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8 days ago

Decentraland: Barbados opens embassy in the metaverse 

Barbados is one of the smallest countries in the world and is engaging in numerous diplomatic activities. One of these activities is particularly uncommon and has turned some heads in the crypto market. What is the metaverse and what is Decentralands role in it? And even more important: Will virtual embassies become a thing in the near future?

Welcome to the metaverse

Many companies already have shown interest in the metaverse. The term itself describes a virtual reality that allows users to interact freely. The idea and most projects and platforms related to the metaverse are still very young.

Most recently Facebook has announced a rebranding into “Meta”. The social media giant is aiming to expand into the metaverse and shape a completely new experience for its customers. It remains to be seen if the Meta can convince new users given the fact that Facebook faced a lot of distrust with its last project Libra. The stablecoin was criticized by most western governments and after so much bad PR a rebranding into Diem was necessary.

But Facebook is not alone with its plans for the metaverse. There is also a blockchain-based spaced that is known under the name Decentraland and it is building a whole new world. A virtual world where even countries can open up an embassy.

Barbados is even buying land

According to several reports, the small nation is not only establishing an embassy in Decentraland but is also looking to buy virtual real estate on several other platforms.

Decentraland uses the MANA token as its native cryptocurrency. It allows users to buy, sell and own different types of property among them virtual real estate. While many other platforms are centralized services, Decentraland is built on top of the Ethereum blockchain. This ensures safe transactions between the users but also allows them to personally own a piece of the world or other items.

Gamers need MANA

Since Decentraland works like most places in the real world, players will need money to take part and do something fun. Prices for land have exploded recently and with more users, companies, and even governments onboarding Decentraland, the demand for MANA will increase.

With the increasing demand and the raging bull market, the price of MANA has increased drastically since the beginning of the year. The metaverse is still very young, maybe at a stage where NFTs have been some time ago. Should virtual worlds see mass adoption, then places like Decentraland will even see more growth.

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