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Everything about MetaMask that you should know.

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MetaMask Wallet is a cryptocurrency wallet. We’ll teach how to download the mobile application for Android, IOS, and Windows versions and learn how to install, work and use it.
The first step in buying and investing in cryptocurrencies is choosing the right cryptocurrency wallet. If you’re interested in buying Ethereum or countless tokens based on the ERC20 standard, the best wallet for you is MetaMask. MetaMask not only installs on mobile phones and tablets with Android or iOS operating systems but is also useable as a web browser extension on laptops and desktops. So you can use it without needing to install additional software.
MetaMask is not a regular wallet like many cryptocurrency wallet applications. In addition to storing Ether and hundreds of thousands of ERC20 tokens, it provides a set of tools for interacting with the Ethereum blockchain, such as running a decentralized application.
Before introducing and downloading MetaMask, it is good to get acquainted with the use of cryptocurrency wallets. Learning how these programs work is essential to prevent problems, especially reducing the risk of losing assets. Don’t forget that cryptocurrencies are decentralized and give control of money to users, so in case of negligence or misfortune, there is no place like a bank to refer to and follow up. You are in charge of everything, so work with enough knowledge!
Anyway, if you are not interested in learning the concept of a cryptocurrency wallet, its types, and how it works, skip this section and go directly to the next section, which teaches how to install and use the MetaMask wallet.

Everything about MetaMask that you should know:

What is a cryptocurrency wallet? What types are there?

What is a cryptocurrency wallet? What types are there?

Many people think that the way MetaMask or other cryptocurrency wallets work is similar to regular wallets; there are some digital and virtual coins and these wallets store them. But this assumption is quite wrong.

The truth is that cryptocurrency wallets offer a set of tools for interacting with the blockchain. A wallet, like MetaMask, creates the essential information to send and receive cryptocurrencies through blockchain transactions. The most important part of this information is the private and public keys; A wallet is an application for managing public and private keys. What you own is a private key when you have a number of the same cryptocurrency. Unlike storing and spending Fiat currency, you do not have the real thing.
Encrypted currencies only exist on a large database called a “Ledger” and never leave it. A Ledger keeps a record of all transactions from the start of the network. There are several technologies for developing Ledgers to store cryptocurrency transactions, but the most popular and useable is the blockchain.
Cryptocurrency moves inside a blockchain but never leaves it. This transfer process uses the private and public keys stored inside the wallet like MetaMask.

  • Public Key: It is visible to everyone. The best analogy for that is the Email address; When you want to receive cryptocurrency from others, you give them your public address.
  • Private Key: You should keep it out of the reach of others. The best analogy for that is the Email management login password. Use the private key to prove ownership of the cryptocurrency stored at an address.

It is important to keep private keys out of the reach of others when working with Metamsk or any other cryptocurrency wallet. Keep in mind that you can derive the public key from the private key, but vice versa is not possible. In other words, it is impossible to reach the private key from the public key inside MetaMask. So if someone only has access to the Private Key, that’s it!
Of course, the problem is not just theft. If you lose your private key, you will lose your assets forever. There is no way back! Due to the length of the private keys inside the MetaMask or any other wallet, it is difficult to write them(scrambled character sets), so at the beginning of installing a wallet, you receive the Seed Phrase.
The Seed Phrase consists of 12 words(or 24 words in hardware wallets). After the installation of Metamsk, it will ask you to write down these words in order. If anything happens to your application or smartphone, you will use these words to regain control of your cryptocurrency assets. In the following sections, we will visually explain how to create a MetaMask and get the Seed Phrase.

Types of cryptocurrency wallets; MetaMask is a software wallet.

The two main categories of cryptocurrency wallets are Hot and Cold. What distinguishes these two is whether they have an internet connection or not. This connection makes working with Hot wallets easier, but instead, they have a lower level of security. On the other hand, Cold wallets are harder to work with because they don’t have a permanent internet connection, but they offer a much higher level of security.
For traders, who are constantly working with their cryptocurrencies and converting them to each other, a Hot wallet like MetaMask is a better option. A Cold wallet is more suitable for big investors and HODLers, who keep a cryptocurrency for a long time after buying it or at least occasionally convert it to each other. Cold wallets have two categories: hardware and paper. Hot wallets have three categories: web, desktop, and mobile. MetaMask should be in the desktop and mobile categories.

In the following, we will talk briefly about the features of each of these five categories. This review may show you that MetaMask is not the right wallet for you and you should look for another alternative wallet instead of MetaMask.

  • Paper Wallets: Anything stored digitally in the form of 0 and 1 can be hacked. This matter is correct even for Hardware Wallets that are much more secure than MetaMask and its peers, although the probability is very low. But writing on paper can never be hacked with 100% assurance! The only danger to the user of a Paper Wallet is the physical theft of the paper. Here, the public and private keys are handwritten on a sheet or printed with their QR. So never count on it at all for trading, because it will give you a headache! If you want to buy a lot of the same cryptocurrency and keep it for a long time, this is a better option than a MetaMask wallet. Notice that the private key is at your disposal(non-custodial).
  • Hardware Wallets: Although they have a lower level of security than Paper Wallets, they are much more secure than MetaMask and other Software Wallets. Working with them is a bit more difficult and cumbersome, so they are still not a good option for traders in need of opening and closing multiple buys and sell orders in one day. However, newer products such as the Ledger Nano X make it a little easier than the first set of physical wallets, thanks to the ability to connect to a wallet via Bluetooth. If you do not trade regularly and have a lot of cryptocurrency assets, a Hardware Wallet is a better option than a MetaMask. Of course, unlike MetaMask and other Software Wallets, they are not free. For example, to buy the Ledger Nano X as one of the best-selling products on the market, you have to pay 119 Euros. Here, too, you have the private key (non-custodial).
  • Mobile Wallets: The best example is the Android and IOS MetaMask applications. You can download and install them like a regular app from the Google Play Store or App Store(the MetaMask download link is in the following sections). They are much easier to use because mobiles and tablets are always available, that is why they are the most popular category. Unlike the above two categories (paper and hardware), MetaMask or other mobile wallets are Hot, so they are riskier to be hacked. If you install MetaMask on your smartphone or tablet, be careful when installing other applications, because by installing malware and infecting the device with a virus, it can be hacked. Of course, there is no need to worry since MetaMask encrypts private keys before storing them in memory. As you noticed, private keys in MetaMask or other Mobile Wallets are still in your possession(non-custodial).
  • Desktop Wallets: The MetaMask Chrome plugin is one such wallet. It may be software that you can install on Windows, macOS, and Linux or even an extension for Google Chrome and Mozilla Firefox. Private keys are stored in the device memory after encryption, so you need to be careful not to install malware on your computer to prevent hacking. Professional users like them more because of the speed of functions(for example, viewing charts and trading). Private keys are still available to the user(non-custodial).
  • Online Wallets(cryptocurrency exchanges): This is a cryptocurrency wallet web application(for example, a website that you enter by logging in to your account and password) or a cryptocurrency exchange. It is the best option for traders who are constantly converting their tokens and coins into each other. They work fast, but unlike the previous four categories, they work in custody, meaning that the private keys are on an online server instead of being stored in the memory of your phone, computer, or Hardware Wallet, and you don’t have access to them. If someone hacks the server, ‌ you might lose your assets. It’s not just about hacking an exchange or a web application. The developer himself may decide to conspire and steal your property. So be careful in choosing and using them.

