08 What Digital Currencies Are Used in the Metaverse?
08 What Digital Currencies Are Used in the Metaverse?
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| 08 What Digital Currencies Are Used in the Metaverse? |
Metaverse online economies
As
the world of the Metaverse continues to expand dynamically and permeate the
financial landscape of online economies, exploring the role of cryptocurrencies
has become increasingly important, making it imperative to identify the key
players in the current and expected trends of the Metaverse in the future era.
It's
the encrypted digital currencies, which are widely used General in all
transactions in the world of the metaverse, such as gaming platforms and
communities, and the exchange of token systems and non-fungible assets (NFTs)
In this eighth article, in the series of
articles, “All about the metaverse, about digital currencies” I will talk in
answer to today’s question: What digital currencies are used in... The
Metaverse?
Or those that will be newly created or are still in the development and issuance stage. However, what concerns us here are the cryptocurrencies that play a tangible role in facilitating trade and exchange within the Metaverse.
It has witnessed the Metaverse, a digital world in which users interact, as presented in previous episodes, through augmented reality (AR), virtual reality (VR), and the Internet, causing a major boom in the promotion and spread of unique digital currencies. When these currencies were designed to meet the demands of virtual economies and transactions, within this expanded digital world.
Therefore, I will mention some of the most important and famous currencies for Metaverse platforms and communities.
The Cryptocurrencies
Bitcoin
Bitcoin
has also been found in digital life, as the leading currency in the world of
cryptocurrencies. It has taken a prominent position in the world of metaverses.
Although it is not specifically designed for virtual worlds, it is widely
accepted in many online platforms and digital spaces. Metaverse. Its
decentralized nature, and global recognition, make it the currency of choice
for cross-border transactions within the Metaverse.
Ethereum: Ethereum-ETH
We
also find that the digital currency Ethereum has imposed its presence due to
its great influence in the metaverse, due to its ability to conclude
self-executing agreements, and it is essentially a decentralized platform that
supports smart contracts coming from the blockchain while taking advantage of
its original cryptocurrency called Ether (ETH). , in the world of the
metaverse, which is why it is used in many financial transactions, such as
creating decentralized applications-DApps, and in many digital game projects in
virtual metaverse communities.
The sandbox crypto: SAND
The best digital currency to be used with Metaverse, which is why it is a direct competitor to the MANA currency of the Decentraland project, so it was one of the best investment currencies in the year 2022. This currency was first launched in 2012 AD.
It is a cryptocurrency called MANA that belongs to one of the metaverse platforms/communities. Decentraland is built on, or linked to the Ethereum blockchain, to allow users to conduct business and pay for content creation, and implementation.
In
addition, some virtual experiences, exploration, and investment of
Decentraland, are being used for various financial transactions and land
ownership through blockchain, Decentraland powers the Metaverse.
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Enjin: Enjin- ENJ
It
is an encrypted digital currency, designed to create and manage virtual goods
within gaming environments in the metaverse world. It originally follows the
blockchain platform as it enables developers to integrate instructions from
non-fungible token systems (NFTs) into their games and into the transactions of
their virtual worlds when buying and selling. Coin (ENJ) is the platform's
native cryptocurrency.
Flow: Flow-FLOW
It
is a currency designed to build decentralized applications and pay fees for
digital assets, with a special focus on being the private digital currency for
gaming and entertainment in the world of the metaverse. The cryptocurrency
associated with Flow is also called FLOW, and aims for its flexibility to
scalability, providing possibilities for expansion and enhancing experiences.
Blockchain network users.
Axie Infinity: Axie Infinity-AXS
It
is also a digital currency used for games based on blockchain technology and
combines elements of gaming, collecting, and trading. Where players can breed,
fight, and trade digital creatures called Axies. Its currency is AXS, which is
the native cryptocurrency of the Axie Infinity ecosystem.
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ApeCoin (APE)
One of the largest coins used in the virtual metaverse space, Metaverse, but also one of the newest, designed and launched to support the growing ecosystem around the famous Ape Yacht Club, and one of the most successful sets of non-fungible token (NFT) assets.
Before concluding today’s article, let us also answer some questions that may come to the mind of some people, which are questions related to the use of digital currencies in the world of the metaverse, and generally on the Internet.
How secure are transactions in the metaverse?
It is known that the metaverse world operates within the characteristics derived from Blockchain technology. Therefore, it provides the highest priority to the security factor on various types of transactions, by conducting secure and transparent transactions, which reduces the risks of fraud or hacking.
Are there risks associated with using NFTs in the metaverse?
Although NFTs provide unique digital ownership and operate in the same blockchain environment, users must be wary of market fluctuations and potential fraud, which may arise from human intervention. In general, making transactions On reputable platforms, this risk can be mitigated.
Can
metaverse-specific currencies be exchanged for traditional currencies?
Yes, many
metaverse currencies can be exchanged for traditional fiat currencies on many
cryptocurrency exchanges, enabling users to convert their virtual assets into
real value.
Thus, we find that there is a close and complex connection between the metaverse and digital currencies, as currencies constitute the main basis for conducting most commercial transactions, services, and exchanges that take place on non-fungible token systems, and when concluding smart contracts that take place through a variety of virtual currencies.
The role of currencies will also increase with the challenges being addressed and the emergence of modern technologies. Therefore, the future of digital currencies in the world of the metaverse will have a major role, a dynamic foundation, and a dramatic transformation according to the extent of the metaverse’s development in life.
How does the metaverse work?
When we can change our understanding of how we interact with things around us and are willing to change our perception of how we interact with the objects around us, just that time we can understand the Metaverse world.
In this book, I'm providing answers to many questions related to the world of the Metaverse, and I will present the answers in the form of brief explanations, distributed along the headings of basic paragraphs, and graded according to the questions I mentioned in the introductory paragraph.
In these articles, of Mastering the Metaverse, I discuss.
In these articles, of Mastering the Metaverse, I discuss.
PART (01)
01 Beyond Nature - Mastering the Metaverse
02 What is Dubai’s Metaverse strategy?
03 How does the Metaverse work?
Eng. Khalid Moussa IdrisDubai, U.A.E.
Eng. Khalid Moussa Idris
I'll Provide administrative and operational consultations on the reality of smart cities, how to transfer urban cities into smart cities such as Smart Dubai, and I can provide specialized training courses in the field of modern systems and technologies used or considered as prerequirements for smart cities.
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