Samsung Establishes A Virtual Store In Ether-Powered Metaverse Called Decentraland

A virtual store entitled “House of Sam” was reportedly opened by Samsung Latin America in Decentraland (a Metaverse powered by Ethereum). As per Binance Academy, Decentraland is known as a virtual space as well as a community having blockchain technology as its basis.

Samsung Establishes ‘House of SAM’ to Operate in Decentraland

The consumers construct their land plots, non-fungible tokens (NFTs) as well as artworks there. Participants additionally take part in the venue’s Decentralized Autonomous Organization (DAO). Ari Meilich and Estaban Ordano – the developers in Decentraland – have developed a virtual world comprising virtual real estate-related items, parcels, as well as the rest of the assets which can be customized.

The entirety of the respective things is purchasable with the utilization of MANA (ERC-20 token of Decentraland). The participants of Decentraland are permitted to purchase MANA from many exchanges in return for either fiat money or crypto assets. The non-fungible tokens based on ERC-721 denote the unique assets of Decentraland, taking into account LAND property as well as the rest of the collectible goods.

Decentraland is considered to be an online venue offering a combination of blockchain technology and virtual reality. Dissimilar to the majority of online games, direct control is provided to the players over the online world’s rules. With the DAO, the token holders are enabled to poll straightly on institutional and in-game policies.

Customers Can Purchase Anything Via MANA Token

The respective mechanism puts an influence on everything, taking into account the kinds of objects permitted for investments in the treasury of the DAO. Non-fungible tokens denote the in-game collectibles, such as LAND, real estate in the virtual world of the game, items, as well as clothes. The tokens could be stored by the customers on the marketplace of Decentraland.

For instance, if a person wants to purchase a facemask, s/he will require to possess some worth of Decentraland’s native MANA. On the 1st of this month, it was reported that Samsung Latin America’s Marketing Director – Arthur Wong – remarked about the respective move.

He stated that their consumers will have the capability to interact with one another, and take part in the latest shows, events, and courses that will be offered without any cost at Decentraland. According to him, the chief target of the venue is to get nearer to Gen Z, the unique consumers having no boundaries between the virtual and physical worlds.

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

Leave a Reply