● Intermediate Technology

What Are Metaverse Tokens And How To Buy Them

10 minutes a year ago

With all of this talk of the metaverse sweeping the world, it’s almost impossible to not have your interest piqued. But what exactly is the metaverse, what are metaverse tokens? In this article, we will explore everything you need to know to jump straight in.

What is the Metaverse?

Many of us have already spent time in virtual worlds, whether that be old school cult classic games such as Farmville or chat room style games like Habbo Hotel. But with the growing development and adoption of Blockchain technology, defi and gaming creative individuals are making new ways of experiencing the internet.

The metaverse merges futuristic fantasy with the real world, allowing for endless hours of entertainment and new experiences. There are a number of different digital worlds operating as a metaverse, each offering different graphic styles and functionalities. Depending on which one you join, users have the freedom to:

  • create avatars and customise them with the latest fashion and accessories.
  • purchase land, and digitised products or services
  • play interactive games, many with a play-to-earn aspect
  • socialise with others

Users can do almost anything in the virtual work that the real world offers, only with a futuristic twist and elements of gamification. For example, some games allow users to purchase land, a house and decorate it using digital artwork, all of which you are the owner of.

Although virtual reality technology isn’t required to access the digital landscapes, VR technology does allow users to experience digital wonderlands as a seemingly real extension of their physical reality.

What metaverse platforms are there?

There are many different metaverses out there to explore and get familiar with, each with its unique functions and personalities. Let’s take a look at a couple of the most popular ones.

Decentraland

Founded in 2015, Decentraland is the oldest open-source, 3D virtual platform in existence. It is powered by the Ethereum blockchain network and allows users to purchase skins, buy plots of land and other items in the form of NFTs. Blocks of land come in all different shapes and sizes and are situated around the universe, forming suburb-like communities. The cost of each plot varies depending on how sought after the area is and how large the plot is. Land along with any other asset purchased within the metaverse can be traded or sold to other members of the community.

The platform utilises the metaverse token MANA for all of their in-game transactions.

The Sandbox

Sandbox was originally designed as a game in 2012, but after the company changed hands, it was transformed into a 3D blockchain-based metaverse. Sandbox uses the token SAND for all in-game purchases, allowing users to again, buy land and purchase skins. The difference with Sandbox however is that the plots of land are all divided up evenly into a grid. Multiple plots can be joined together to form larger plots and can be bought and sold at auctions.

Users can also purchase skins, clothes, decorations, food, animals and so on, building up their virtual worlds in the form of NFTs.

Sandbox takes a more pixelated approach to its graphics, giving users a nostalgic feeling reminiscent of old school games from the 90s and early 2000s.

Brands entering the Metaverse

Nike, Samsung, Coca Cola, Dominos, Adidas, Burberry and Louis Vitton are among some of the giants that have leaped into the metaverse with both feet, backing various projects.

Each of these brands have digital assets available in the form of NFTs that can be purchased and paraded in digital worlds such as Decentraland and Sandbox.

Dominos has made it possible to order a real world pizza from within Decentraland and have it show up at your doorstep. This is just one example of how the metaverse can run parallel to the real world and intertwine at many different levels.

Metaverse tokens

Metaverse tokens function within the metaverse platform to which the token belongs. Each metaverse will have its very own currency which you will need to acquire if you would like to make a purchase.

All transactions that take place within the platform will use the platform's respective tokens.

How to buy metaverse tokens

Metaverse tokens can be acquired much like any other cryptocurrency. Here at Coinspot we offer a large range of different Metaverse tokens in bundles or individually.

Bundles

If you’re wanting to dive straight into a few different metaverse projects, then a bundle may be a great option for you. By purchasing a bundle, you can buy 8 different tokens, all at the same time. The tokens included in the metaverse bundle are:

Individually

Alternatively, if you have your heart set on one particular metaverse project, you can purchase your metaverse tokens individually.

To purchase your metaverse tokens, if you haven’t already:

  1. Register for your Coinspot account
  2. Deposit your AUD
  3. Go to the ‘buy’ page of your desired coin or bundle and enter the AUD value you wish to invest.

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