of land, each of them is an NFT, making them unique and fraud-proof. This gives value to items, allowing people to earn money while playing games or exploring the metaworld.
What are Metaverse tokens and coins
There are several Metaverse coins helping to fund and operate Metaverse crypto projects. The most popular projects include games in which players can earn money on cryptocurrencies.
The most popular Metaverse coins in 2021 included:
Sandbox (SAND)
Sandbox is a game that allows players to create 3D games and monetize their gaming experience. Players can use the SAND token to buy and sell in-game assets and integrate them into their game creations. Players can buy land, build on it, and rent it to increase its value.
In January 2021, SAND was trading at $0.09 and is currently trading at around $4.49.
Decentraland (MANA)
Decentraland is a virtual world where users can buy plots of land and make money on them. Users can rent land to others, host events on their land, build and use the Decentraland marketplace to buy and sell items using the MANA token. Virtual concerts and events can be organized on Decentraland, and users can meet others and go sightseeing while earning money.
MANA price was $0.11 in January 2021 and is currently $2.83.
Axie Infinity (AXS)
Axie Infinity is a game that allows users to buy, sell, breed and battle creatures called axies. Each axle is unique, and users can earn tokens by winning battles against other players and completing tasks with their axes. Players can also farm axes and sell them.
A year ago, the AXS price was $0.6, and it is currently $70.
How and where can Canadians buy Metaverse cryptocurrency?
You can buy Metaverse cryptocurrencies on popular cryptocurrency exchanges including Binance and Crypto.com. See our guide to the best exchanges in Canada for help choosing a good cryptocurrency exchange.
To buy Crypto Metaverse coins on crypto.com, simply register and create an account.
After verification, you can make a deposit to your fiat wallet. Crypto.com makes it easier for Canadians because it supports Interac e-Transfers.
- Go to accounts
- Choose a fiat wallet
- Select transfer
- Select deposit. If you haven’t already done so, select “set up new currency” and select Canadian dollars.
- Then instructions will be displayed. You will see the e-mail address to which the payment should be sent and the reference number to be provided in the message when making the e-transfer.
- Go to your bank and make an e-transfer. Once you have made your payment, your payment should arrive quickly, but may take up to 48 hours to process.
- Once the money is in your fiat wallet, you can search for the Metaverse coin you want to purchase.
- On the home screen, select “trade” and then “buy”. You will see a list of cryptocurrencies. You can search for the one you want in the search bar. Select the coin you want to buy and then you will see purchasing options. Click “fiat wallet” at the top. Now you can adjust the number of coins you want to buy. Follow the instructions to confirm your purchase. The app may ask you to enter your password or biometric data.
After making the purchase, the coin will appear in your cryptocurrency wallet.
Should I get involved in the Metaverse?
The metaworld is just getting started. We believe that getting involved now, or at least educating yourself about it, is a good choice. Many well-known companies are involved in the metaworld, not just crypto projects. Facebook has changed its name to Meta, which shows how seriously they take the meta world. Facebook plans to create products and services that allow people to connect in the meta-world, and we think other companies will soon follow suit.