What is the MetaMask wallet?

what is metamask wallet

MetaMask is a cryptocurrency wallet that you can use in the form of a mobile application or web browser extension. Think of it as a bridge between regular web browsers and the Ethereum blockchain. Ethereum blockchain is the largest decentralized network worldwide for creating smart contracts, decentralized applications(Dapps), and cryptocurrencies(in tokens) by users.
But why is this wallet so popular? Why are many people want to learn how to work with it? A cryptocurrency is not listed by centralized exchanges such as Binance, Coin Base, and Kucoin until it is popular enough and validated (it is impossible to buy inside them). At first, these tokens place in decentralized exchanges such asUniSwap and PancakeSwap. You will get a lot of profit if you buy them on time. Now for connecting and working with decentralized exchanges, MetaMask is one of the best wallets.
The MetaMask wallet was developed in 2016 by Aron Davis and Dan Finlay. The development team consists of several cryptocurrency experts like James Moreau, Christian Jerian, and Frankie Pangilinan.
This wallet works with JavaScript by injecting a Web3 object into the webpage you are on. Of course, this doesn’t mean changing the website you are on; it just adds functionality to it and allows access to the Ethereum platform.
Metamsk is not only a wallet for storing cryptocurrencies but also allows you to buy, sell and convert them, thanks to the connection of two large exchanges, Coinbase and ShapeShift. Users can purchase Ether directly from both platforms. It is also possible to exchange ERC20 tokens in ShapeShift.
MetaMask is an open-source wallet, meaning that anyone can view its source code. This has led leading developers from all over the world to contribute to developing and keeping it safe. Metamsk’s community is so large that its Twitter account has over 200,000 followers.

What currencies does MetaMask support?

What currencies does MetaMask support?

This wallet is only useable to store private and public keys related to currencies on the Ethereum blockchain platform(such as Ether and ERC20 tokens) like the Binance tokens(Smart) chain with BEP20 standards. For this reason, it is not a multi-currency wallet suitable for users with a widespread portfolio; consisting of several coins with distinct blockchains.
If your cryptocurrency investment portfolio consists of several different coins, one of the best options is the Trust wallet. You can use this wallet along with the MetaMask wallet.

Which platforms does the MetaMask Wallet support?

Download the Metamask wallet application.

There is an extension for Google Chrome, Mozilla Firefox, Brave, and Microsoft Edge web browsers. Although MetaMask was developed specifically for desktop devices, there is a version for both Android and iOS mobile platforms.
Due to the high risk of installing malware similar to the famous cryptocurrency wallets, we recommend getting the download link of wallet applications only from their official websites. To get the download link of the Android app, iOS app, and the extension for four famous web browsers, check the Download section of the metamask.io website.

User Experience Design

User Experience Design
User Experience Design is important

Considering the tools, features, and capabilities of the MetaMask wallet, the design of the application user interface, both on mobile and in the browser, is as simple as possible. That is why even new users can take full advantage of its features.
On the home page, you can see a list of your assets along with your inventory of each. The home page has two sections; Tokens and NFTs; in addition to Ether(ETH) and tokens based on Ethereum, the MetaMask wallet is useable to store the private key of any number of non-fungible tokens.
The activity tab shows your recent transactions. By clicking on your account at the top of the page, the address will be saved in the clipboard. You can give it to others to get Ether. In the upper right corner, there is the QR code icon that you can scan with your phone’s camera. In the upper left corner is the hamburger menu icon. Through the menu, you can access different parts of the application like browser, wallet, and settings.

At the top of the page, the networks menu is visible. Click on it to see a list of available networks such as Ropsten and other test networks. By default, you operate on the Ethereum Main Net, but you can change the network if necessary.
Regular users, even professional traders, won’t need other networks; you must be inside the main network to buy, sell and exchange cryptocurrency or use decentralized applications. Test networks in MetaMask are functional for developers. They allow developers to test their smart contracts and decentralized applications before deployment, without paying Gas continuously during development.

MetaMask wallet features

  • Graphical User Interface: There is a user experience(UX) specialist on the MetaMask wallet development team. That’s why it has a stylish, attractive, and understandable user interface.
    MetaMask wallet features
  • Multilingual: Since the Ethereum-based projects are decentralized and global, the development must be multilingual. With this in mind, the developer considers 18 different international languages in the app. To use the application interface, you can select one of those languages.
  • Saving NFT: MetaMask wallet is not just for keeping the private key of the cryptocurrency. It is also useable to store private keys belonging to non-fungible tokens(NFT).
  • Back up and Recovery: MetaMask is an HD wallet, so it allows the user to backup and restores via a Seed phrase. Just write down the 12-word Seed phrase that you receive at the beginning of the wallet installation somewhere safe. In the future, if there is a problem with the application, its removal, or especially the theft and loss of the phone containing the MetaMask wallet, you will be able to easily recover your assets, including all kinds of cryptocurrency and NFT.
  • Custom fees: Given the complexity of the Ethereum system, developing a functional wallet for it is not an easy task. One of the most essential features for an Ethereum professional wallet is setting custom fees. In other words, the Ethereum Gas must be determined manually. This feature is possible in the MetaMask wallet.
    metamask fees
  • Internal Exchanges: It is possible to buy, sell and exchange Ether and ERC20 tokens. MetaMask wallet integrates with Coinbase and ShapeShift exchanges.
buy eth in metamask
  • Dapp Browser: MetaMask wallet is more than just a wallet for storing cryptocurrencies. Inside the MetaMask mobile app, there is a browser to enter the vast world of Defi(decentralized finance), decentralized exchanges, decentralized social networks, and markets for trading non-fungible tokens.
  • Connection to Physical wallet: One of the uses of MetaMask is to provide a user interface for Trezor and Ledger hardware wallets. After connecting these wallets to the computer, you can work with them through the MetaMask plugin.

