Starting tomorrow, August 2nd, the world’s first metaverse ATM will be launched on the Decentraland platform, in partnership with the Transak payment gateway, and Metaverse Architects studio. Users of the metaverse users will have the chance to participate in the inaugural events accompanying the launch over the ten days that follow.
Crypto ATMs in MetaverseThe Transak ATM will enable users to purchase Decentraland‘s local cryptocurrency ‘MANA’, along with any other cryptocurrency, using fiat currency from directly within the metaverse.
According to the creators, the ATM is intended to ease the metaverse user experience by making Web 3.0 transactions resemble that of using an ATM in the real world. The solution was developed by Transak, an integration that provides a fiat-to-crypto payment gateway.
The team behind the move hope that the solution will increase conversion rates in metaverse stores, while also lowering the knowledge gap required to operate in Decentraland.
During the onboarding event at the Airdrop Conference Center, the creators will explain how metaverse property owners can integrate the ATM solution to monetize their digital real estate.
Banks Have Already Joined the Metaverse
Recognizing the unbridled potential presented by the metaverse, the world’s leading banks have wasted little time getting involved with the innovation. International banking giant HSBC and virtual gaming platform The Sandbox announced a partnership on March 16th, while banking giant J.P. Morgan launched its first metaverse lounge on Decentraland at the beginning of 2022.
J.P. Morgan’s expansion into virtual real estate came with the release of a white paper that explored the opportunities presented by the development of the metaverse. The leading bank claims that the metaverse market could eventually generate $1 trillion in annual revenue.
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