Transacting in Metaverse Tokens with Binance
The development of metaverse projects has become mainstream, especially from platforms that are already so commonly utilized.
Filipinos are no strangers to virtual environments, and the metaverse as the next step in the digital revolution presents vast possibilities for those playing, earning, creating, and interacting in a globalized space.
With the popularity of NFT games and gaming as a whole in the Philippines, tokens like SAND serve as the top options for building digital assets in the metaverse.
Powered by blockchain technology, the metaverse offers users the capacity to take their digital interactions and transactions to another level. It is important to study one’s options to benefit from and contribute to the tokenized economy of this virtual space.
DataReportal’s #Digital2021 estimated 89 million social media users in the Philippines as of January 2021. Last October 2021, Mark Zuckerberg unveiled the new company name for Facebook—Meta—which signified the social media network’s development towards the metaverse. While announced only fairly recently, awareness of the innovation behind the name may impact millions of Filipino users. In a time where more people are adapting to a digital economy through online selling, online banking, play-to-earn games, the prospect of a hybrid physical and digital space in the metaverse could seem a little bit too futuristic, maybe even confusing and vague. But the metaverse is more than just a concept and there is no better time than now to explore its vast possibilities for taking our digital interactions and transactions further than we can imagine.
What Exactly Is the Metaverse?
It is important to note that the metaverse has been in development long before Facebook’s Meta. As an encompassing term, it may refer to the whole spectrum of virtual environments and its components—gaming, social, virtual and augmented reality, avatars, digital concerts—that can be accessed through smart devices and accessories. The crypto metaverse could be considered a part of this whole, a part powered by blockchain technology that incorporates NFT marketplaces, in-game worlds, social networks, and other projects.
Building Digital Assets with Metaverse Tokens
Tokenized assets serve as the primary object of exchange in the metaverse’s digital economy, the size of which Bloomberg predicts to grow to $800 billion by the year 2024. Blockchain networks allow tokens built on crypto platforms, like Ethereum, to realize the value of assets from different applications in the metaverse through buying, selling, and trading these tokens—within the metaverse and through exchanges like Binance.
Gaming Tokens in the Metaverse
One of the most popular virtual worlds in the metaverse is game environment - Axie Infinity, not unfamiliar to players, investors, “scholars,” in many parts of the country. Another increasingly popular metaverse gaming world would be The Sandbox, a 3D universe that utilizes NFTs and decentralized finance—a free and open space where the users could create their own games, their own in-game goods, and transact in the native currency of the game, SAND.
The Sandbox not only empowers the creativity and entrepreneurial skills of players but maximizes the earning potential of every aspect of the virtual universe. First created in 2011 as a platform to rival that of Minecraft’s, the co-founders of the game decided to switch gears and re-create the game as a metaverse powered by the blockchain. Moreover, SAND is not just the currency of the game for use in playing, buying virtual real estate (LAND), and trading NFTs (ASSETS), but provides voting power, where stakeholders can decide on developments to the platform. This is because SAND is also a governance token.
Filipinos are no strangers to video games with open-world characteristics with individual marketplaces; many players have actually traded in-game assets from Ragnarok or World of Warcraft with real-life money. But the gaming metaverse takes users' capacity to earn from the game up a notch, especially when tokens like SAND can be traded on a cryptocurrency exchange like Binance. Binance plays an important part in the metaverse, as an exchange that sells and trades tokens you need so you could enter and engage in a virtual world and tokens you earn as digital assets from these platforms.
Binance As Your Gateway to the Metaverse
Trusted by millions of users, Binance P2P, our peer-to-peer marketplace, provides Filipinos with a quick and easy way to trade PHP—all with zero fees. It’s also now possible for Filipino Binance users to buy and sell ETH, BTC, BNB, USDT, EOS, BUSD, and an array of token options, including Metaverse Tokenslike SAND, using local currency. Trade crypto with your preferred price and payment method, and conduct fee-free transfers to your Binance wallet.
Furthermore, our platform is a reliable partner for your cryptocurrency journey because of our security. As part of our commitment to user protection, we protect your data and funds with industry-leading security. At the same time, our standards for transparency provide an ecosystem where you can make the best choices when buying, selling, and trading crypto. Binance also supports payment options that Filipinos use daily, like GCash and Western Union.
Since its launch in October 2019, Binance’s P2P platform has added support for 31 fiat currencies, including the Philippine Peso. We’ve processed more than $1 billion in crypto trades. Through our Global P2P Merchants Program, we actively search and recruit top local merchants with reliable crypto and fiat access. Our verified merchants enjoy a range of benefits—including exclusive support for customers, VIP discounts, ad transactions and postings, zero-fee security deposits and more.
With a state-of-the-art escrow system, Binance P2P ensures the correct amount of crypto goes to users’ wallets in every transaction. Binance P2P also provides an easy bridge from fiat to various crypto financial services like spot, margin, lending and futures trading on Binance.com. Buy tokens with Binance by downloading the Binance mobile app now.