How secure is the MetaMask wallet?

Among the criteria for choosing a cryptocurrency wallet, security is arguably the most significant option for most users. If your assets are at risk, there will be no usability! To date, MetaMask has not been the target of a widespread cyber attack. This wallet uses HD backup settings and provides a writeable phrase to recoup finances in case of a problem with your device or application. Behind MetaMask is a community of professional developers, constantly working to troubleshoot and update its source code. However, we can’t ignore the main problems of MetaMask. MetaMask is a Hot and Online wallet anyway, so it is more at risk of being hacked than Cold or paper wallets. Cold(web-based) wallets have the lowest level of security compared to the other four categories.
The main threat to MetaMask is phishing attacks. These are attacks that hackers use to steal users’ information, such as passwords and usernames. Phishing is commonly associated with online wallets, including MyEtherWallet. You should not open on-screen ads or suspicious Emails to prevent phishing attacks. In addition, log in to your wallet only through the official MetaMask website.
MetaMask also allows users to manage their identities. When a DApp wants to execute a transaction and write on the Ethereum blockchain, MetaMask provides the user with a secure user interface. Despite all these features, we believe that the security features of this wallet are not enough. So use it only to work with the Ethereum blockchain and save small amounts.

Users ignore security issues!

Do not forget that hacking is not always due to bugs and flaws in the application. In most cases, users provide the basis for the theft of their money by being ignorant. For example, consider the following scenario:
Ahmad is using a web browser and has several tabs open. To create a transaction, he opens the MetaMask extension and enters a password for login and access. A hacker finds out through one of the open tabs that Ahmad is using his cryptocurrency wallet. He then sent a pop-up message to Ahmad stating that his transaction had failed. In any case, this is what happens from time to time, so Ahmad won’t worry and creates another transaction. To do this, Ahmad re-enters the password, but this causes the hacker to access his wallet.
Unfortunately, this type of cyber-attack is common in online wallets. Developers are working on MetaMask to prevent such problems, but still, if users are careless, the risk of theft is high. Keep in mind that decentralized monetary systems such as Bitcoin and Ethereum and placing the power to control assets in the hands of the owner is a big responsibility. You are responsible for the proper maintenance of your cryptocurrency assets.
To reduce the chance of being hacked, just keep one tab open when using MetaMask to create a transaction. When not using the wallet, be sure to lock it.

MetaMask wallet advantages and disadvantages

Advantages of MetaMask wallet

Open-Source: Being open-source makes the mobile application source code and the MetamMask browser extension visible to everyone with Internet access. You can even create custom versions of yourself, with a host of additional features, if you have enough technical knowledge. Open source projects are no longer the exclusive property of a particular company, so the tastes of a particular group of people are not merely involved in promoting them and are run collectively by a community of users. If you see a bug, this community will fix the problem very quickly.
HD Settings: A definite hierarchical structure allows the account to get back up despite being anonymous. After installing and running the mobile application or the MetaMask browser extension and before storing the cryptocurrency or NFT in it, you’ll receive a phrase consisting of 12 words. Use the Seed Phrase to regain access to your assets.
Trading Assets: MetaMask integrates with two exchanges, CoinBase and ShapeShift, so you can buy Ether and ERC20 tokens by paying Fiat currency. In CoinBase, you can only buy ETH, but in ShapeShift, in addition to Ether, you will also be able to purchase Ethereum tokens.
Technical Support: One of the goals of MetaMask Walt is to attract more and more users to the Ethereum network. There is an introductory and academic video on the main page of its official website at metamask.io. There is a dedicated association for MetaMask(community.metamask.io) to help users answer their questions. With a little research, you will most likely get the answer to your question from previous conversations. Otherwise, you can ask a new question.
Simple User Interface: It is easy to use the wallet after installation. This is not our personal opinion but various users of this wallet on various platforms, websites, and social networks confirmed it. The many features and tools are segmented to make each one easy to access. If a new user does not need some parts, they will not cause him a problem.
Keys Local Storage: Some wallets store private keys for users’ cryptocurrencies on their servers. This procedure is common in cryptocurrency exchanges such as CoinBase and Binance. Although this makes it possible to manage and work with assets, such as buying, selling, and quick exchanges, it is not a good security solution. But MetaMask encrypts and stores the user’s private keys on the device itself. MetaMask stores Private Key in the mobile application, on the phone or tablet memory, and in the browser extension, as part of the web browser data. As a result, it is much less likely to be hacked.
Active Community: MetaMask user community is very active. There is a lot of activity in its dedicated community at community.metamask.io. On social networks such as Reddit, many users talk about it. MetaMask accounts on different social networks have hundreds of thousands of followers.

Disadvantages of MetaMask wallet

Browser Access: MetaMask does not have access to any part of your information, but this is not the case with the web browser with this wallet extension. Of course, the browser does not have access to private keys, but in any case, it can collect information about when and how you use MetaMask. Unfortunately, Google Chrome and Mozilla Firefox are not very popular with cryptocurrency users, because privacy is essential to them. As a result, some strict users stop using MetaMask or, at best, just use the mobile app.
Being Online: Although the user’s device stores a private key, the MetaMask is still a Hot wallet. Hot wallets have their advantages and disadvantages. Any online data storage is more at risk of being hacked than offline data storage. This does not mean that Cold cryptocurrencies are completely safe and that Hot cryptocurrencies are dangerous, but they are more likely to be hacked. Never use MetaMask or any other Hot wallet to save a lot of money.

Use MetaMask wallet for advertising purposes.

According to the company, developers who copy or improve the MetaMask codebase for advertising purposes will be invited to sign a formal business agreement with the company. “For example, if you copy the MetaMask code and make it available to more than 10,000 active users monthly, we intend to enter into a formal business agreement,” MetaMask said.

Alternative MetaMask wallets

Parity is a browser-based wallet that lets you use Dapps for Ethereum transactions. The Mist browser for accessing Dapps, which works with Mist Wallet is a full-fledged Ethereum wallet. MyEtherWallet is another popular online wallet for Ethereum currencies and tokens.
It handles these transactions without downloading the Ethereum Blockchain but does not communicate with Dapps in the same way. MetaMask connects to the Trezor and Ledger hardware wallets, allowing users to access the service while maintaining their cryptocurrency in the hardware wallet.

