Top Metaverse platform Decentraland recently launched the first Metaverse ATM, an ATM in a virtual setting, in partnership with payment gateway Transak and Metaverse Architects studio.
Top Metaverse platform Decentraland has launched the world’s first Metaverse ATM. This initiative is in partnership with payment gateway Transak and Metaverse Architects studio. Transak expressed its excitement over the launch of the first ATM in the virtual world with an announcement on its official Twitter account.
On the part of Decentraland, talks are rife that it would be hosting various events to give its users a chance to celebrate the launch of the Metaverse ATM. After all, the platform has built quite a reputation for hosting events that click well with users, like last March’s Metaverse Fashion Week and the Metathon, the first-ever marathon in the Metaverse.
Hosting the Metaverse ATM
For context, Decentraland Metaverse is a virtual reality (VR) platform powered by the Ethereum blockchain. Users must connect their digital wallet to the platform to enjoy it fully—creating, experiencing, and monetizing their content and applications.
The Metaverse, in general, combines offline and online experiences in an interactive digital space. Here, social interactions and transactions can happen simultaneously.
Meanwhile, Transak is an integration toolkit that allows users to buy and sell crypto in any app or website while providing a fiat to crypto payment gateway. The Transak team believes that Decentraland’s Metaverse ATM would raise conversion rates in Metaverse stores.
World’s First Metaverse ATM
The developers of the Metaverse ATM are all about giving users a real-life ATM experience inside Decentraland. “Just like an ATM in real life, we wanted to give users a more seamless journey while navigating Web3,” the developers said in a post.
According to Transak, the ATM will allow Decentraland users to buy its native token, $MANA, and other cryptocurrencies with fiat money. $MANA is primarily used as an in-game currency.
Transak’s website describes the Metaverse ATM as “the world’s first, fiat to crypto on-ramp designed to work interoperably in Decentraland. The ATM is designed for users to easily purchase $MANA or any other cryptocurrency.”
Because the ATMs will work in-game, users will have an easier time buying and selling items. For instance, if they browse a store or enjoy a concert in Decentraland, they can seamlessly top up their $MANA to make a purchase.
The ATM would be available to everyone in Decentraland. However, landowners have the privilege of adding an ATM to their property, although they would need to make arrangements with Transak first. And as with typical ATMs, there are applicable fees that can be linked to landowners through a unique API.
The Metaverse ATM would simplify using money in the virtual world and save users’ time.
“If you are coming from the Web2 world and would like to make your first purchase in Decentraland, it requires tedious research about how to convert your fiat into Ethereum and then into Mana. We offer a direct route to go from credit cards to Mana in seconds,” Transak announced via their website.
Even actual banks and financial services companies are getting involved in the Metaverse and Web3 spaces. At the start of 2022, J.P. Morgan Chase launched a Metaverse lounge on Decentraland.
In March, HSBC, the world’s leading bank, partnered with virtual gaming platform The Sandbox to promote financial literacy in the Metaverse. Then, in April, MasterCard filed Metaverse trademarks in preparation for its entry into the Web3 space.
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