The first ATM for the metaverse is being created by Decentraland, a well-known metaverse platform. A virtual reality application called Decentraland utilizes the Ethereum blockchain. Users can build content and apps on the platform, share them, and get revenue from them.
The metaverse in this sense is a hybrid of offline and online interactions in a virtual setting where people can converse and transact business simultaneously. To make buying Mana and other cryptocurrencies simpler, Decentraland has partnered with Metaverse Architects and the Transak payment system. Mana is primarily utilized as in-game currency. Within the game, users can exchange cryptocurrency for goods.
The ATM is supposed to make things simpler for users, according to its makers. The designers stated in a blog post that they “intended to give clients a smoother web3 navigating experience, like a real ATM.” There will be a public meeting on August 3 where more details regarding the ATM’s operation and how it will be installed on your land will be provided.
Banks are also becoming intrigued by the concept of the metaverse. In 2022, J.P. Morgan began work on Decentraland’s first metaverse lounge. The Sandbox, an online gaming platform, and HSBC, the largest bank in the world, have announced a partnership.
Even though the cryptocurrency market was struggling at the time, a recent report by DappRadar indicated that metaverse and blockchain games rose by 9.51 percent in the second quarter of 2022.
In total, Decentraland has 90,000 pieces. Decentraland’s roadways, common areas, and public spaces are the developers’ property and cannot be purchased or sold. In Decentraland, this deficiency is one of the key factors influencing how much land is worth.