Comparing MetaMask and MyEtherWallet

metamask vs myther wallet


MyEtherWallet is one of the most popular and useable wallets for working with the Ethereum blockchain. This is an online platform and not just a wallet. You can compare MyEtherWallet to a wallet creator. By using it, users can create wallets and gain access to the Ethereum blockchain.
MyEtherWallet was developed to give users complete control over private and public keys. It is interesting to know that the MEW wallet can be used Hot and Cold, but you can use MetaMask only as Hot memory. Another significant function of MyEtherWallet as a fierce competitor to MetaMask is the possibility of using it as a full node Ethereum. In this way, the wallet connects directly to the blockchain and stores the Ledger of this decentralized ecosystem(with a volume of several hundred gigabytes) in the device memory.
MetaMask interacts with Ethereum Ledger through a system called Infura, so it needs to trust other computers to stay up to date on the status of the Ethereum network. Instead, a full node does not need intermediaries. Full-node systems are usually preferred over systems that require trust through intermediaries such as Infura, although they are harder to set up and require more resources.
Another usage of MyEtherWallet is to create smart contracts, while the MetaMask wallet does not. MyEtherWallet seems like a better option for professional users, and especially developers, but we suggest using it alongside MetaMask. Taking advantage of both gives you a high power to work with the Ethereum blockchain. In other words, instead of comparing the two to install one instead of the other, download and install both applications.

How to install and use MetaMask wallets?

Learn how to install and use MetaMask wallets
MetaMask Extension Added

The user interface of the mobile application and the MetaMask web browser extension is almost similar, so if you learn how to use one item, you will be able to work with another. First, go to metamask.io/download and download and install the MetaMask extension for Chrome, Firefox, Brave, or Edge. After installing and activating the extension, MetaMask will be visible in the popup icon bar.

In the window that opens with the title Privacy Notice, click on the Accept button.

Click Accept on the next page titled Terms of Use. If you have already created a MetaMask wallet using a web browser extension or mobile application, you can recover it. Otherwise, create a new wallet.

Creating a new wallet in MetaMask

Terms Of Use in MetaMask
Setup Password for metamask wallet
seed phrase in metamask
metamask homescreen


To create a new wallet, select a strong password and then click Create.
In the next step, you will see the 12-word Seed Phrase. Be sure to write it down on a piece of paper and keep it somewhere safe. If you want to write this phrase yourself, click on the I’ve Copied It Somewhere Safe button after writing it. But if you want to save the file containing this phrase of 12 words to your phone or computer, click the Save Seed Words As File button.
That’s it. You can now use your wallet.

Recover an old wallet

recovering old wallet with seed phrase

You may have already made a wallet using the MetaMask mobile application. Another possibility is to have an old wallet that you used a long time ago. If you want to recover your old MetaMask wallet with the assets stored in it, click on Import Seed Phrase instead of Create New Wallet.
Next, you need to enter the 12-word Seed Phrase phrase with a strong password. This password is for the current extension and forgetting it will not be a problem. If you forget the password while continuing to lock the program, you will have to recover the wallet through the Seed phrase.

Add Tokens

add token in metamask

On the home screen, a list of your assets with the inventory of each is visible. By default, only the Ether cryptocurrency is on the list. Click Add Token to add more tokens. By clicking on the account name at the top of the page, the ETH receiving address will be copied to your device’s clipboard very quickly but to get the address of other tokens, you must first add them to the list. In the settings, there is an option that is not to display tokens with zero inventory. Enable it.

Swapping Cryptocurrencies in MetaMask

swap in metamask

On the home page, if you click on the Swap option you will visit the following page. Here you can replace Ethereum with a variety of tokens or vice versa. Before the advent of MetaMask and other platforms, and especially similar aggregators, users had to flip through several exchanges before buying a token or coin to find the best price. Unfortunately, despite the time-consuming process, the user will still not always receive the best price. On the other hand, with the constant transfer between different exchanges, fees increase.

But the MetaMask wallet solved the problem; MetaMask hits a few aggregators while the user tries to exchange Ethereum and Ethereum tokens and gets the best prices. For this reason, MetaMask users always have access to high liquidity and numerous tokens at the best prices. You pay a fee of 0.875% for exchanging in this wallet, which is a completely negligible figure considering the benefits of the service and the fee of other similar services. This fee is automatically deducted and does not need to be paid directly.
Since conversion orders in Metamsk are split into several exchanges, you will be less prone to sharp price fluctuations until large orders are closed during large trades. Before submitting the request, you can specify the slippage tolerance. It means the difference between the expected price and the price at which the exchange is ultimately based. For example, when you set it to 3%, it means that the number of tokens you receive will not differ by more than 3%.

How to send and receive Ethereum in the MetaMask wallet?

Receive QR code
send ethereum from metamask
Transfer ETH From MetaMask

To receive Ethereum, Click the three-dot menu button at the top right of the page, then select one of the Show QR Code or Copy Address To Clipboard options. If the sender has a mobile wallet, it can receive the address code by scanning the QR code. Otherwise, you will need to copy and paste your MetaMask wallet address to the sender.
Unlike other wallets, there is no Receive option. The three main options on the page are Buy, Send and Swap. To receive your address to present to others for the deposit, just click on the account name at the top of the page. The address will be saved on the clipboard.

Click the Send button to send Ethereum to other wallets.


Then you have to enter the address of the wallet you want to send it to. In the next box, enter the amount of Ethereum currency you want and click the Next button.

Connecting Hardware Wallets

Users of Trezor and Ledger wallets such as Ledger NanoX, Ledger Nano S, and Trezor T Model can connect them to MetaMask. In this way, MetaMask will become the user interface for using these wallets. To do this, enter the menu and click on Connect Hardware Wallet. After connecting the wallet to your laptop or desktop computer, you will be able to use it.

MetaMask Mobile Application

metamask mobile app

Although one of the reasons why MetaMask is so unique is that you can use it on desktop devices, many users still prefer the Android and iOS mobile applications. All the features we have discussed so far are also available in the MetaMask mobile application. In addition, we should mention the existence of a browser for running decentralized applications, access to the world of Defi, irreplaceable token stores, decentralized exchanges, and decentralized social networks.

Keeping your Android and iOS applications in sync with the MetaMask web browser extension is easy. Just go to the Advanced section in extension settings and then scan the QR code displayed on the screen with the phone’s camera. Then these two accounts will connect.

