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Metaverse Tokens: What, Why, and How To Buy Them

2021-12-06

Key Takeaways

  • Backed by recent endorsements from major tech giants, metaverses are gradually expanding into the mainstream.   

  • Metaverses’ economies rely on native tokens that can be bought, sold, exchanged, earned, or even created by the users.

  • In this article, we’ll walk you through where and how to purchase Metaverse tokens on Binance with crypto or fiat.

The metaverse, a living and breathing space that blends physical and digital, is quickly evolving from a science fiction dream into a reality with endless possibilities. It is a world where people can interact virtually, create and exchange digital assets for real-world value, own digital land, engage with digitized real-world products and services, and much more.    

Major tech giants are beginning to recognize the viability and potential of metaverses, which is best exemplified by Facebook's rebranding into Meta in late 2021. In addition to tech companies, entertainment brands like Disney have also announced plans to take the leap into virtual reality. 

While the media hype is deafening, your average netizen isn’t fully aware of what a metaverse is, how it operates, and, most importantly, what benefits and opportunities it can offer users. 

What Is a Metaverse?

In Web3 parlance, a metaverse is a virtual world based on blockchain technology. This online space allows users to work and play in a virtual reflection of real-life and fantasy scenarios, which can range from sci-fi worlds to more familiar settings like shopping centers, offices, and even homes. It is expected that at some point in the future, all separate metaverses will converge into a single, all-encompassing Metaverse. However, today we are still dealing with a multitude of standalone metaverses.

Users can access metaverses via desktop, handheld device, or complete immersion with a VR headset. Depending on the specifics of a particular metaverse, users can create their own avatars based on face recognition, set up businesses of any kind, buy real estate, create in-world content and assets, and attend concerts by real-world superstars — all in a virtual environment.

Many metaverses rely on blockchain and gamified DeFi mechanics to ensure a functional internal economy. Digital assets power value exchange in a metaverse, where they can be easily spent on in-world products and services and earned through different means, from the buying and selling of assets to content creation and rent. 

Users can spend metaverse tokens, or virtual worlds’ native cryptocurrencies, to buy in-game assets like land or items that can be traded with other players. There are also play-to-earn games that allow users to obtain more metaverse tokens and NFTs as rewards. 

What Are Metaverse Tokens? 

Metaverse tokens are virtual currencies used to make transactions within the virtual worlds. Holders of these tokens can access multiple services and applications inside the metaverse. Some tokens can provide special in-game abilities, while others can represent unique items, like clothing for virtual avatars or community membership.

If you’ve played MMO games like World of Warcraft, the concept of in-game items and currencies should already be familiar to you. However, unlike the assets in most “traditional” virtual world games, metaverse tokens have can have value outside the respective metaverse: usually both fungible metaverse tokens and NFTs can be traded on digital asset exchanges.

Some examples of metaverse tokens include SAND, representing the popular Sandbox metaverse, where users can create a virtual world driven by NFTs, and MANA of the Decentraland project, the token that can be used to purchase plots of digital real estate. It is even possible to monetize the plots of land purchased by renting them to other users for fixed fees. Other high market-cap metaverse tokens trading on Binance include Axie Infinity’s AXS and SLP, Illuvium’s ILV, and MOBOX’s MBOX. 

Where And How Can I Buy Metaverse Tokens?

If you’re looking to buy metaverse tokens, you can get started in minutes on Binance, the world’s largest cryptocurrency exchange by trading volume. Below is a step-by-step guide to buying metaverse tokens on Binance.

Step 1: Make a fiat deposit via e-wallet or bank transfer on Binance. Users are advised to check available fiat channels and select their desired fiat currencies.

Optional: Convert fiat currencies stablecoins like USDT on Binance and trade a wider variety of cryptocurrency trading pairs. 

Step 2: Purchase your preferred metaverse cryptocurrency, like the ones mentioned above, via user wallet purchase or directly with a credit/debit card. See the in-depth guide on how to buy crypto with a bank card here. 

If you want to use your metaverse tokens in their virtual worlds, you’ll need to transfer the assets from your Binance address to MetaMask, a versatile crypto wallet that is integrated with most metaverses.

Conclusion

The metaverse has immense potential to revolutionize our lifestyles, providing a virtual environment that blurs the line between digital and physical reality. 

The development of metaverses has accelerated considerably in the post-pandemic period as online interaction has become the norm and the need for expanded use cases has grown. While metaverse tokens are gaining popularity, users should always do their own research before making a purchase or an investment. 

Ready to buy digital assets? Kickstart your cryptocurrency journey with Binance.

Get started by signing up for a Binance.com account or downloading the Binance app. Next, complete the identity verification process. Once you have verified your account, there are three main ways to buy cryptocurrencies on Binance using fiat: via bank transfer, card channels, or e-wallets.  

Buy BTC, BNB, and other crypto with a debit or credit card or via bank transfer.

Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy bitcoin and more than 300 other cryptocurrencies.  

Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.

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