From buying luxury clothes to buying a virtual mansion next
door to Snoop Dogg, shopping is a key component of the platforms that make up
this burgeoning virtual world. To achieve all of this, though, you'll need
money. To get started, here's everything you need to know.
Get yourself a cryptocurrency wallet:
You'll be prompted to create a crypto wallet before you can
even make an account on metaverse sites like Sandbox or Decentraland. This
wallet will house all of your digital cash. Meta Mask is a popular wallet that
can be set up using either a phone app or a Google Chrome browser plugin.
You may use your debit or credit card to convert U.S.
dollars (or whatever fiat currency you're using) to bitcoin in your wallet.
Conversion will be facilitated via crypto exchanges like Wyre or Transak but
be aware that they will normally charge a fee.
Exchange your money for cryptocurrency:
Binance, Gemini, and Coinbase are just a few of the popular
venues for purchasing metaverse coins. These exchangers will assist you in
converting fiat cash to metaverse coins. You can trade your existing
cryptocurrency for metaverse tokens if you have Bitcoin or Ether.
While the value of several cryptocurrencies continues to
rise, they are notoriously volatile. This is due, at least in part, to the
crypto market's weaker liquidity and lack of regulation, which makes it more
vulnerable to global market fluctuations and big selloffs. Cryptocurrency's
popularity, though, isn't expected to fade any time soon, according to
analysts.
What type of cryptocurrency should you invest in?
That depends on the platform you want to try out. Each
metaverse platform often has its own crypto tokens that can be purchased and
used online.
Ether (ETH): It is the most widely utilised
cryptocurrency for digital land purchases. It is also the money that drives the
Ethereum blockchain platform, which is used to create decentralised apps and
NFTs.
Ether can be acquired on almost all cryptocurrency
exchanges, including Coinbase, Gemini, and eToro, because it is one of the most
extensively utilised cryptocurrencies. PayPal and Venmo, for example, have
started to allow their users to buy cryptocurrencies via their platforms.
Because Ether isn't tied to any metaverse reality, it may be
used to make purchases across the most popular platforms, such as Decentraland
and The Sandbox.
MANA: MANA is Decentraland's native cryptocurrency,
allowing users to own land and connect with other users. It may be used to
purchase land parcels, avatars, and "wearables," such as clothing and
accessories.
Because Decentraland is a decentralised autonomous
organisation (DAO), you may vote on specific features of the game, such as
policy changes and NFT auctions, by holding MANA. MANA can be purchased on the
Binance, Kraken, and Gate.io cryptocurrency exchanges.
SAND: SAND is the crypto utilised on the metaverse
platform The Sandbox, and it functions similarly to MANA. It may be used to
acquire land, sell assets as NFTs, and play games in The Sandbox's marketplace.
SAND may be purchased on Binance, Huobi, WazirX, and UPbit, among other
exchanges.
AXS: AXS is the cryptocurrency for Axie Infinity, a
popular game site. Players may purchase AXS tokens on cryptocurrency exchanges,
but they can also earn them by raising digital pets known as Axies, which are
one-of-a-kind NFTs that can be utilised in matches and tournaments. AXS may be
purchased on Binance, Coinbase, Gemini, and other exchanges.
Written By - Tanya C
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