MetaMask Wallet Settings

metamask swttings

To go to the settings, click on the circle icon in the upper right corner, then click Settings. MetaMask gives you many customization settings. On the left of the circle icon, you can select the network. You are in the Ethereum network by default.

In the General section, the first option(Currency Conversion) is for selecting the Fiat currency you want to display prices based on. The value of your cryptocurrency assets will be displayed according to this currency. By default, the USD option is active. The second option(Primary Currency) allows you to display values in the cryptocurrency of your desired chain (like ETH). The third option(Current Language) is to specify the language of the application interface. The next option(Use Blockies Identicon) is to use or not use Identicon(visual display of a hash value). Activating the last item(Hide Tokens Without Balance) will no longer display tokens with 0 inventory.
In the Advanced section of the MetaMask extension settings, the first item(State Logs) is the place to store all your public addresses. Clicking on the Download State Logs option will download all of these addresses. Sync With Mobile lets you sync private keys between your mobile application and the MetaMask web browser extension. Clicking on Reset Account will delete your transaction history. After that, nothing happens to your cryptocurrency assets and there is no need to re-enter the Seed phrase. If you enable Advanced Gas Controls, you will be able to specify a gas limit while sending the cryptocurrency. Turning on Customize Transaction Nonce allows you to set the transaction nonce manually. Auto-Lock Timer to set the time for the extension to lock automatically after a period of inactivity.
Another part of the MetMask wallet settings is Contacts. Here you can create a list of contacts for yourself and use their address while sending the cryptocurrency. This way, you will not have to receive the recipient’s address every time you need to send Ether or Ethereum tokens. After entering this section, click on Add Contact and then specify the username and public address of the contact.
The next part is Security & Privacy. If you have lost the Seed phrase, you will be able to view and write it down again by clicking on the Reveal Seed Phrase option. By activating Show Incoming Transactions, incoming transactions are displayed in the list of transactions. The next item(Use Phishing Detection) is for preventing phishing attacks. By turning it on, you will receive a warning if you enter suspicious domain addresses of Ethereum users. If you turn on Participate in MetaMetrics, you will help MetaMask developers to improve this wallet by anonymously sending some information to them.

Explore the Ethereum world with the MetaMask wallet.

According to users, the most significant feature of MetaMask that distinguishes it from regular cryptocurrency wallets is the ability to enter the wide world of decentralized applications based on the Ethereum blockchain. For new users, MetaMask is a convenient tool for working with Dapps through a regular browser. It is interesting to know that MyEtherWallt is one of the most common Dapps used in Metamsk by a large number of users!
One of the reasons for MetaMask’s success in 2020, which reached a record 1 million monthly active users by October of this year, was the ability to access Defi applications amid the huge popularity of decentralized finance. To get started with decentralized apps, it’s a good idea to look at the most famous options to date.

CryptoKitties; the most popular Ethereum Dapp to this day

crypto kitties


In this decentralized application, or rather game, users can collect, nurture and exchange virtual cats. Each kitty can have a combination of several different features; race, bell, age, and other characteristics can be determined for each. That is why each has a unique identity and is different from the others. This asset reminds us of the nature of a non-fungible token; Each cat has a different identity and is irreplaceable with another.
CryptoKitties(a product of late 2017) became so popular at a time when traffic on the Ethereum network increased due to the high volume of user activity. It is interesting to know that in February 2020, when the record of the highest daily transaction rate was recorded on the Ethereum platform, the statistical situation was similar to the time of increased traffic due to the inflow of CryptoKitties users!
Use MetaMask, enter the game, and create lovable cats in the simplest possible way. If you can grow a kitty with unique features, you will be able to sell it in the market for non-fungible tokens at a considerable price. It is interesting to know that along with the initial coin offering campaigns(ICO) between 2017 and 2018, one of the reasons for the success of the Ethereum network in the first years of its launch was this game. Millions of dollars were transferred through it, and some special cats were sold for hundreds of thousands of dollars!

How to connect MetaMask to Binance Smart Chain?

connect metamask to bsc
connect metamask to BSC

MetaMask is not just for working with the Ethereum network and ERC20 tokens. You can also use it to connect to the Binance Smart Chain network(BSC) and work with BEP20 tokens. In this part of the tutorial, we will use the MetaMask extension.
By default, only the Ethereum wallet is visible when you install and log in to the application. You may lose bep20-based tokens with erc20 addresses sending them incorrectly, but sometimes recovery is possible. For the previous reason, do not transfer bep20 tokens to the MetaMask before connecting it to BSC. Due to the similarity of the addresses, mistakes can occur even for professional users. If you have such a problem, use the following to return your cryptocurrencies to the original blockchain.
To connect BSC to MetaMask wallet, click on its extension in your browser and enter the Setting section.

On the Settings page, click the “Networks” tab.

You have to add the Binance Smart Chain network manually. To do this, click “Add Network” like in the picture above. Keep in mind that there are two Binance Smart Chain networks to add to the MetaMask wallet. One is Testnet and the other is Mainnet. You must enter a series of information in different boxes. We have taught you the exact value of each box to connect the BSC to the MetaMask wallet. Use the following information.

Mainnet network parameters:

  • Network Name: Smart Chain
  • New RPC URL: BSC-dataseed.binance.org
  • ChainID: 56
  • Symbol: BNB
  • Block Explorer URL: bscscan.com

Testnet network parameters:

  • Network Name: Smart Chain – Testnet
  • New RPC URL: data-seed-prebsc-1-s1.binance.org:8545
  • ChainID: 97
  • Symbol: BNB
  • Block Explorer URL: testnet.bscscan.com
BNB in metamask

If you are after learning how to work with bep20 tokens in MetaMask, you need to connect to the Testnet network, otherwise, you will need to connect your wallet to the BSC Mainnet network to exchange real tokens. In our opinion, it is better to connect both to your wallet with the help of this MetaMask tutorial. Follow this procedure once to connect the Mainnet and once again to connect the Testnet.
When you input the information according to the values mentioned above, click on the “Save” option. Return to the MetaMask home page now. If you pay attention, you will notice that the used network is automatically changed to the network you just added, which is why the units are represented by BNB(Binance Smart Chain Cryptocurrency) instead of ETH.

Performing transactions in the BSC Testnet network

transferring BNB

If you want to work with the BSC Testnet network inside the MetaMask wallet, make sure you are in “Smart Chain – Testnet” mode as shown above. To transfer the token, click on “Account 1” to copy your address. You will then be able to enter your wallet address and receive the amount of currency(test, not real) by visiting Binance Smart Chain Faucet at testnet.binance.org/faucet-smart.
Once you input the address, click on “Give me BNB” and then from the drop-down menu, click on the desired value. Wait a while so that some BNBs are transferred to your Testnet address.

