Metaverse News

Decentraland Launches The World’s First Metaverse ATM!

As of today, the world’s inaugural Metaverse ATM will be operational within the Decentraland Metaverse. This deployment results from a collaborative effort involving the ATM Transak payment gateway and Metaverse Architects studio, bringing a unique feature to the Decentraland platform.

Metaverse enthusiasts will be able to engage in associated events for a ten-day period, commencing today.

Decentraland Metaverse ATM

Decentraland Launches The World's First Metaverse ATM!

The Transak ATM will enable users to purchase Decentraland’s native cryptocurrency, ‘MANA,’ as well as any other cryptocurrency, using fiat currency directly within the Metaverse.

According to the creators, the ATM is designed to enhance the user experience in the Metaverse by simulating the process of using an ATM in the physical world for Web3 transactions.

Developed by Transak, the ATM acts as a gateway to Transak services, facilitating fiat-to-crypto transactions with various payment methods from users around the globe. The platform will automatically synchronize with the user’s local currency, and a default MANA and DCL-linked wallet will be created.

The project team asserts that this solution will improve conversion rates on Metaverse stores and aims to reduce the learning curve required to navigate and transact in Decentraland.

During the engagement event at the Airdrop Conference Center, Metaverse property owners will showcase how they can integrate the ATM solution to monetize their digital real estate.

Banks and the Metaverse

Recognizing the potential of the Metaverse, major banks globally have actively engaged in innovative initiatives. For instance, on March 16, international banking giant HSBC announced a partnership with the virtual gaming platform The Sandbox.

Another banking giant, JP Morgan, took a step into the Metaverse by launching the first Metaverse lounge in Decentraland in early 2022. JP Morgan’s foray into virtual real estate accompanied the release of a whitepaper exploring opportunities presented by Metaverse development. The bank asserted that, with the Metaverse market’s expansion, it could generate an annual revenue of $1 trillion.

The involvement of banks in the Metaverse is closely linked to the boom in digital real estate. However, this emerging market is still in its early stages.

In certain instances, virtual real estate in the Metaverse can command prices in the millions. Yet, given the unpredictable nature of what the Metaverse will evolve into, even its advocates caution potential investors about the associated risks. Nonetheless, the estimated market value of the Metaverse is projected to reach $947.118 billion by 2030.

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