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Shopping is a crucial aspect of this emerging virtual world, from purchasing branded clothing to buying virtual houses adjacent to Snoop Dogg's.
But to do all of this, you need money. Here's how to get started:
Obtain a Cryptocurrency Wallet
Even to set up accounts on metaverse platforms like Sandbox or Decentraland, you'll first need to establish a cryptocurrency wallet that will hold all your digital currencies. A popular wallet is MetaMask, which can be set up by downloading the app on your phone or the Google Chrome browser extension. Your wallet will allow you to exchange USD (or any fiat currency you use) for cryptocurrencies using debit or credit cards. Cryptocurrency exchanges like Wyre or Transak will facilitate the conversion, but note that they often charge fees.
Convert USD to Cryptocurrencies
Some popular platforms for purchasing metaverse cryptocurrencies include Binance, Gemini, and Coinbase. These exchanges will help you convert fiat currency into the metaverse cryptocurrencies you need. If you already own cryptocurrencies like Bitcoin or Ether, you can directly exchange them for metaverse tokens.
While the value of many cryptocurrencies continues to soar, it's well-known that they're highly volatile. This is partly due to lower liquidity and the lack of regulation in the crypto market, making them susceptible to global market fluctuations and major sell-offs. But experts suggest that interest in cryptocurrencies isn't likely to fade anytime soon.
Which Cryptocurrencies Should You Get?
Well, that depends on the platform you plan to explore. Each metaverse platform usually has its own native tokens that users can purchase and use online.
Ether (ETH): Most commonly used for buying digital land, Ether powers the Ethereum blockchain, which is used to build decentralized applications and NFTs. As Ether is one of the most popular cryptocurrencies, it's available on nearly all cryptocurrency exchanges, such as Coinbase, Gemini, or eToro. Digital payment apps like PayPal and Venmo are also starting to allow users to purchase cryptocurrencies on their platforms. Since Ether isn't specific to any particular metaverse world, it can be used for direct purchases on popular platforms like Decentraland and The Sandbox.
MANA: MANA is the native cryptocurrency of Decentraland, a virtual world where users can own land and interact with others. It's used to buy land parcels, avatars, and "wearables" like clothing and accessories. Since Decentraland is a decentralized autonomous organization (DAO), owning MANA also allows you to vote on certain aspects of the game, such as policy updates and NFT auctions. You can purchase MANA on cryptocurrency exchanges like Binance, Kraken, and Gate.io.
SAND: Used on the metaverse platform Sandbox, SAND functions similarly to MANA. It can be used to sell assets as NFTs on The Sandbox's marketplace, buy land, and play games. You can purchase SAND on exchanges like Binance, Huobi, WazirX, and UPbit.
AXS: AXS is the cryptocurrency of the popular gaming platform Axie Infinity. Players can buy this cryptocurrency on cryptocurrency exchanges, but they can also earn AXS tokens by breeding digital pets called Axies, which are unique NFTs used in battles and tournaments. You can buy AXS on platforms like Binance, Coinbase, and Gemini. |
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Post time 5-9-2023 10:09:42