In this MetaMask tutorial, we will send some BNBs to another address to show how it works. To do this, we have selected a random address from testnet.bscscan.com. After selecting, click “Send” in the MetaMask wallet.

metamask bnb send in testnet
Ignore the parts related to ether. Here, it is also possible to change the fee manually.


Imagine we are transferring a BinanceCoin unit. Leave the fee section by its default. Then click “Next”. Once again it will allow you to check the transaction, you are learning anyway! Click “Confirm” if confirmed. After the transaction, you will receive a message indicating that you have completed the tutorial on connecting the MetaMask to the BSC network correctly.

How many People are using MetaMask wallet currently?

The number of active users currently trading with the MetaMask wallet is reported to be 5 million. Also, more than 40,000 people follow this wallet on Twitter.

Conclusion

MetaMask is an important part of the Ethereum ecosystem. Although this wallet offers many special features for professional users to access and work with the Ethereum blockchain, it is still one of the best wallets for beginners. The storage and wallet nature of MetaMask comes after its initial use; MetaMask is a tool for bridging Ethereum.

Although MetaMask has good security features and no widespread hacking has been reported so far, we still recommend that you do not store large amounts of cryptocurrency. As mentioned above, this extension is a great interface for working with hardware wallets, so it’s best to get a Cold wallet of the hardware type and use it with MetaMask.

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What will be the market Bitcoin Price in 2022

Long-term analysis of Bitcoin Price in 2022: What will be the market trend in the new year?

bitcoin price 2022


Contrary to the predictions of most cryptocurrency market analysts, Bitcoin ended its work in 2021 with a price of less than $ 50,000. But what will the Bitcoin market trend be in the new year, and what are the key price supports and resistances in 2022?
According to the Telegraph, the Bitcoin trend ended in 2021 with a significant distance from the 100,000$ target that analysts had predicted. Jesse Powell, CEO of the Kraken Exchange, who recently predicted that the price of Bitcoin would reach $ 100,000 by the end of 2021, still has a bullish outlook on Bitcoin performance in the Bitcoin market trend in the long term. However, he does not rule out the possibility of falling prices in the short term.

The Negative Point

One negative point that could make sales pressure increase in the short-term is the change in the monetary policy of the US Federal Reserve. The Federal Reserve announced on December 15 that it would continue to move faster than before toward stopping Bond Purchase Program. In addition to this, the government plans to increase bank interest rates in 2022 in three stages.
Sam Stovall, a capital expert at CFRA Research, said that as the market history shows, during the 12-month period in which the Federal Reserve intends to raise bank interest rates in three or more steps, The performance of the S&P 500 index is also most likely tend to negative efficiency.

Bitcoin and the S&P 500 index

Since the price of Bitcoin and the S&P 500 index are correlated significantly over the past year, if history is meant to repeat itself, Bitcoin may be under a lot of pressure just like the US stock market. Fears and its growth of it may drive some market participants out. So, predicting whether investors will continue to buy Bitcoins in the new year to counter rising global rising inflation. That is not an easy task to do, and also, we cannot comment on this with certainty.
In this article, which has been specially prepared for the beginning of 2022, we intend to examine the price conditions of Bitcoin in the long term and identify key price supports and resistances for the new year.

Long-Term Analysis of Bitcoin Prices

Simultaneously with the jump in Bitcoin price in 2017, the relative strength index (RSI) had reached the level of 96, which indicates the over-optimism of traders in that period. These fast jumps in prices are usually not stable and often lead to a deep correction or a long period of price stabilization. This is exactly what happened after the end of the uptrend in 2017.

Bitcoin Price Plot
Bitcoin Price Plot

Bitcoin Price

The price of Bitcoin was always below the 2017 lows before reaching the $ 20,000 level in December 2020. This means that the market has been involved in the introduction of the recent uptrend for three years. The price jump in 2021 raised the relative strength index above the level of 91 in March. It was before the increase in sales pressure in the market. However, unlike in 2017, this time buyers defended support for the 20-month moving average (EMA).
This shows that traders’ attitudes remained positive after the fall in May, and some market participants were buying on the price floor after the fall. A few months later, another jump in Bitcoin reached took it to a high record of $ 69,000. However, buyers still failed to maintain their position. This means that some traders sell during price fluctuations.
In recent months, price corrections have once again brought Bitcoin closer to the 20-month moving average, and as the relative strength index position shows, it is likely to continue to decline in strength.
If sellers can lower prices below the 20-month moving average and maintain their position in that area, the price is likely to fall to the significant support of $ 28,800. Defending this level will be very important for buyers because breaking it can lead to a long-term consolidation period.
On the other hand, if the price starts a new uptrend from the current levels, buyers will try to reach the level of $ 69,000. The passage and closing of the price candle above this level can be a sign to resume the uptrend.

Bitcoin Price Plot
Bitcoin Price Plot

Bitcoin Price Prediction

As can be seen from the 1-week market view, buyers have managed to push the price above $ 64,899 twice. But they have failed to maintain their position above this level. This may have trapped traders in the bears’ trap, who have entered long positions (buying) after breaking this level.
The 20-week moving average is gradually declining and the relative strength index has entered the negative zone. The situation shows that the sellers are trying to take over the market again. Buyers’ efforts to maintain a simple 50-week moving average have been successful so far, But this effort was not enough to push the price above the 20-week moving average.

Market Pressure

The current situation could lead to an increase in the selling pressure in the market, and now sellers are trying to lower the price to the strong support of $ 39,600. Buyers have no choice but to defend this level. Breaking this level could drop the price to $ 28,732.
This could delay the start of the next phase of the market uptrend and push the price in the range of $ 28,732 to $ 69,000.
Conversely, if the price starts a new uptrend from the current levels and can overcome the 20-week moving average, buyers will once again have a chance to move above the resistance range between $ 64,899 to $ 69,000.
If they succeed, the acceleration is likely to increase, and the price could make its way to the $ 100,000 and $ 109,000 targets. The area in which sellers are likely to be active.
And we should add this to what we said, that if the breaking the $ 28,732 support could start the downtrend, in which case the $ 20,000 level will act as strong price support.

