Decentraland unveils first metaverse ATM

The widely used metaverse platform Decentraland is introducing the first ever metaverse automated teller machine. The Ethereum blockchain serves as the backbone for the virtual reality platform known as Decentraland. Users are granted the ability to develop, enjoy, and monetize their own content and applications thanks to the platform.

To provide some background, the metaverse is a combination of offline and online activities that take place within an interactive digital area. This space allows for simultaneous social interactions as well as financial transactions. Users will now have the ability to more easily purchase Mana or any other cryptocurrency as a result of Decentraland’s collaboration with the Transak payment gateway and the Metaverse Architects studio. The primary function of mana is that of a playable money. Users are able to use cryptocurrency to buy and sell stuff within the game.

The designers of the ATM claim that it will make using the machine more convenient for customers

The developers explained their motivation behind the redesign in a post by comparing it to the experience of using an ATM in the real world. “We wanted to give users a more smooth journey when exploring web3,” they wrote.

It is important to highlight that financial institutions are also becoming more interested in the idea of the metaverse. At the beginning of 2022, J.P. Morgan opened its very first metaverse lounge on the digital continent of Decentraland. A relationship between the leading bank in the world, HSBC, and the virtual game platform, The Sandbox, had previously been revealed.

In the meantime, a fresh report published by DappRadar stated that in spite of the crash that occurred in the crypto market in the second quarter of 2022, metaverse and blockchain games saw an increase of 9.51 percent.

The entire territory of Decentraland is divided up into 90 000 pieces. The common areas, plazas, and highways in Decentraland are owned by the game’s developers, and users are not permitted to buy or sell these areas. One of the primary factors that contributes to the value of land in Decentraland is the fact that it is in short supply.


Image credits: Shutterstock, CC images, Midjourney, Unsplash.