Experts estimate that the web3 economy will reach $13 trillion by 2030, leaving even the biggest metaverse skeptics wowed. It is clear that we are witnessing the rise of a completely new economy – but how exactly does its money work?
DecentWorld, a Swiss-owned digital real estate platform, sheds light on how their metaverse economy functions. Having launched just a few months ago, the company reported having sold $19 million worth of virtual Street NFTs already. The platform acts as a gateway to the metaverse, allowing individuals, agents & companies to acquire, hold and sell virtual real estate or Street NFTs.
DecentWorld’s current internal paltforms’s economy is fueled by their native currency, the DWRLD utility token.
DWRLD Tokens Explained
The concept of the metaverse is gigantic. These immersive and interoperable worlds offer experience where you can do everything you would in the real world, except virtually. The emerging market has attracted the biggest brands and creators, while bridging various industries. Naturally, to enable trading in the metaverse, a well-crafted economy is required, often with the help of internal currency.
Metaverse tokens are a unit of virtual currency used to make digital transactions within a given platform. Since some metaverses are built on blockchain, which is designed to ensure trust and security, the transactions made on it are regarded as safe and fraud-free.
The DecentWorld team has chosen to take that same path and have its internal currency — the DWRLD token which is used for digital transactions.
“Our DWRLD token is a unique, in-house created cryptocurrency. It is used for any trading matters such as buying, staking, or selling within DecentWorld. We created it not having in mind one particular blockchain but rather focused on its utilities and the ease of technical implementation,” the creators explain.
Less Fees for the User
Why create a new crypto currency when there are already hundreds to choose from? DecentWorld offers their take on why having a fully functioning utility token such as DWRLD matters in this day and age of new metaverses popping here and there almost every week.
“Contrary to some of the metaverse projects out there, we made the decision to have an internal currency in order to have more control over costs for the user. Using well-known coins such as Ethereum is also possible, however processing fees, third party providers, and long strings of public and private crypto keys would only increase the final amount on the user’s end,” the DecentWorld team says.
Each transaction made in DecentWorld using the internal currency helps to reduce the end cost of the Assets or Street NFTs, which ultimately makes a positive impact on the platform’s overall economy.
NFTs – The Ticket to the Metaverse
If the metaverse is built using blockchain it will keep a record of everything that’s bought, sold, and traded on a ledger. User purchases like Street NFTs will have immutable proof of ownership.
Currently, users of DecentWorld are able to purchase digital copies of real world streets, while Landmarks, Buildings, and Collections (unique sets of Street NFTs) will be introduced at a later date. All of these virtual Assets will be available as stand-alone NFTs, enabling interchangeable trading from one platform to another without limitation.
The DecentWorld team believes that this industry will create millions of jobs that don’t exist in the world right now, and will completely reimagine how resources are monetized.
"Digital economies emerged, driven by the idea of collecting digital assets to later resell them on various virtual markets. These economies are the future. That's how the metaverse functions - you participate, and you get rewarded. NFT technology helps to accelerate the development of the metaverse economy, and will soon reach a point of no return in how we understand the world," the team shares.