Bitcoin Price Plot
Bitcoin Price Plot

The Market Sentiment

In the 1-day Bitcoin market trend view, the price has been fluctuating in a bearish channel for almost a week. The slope of the moving averages is moving downward and the relative strength index is in the descending zone like the 1-week view. In general, it can be said that market control is in the sellers’ hands.
If prices continue to fall below current levels or move away from the 20-week moving average, it means that market sentiment is still declining and traders are looking for an opportunity to sell when prices jump. This move could be accompanied by the fall of Bitcoin to the price floor on December 4 at $ 42,333.
Buyers are supposed to defend this level because if this resistance level gets lost, the sellers will try to lower the price below the channel support, in which case the selling pressure in the market will increase.
The $ 39,600 to $ 37,300 range will act as strong price support; But if buyers fail to break the 20-day moving average, the downtrend is likely to continue at $ 28,800.

Bitcoin Resistance Level

bitcoin resistance


On the other hand, if the price rises and reaches above the resistance level of the channel ceiling, it is a sign of reducing the selling pressure in the market. In this case, buyers will try to reach the simple moving average of 50 days, which can be challenging for them this time as well.
Buyers should expect a break above the 50-day moving average and stay above this level to reach the $ 60,000 price target. This level is presented as strong resistance to price; But if it breaks, buyers can try to reach the historic high of $ 69,000.

Bitcoin price prediction in February 2022

BTC 2022 prediction shows that the cryptocurrency will grow well in February. Based on the reliable information and data that we observed, it was determined that the price of this cryptocurrency will reach 51903.49. We estimated the lowest price we see from Bitcoin until the end of February is estimated at $ 47,732.88.

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What is a Pyramid scheme and how is it different from a Ponzi scheme?
 

What is a Pyramid scheme and how is it different from a Ponzi scheme?

A Pyramid scheme is a type of occupation that is not sustainable. In a Pyramid scheme, members earn money due to network growth or membership. Designers of this trick create a sham company and encourage the uninformed to join the group for a fee. These members must encourage other people to join the company as their affiliates. More senior people can earn new membership fees, and the more customers they have, the more profitable they will be. Some types of Pyramid schemes also pay their members for joining the group. But in most of these schemes, a person must nominate at least two people directly to enter the company.
In the Pyramid scheme, operators and designers earn huge incomes by taking advantage of the marketing network’s exponential growth. They take money from one group and give some to another group. Read more about cryptocurrency frauds and ways to prevent them in the following.
Here is a list of sections in this article:

Why do we call this trick a Pyramid scheme?

Members in the network structure of a Pyramid scheme increase at low levels, so the network members are like a pyramid. The simplest type of this network is the binary type. If the layout in binary type begins with one member and each member introduces two others. After ten levels, network members will reach more than a thousand people.
The number of group members grows to the point where new members can’t join due to the restriction of the enthusiasts in membership but haven’t joined.
pyramid scheme

What is a Pyramid structure? How is it different from a Pyramid scheme?

Most valid organizations and companies have a Pyramid structure that is different from the Pyramid scheme. The CEO of a company is at the top of the pyramid organization. This person has a direct relationship with the senior managers. Senior managers communicate with central managers. Central managers communicate with department heads, and they communicate with their department members. As we get closer to the bottom of the pyramid, the number of company personnel increases to the point where the most ordinary personnel will place at the bottom.
So as you can see, the largest and most reputable companies and organizations also have a pyramid in which the CEO is at the top. Other members of the organization are at the lower levels of the pyramid. So the lowest level of the pyramid has the most members.
It is safe to say that the basis of any country’s stability depends on the strength of that country’s Pyramid scheme. The more powerful the Pyramid scheme in the country’s fundamental organs like government institutions, businesses, and educational centers is, the more stable and prosperous the government will be. According to the above review, we realize that the appearance of a structure should not be the basis for judgment. You noticed that most business and social organizations should have a Pyramid scheme.
We see similarities in the difference between Pyramid structures in organizations and Pyramid schemes, but the most significant difference between them is in their application and operational area. It means That the method of earning money is different in these two structures. It is best to ask the following questions to determine if a company’s performance is genuine and whether it is a Pyramid scheme or not:

  • What is the way of earning money for the organization’s employees? Does it make money just by recruiting?
  • Is the result of the company’s activity, the sale of actual products or services to the lower level of the pyramid, and the ultimate consumers?
  • Do participants have to pay a high membership expense to participate in this business?
  • If someone wants to quit the business, is there a clause in the agreement that allows them to recoup their expenses?
pyramid structor

How does a Pyramid scheme work?

A simple example explains the concept of a Pyramid scheme of the Pyramid trick type. Consider that a company receives $100 from one person. If this person persuades two new members to join the company, the first person earns $150. Imagine that this company receives $200 from the two new people and pays the first person $150. In the end, he earned $50 without doing anything useful.
In a Pyramid scheme, over 50% of the members pay only $100 as a membership fee. As the network expands, the number of people increases until the network pyramid fully grows.
So the way the Pyramid scheme works is that the network grows with the addition of new members, so because of this, previous members who entered earlier earn money without selling a product or a particular service to new members.
ponzi scheme

What is a Ponzi scheme? How does it work?

Along with Pyramid schemes, there is another type of network scheme called the Ponzi scheme. The Ponzi scheme designers need the money of new and unaware people who enter the project to advance their goals, but investors do not know that their income is through the membership fee of new people.
The Ponzi network tells people that their investment is legal. Some Ponzi network designers have been managing their designs for years. They convince the project members that the profit from their investment is through business, but in reality, previous members get new members’ money for their activities.

Tron Ponzi Scheme

Many Ponzi companies use the Tron network in cryptocurrencies; because the fee for this network is small and close to zero. Although these Ponzi projects have different strategies and plans, they all have common features without exception; Low risk, high profit, and stability.

What is the difference between a pyramid scheme and a Ponzi scheme?

The Ponzi scheme and the Pyramid scheme have many similarities in subscriber fraud, and in some cases, ordinary people consider the two tricks to be the same. These days, the Pyramid scheme and Ponzi scheme have entered the field of cryptocurrencies and blockchain. Usually, any investment may involve risk, but it is more important whether the amount of risk is high or low. So risk-free investing doesn’t make sense, but if a person inadvertently enters a Pyramid or a Ponzi scheme, his funds will be at risk. Most countries of the world consider these schemes illegal. However, these two schemes are not the same, and some of their features distinguish between these two scams. To understand the differences, we get acquainted with the features of the Pyramid scheme.

What are the specifications of a Pyramid scheme?

The Pyramid scheme, asks individuals to introduce new members to the system, and if any new members join, they will earn a large amount of money. In a Pyramid scheme, they sell a set of products or services that a new member must purchase so that they can make a profit on the primary members. Notice the example below to understand better the workflow of a Pyramid scheme.
A clever Pyramid scheme hustler has some ordinary cosmetics. He falsely claims that these cosmetics have healing effects and eliminate pimples if used. That’s why it puts a higher price on its cosmetics. He finds an uninformed person like X and advises him to buy these products by paying one hundred thousand Tomans. But this is just the beginning.
The pyramid hustler promises X that he can get rich by participating in this scheme. He only needs to recommend buying these cosmetics to his relatives. If his friends purchase from him, he will get a profit. If X’s friends also suggest their relatives to buy from this plan, and they also make a purchase, then it can be profitable in a pyramid and up to several levels.
In this example, the scammer could easily sell his regular products up to several times the market price. If someone does not buy, there is no need to pay interest. The pyramid scammer used X as an advertising tool to sell his ordinary and even worthless product and received a guaranteed profit from these advertisements.
how to recognize a pyramid scheme

What is the future of the pyramid scheme?

Two destinies are imaginable for the future of this scheme:

  • As long as new members participate in the scheme, it continues. Also, the scammer continues to give profits to people because he has been able to sell his low-priced goods at a higher price and, on the other hand, attract customers by giving profits.
  • After a while, the Pyramid scheme designer can escape without giving the product or information with the funds she has taken from the people and has reached a large amount.

What are the similarities and differences between Ponzi and Pyramid schemes?

Similarities between these two schemes are as follows:

  • The designers of these tricks take a large amount of money from unaware people by promising astronomical profits.
  • For both projects to continue their activities, they must constantly attract new members.
  • Usually, these schemes are not the products or services they claim to offer. If a product or service is offered in certain circumstances, it is only an excuse to divert the minds of the people involved in the scheme from the reality of the Pyramid or the Ponzi scheme.
  • The Pyramid scheme, like the Ponzi scheme, will eventually fail because both need more and more members to keep up.

Some of the differences between Ponzi and Pyramid schemes are as follows:

  • The Panzi designer claims to invest money in financial markets, but in the Pyramid scheme, we face selling products or providing low-value services.
  • The Ponzi scheme may not be networked, but the Pyramid scheme must be networked. It works in such a way that the first members invite other members to the scheme and the hierarchy that emerges forms the Pyramid network.
  • In a Pyramid scheme based on inviting new members, each participant receives a commission before seeing themselves at the top of the pyramid.
  • Pyramid schemes work on network marketing, and subscribers must enroll other people in the scheme to earn money. So each subscriber receives a commission before transferring money to the top of the pyramid.
  • The Ponzi scheme is absolutely a fraud and is legally problematic, but the Pyramid scheme structure, while problematic, can also be legally acceptable. Of course, the unsustainable development of Pyramid schemes increases the chance of becoming illegal.
pyramid scheme vs ponzi scheme

What about Pyramid schemes based on cryptocurrency?

Some Pyramid schemes use cryptocurrencies to achieve their fraudulent purposes. The Double Way Ethereum scheme is a Pyramid scheme. Its stages are:

  • To enter the scheme and join it, you must enter an identifier code.
  • At the beginning of the activity, it is necessary to send 0.08 Ethereum to the address of the announced smart contract. On May 29, 2021, the price of ETH reached 2682 $, which is about 215 $.
  • Now it is the turn of recruiting members. To earn money, you must include at least another person in the scheme and he will announce you as his identifier.
  • To receive a profit, you must add at least two people to your subset. Each person submits 0.08 Ethereum for the design. The total amount, 0.16 Ethereum, will now be credited to your digital wallet.
  • At this stage, to earn more profit, you must increase your account in the scheme by paying 0.16 ETH to the second level, or you can not work at higher levels.

This method is quite indicative of a Pyramid or Ponzi scheme, but still, some people are deceived by these tricks and continue to work.

  • If your affiliate members can attract 2 people each and a total of 4 people, another 0.32 ETH will be added to the plan, which will reach 0.16 Ethereum per person divided among your affiliate members.
  • Now, the people attracted through you who have become members of the plan must raise their account by depositing 0.16 Ethereum, to level two. In total, by collecting this money, another 0.32 Ethereum will be credited to your account.
  • So far you have seen from the way the system works that no added value has been obtained and the activity of this project has been just taking money from one pocket and putting it in another pocket. That is the money that comes from new members joining and is distributed among senior members.
  • Finally, the designer of the Pyramid scheme, which is a branch of the Double Way Ethereum group, makes good money. When the inventory of the designer’s three wallet addresses was checked, we determine that he gained 300 Ethereum.
cryptocurrency based pyramid scheme

Is the King Money Cloud Mining Pool a Pyramid scheme?

Some believe that King Money is another method of the Pyramid scheme hustle. The reasons are as follows:

  • The currency website claims that this cryptocurrency was created to transfer assets in the network marketing industry. According to White Paper King Money, the focus of this cryptocurrency is on network marketing and network marketing companies support the project. The network marketing method is a Pyramid scheme method. It is further stated that it is possible to mine KIM cryptocurrency through the SHA-256 algorithm, which is the same method of bitcoin mining.
  • In the roadmap section, there is no talk about the future actions of this project and the future of the scheme is the most significant part of a project, which is the main difference between the Ponzi scheme and the Pyramid scheme with legal and commercial projects since they are unsustainable projects.
  • Another ambiguity about King Money is the uncertainty of its development team. The current situation is different from 2008 when an anonymous person nicknamed Satoshi Nakamoto released Bitcoin. At the moment, people do not trust the currency released by the Anonymous team. They want to make sure that this project is not among the Ponzi and Pyramid schemes in the form of cryptocurrencies.

The current rating of this cryptocurrency on the CoinMarketCap website on May 29, 2021, is 4309 and the price of each unit with the symbol KIM is equal to $ 306. This new currency was released in 2018.
Of course, the inclusion of King Money in the CoinMarketCap website’s list of currencies does not mean that it is valid. Although the market volume information and the KIM coin volume in circulation are available on the CoinMarketCap website, it is better to research sufficiently if you want to invest in this currency.

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Are you planning to get a loan from Defi? Here are 3 threats that you need to know

Get a loan from Defi

Suppose you want to get a $ 1,000 loan from Ethereum or Bitcoin while you do not intend or even think about selling your cryptocurrencies. Defi lending platforms are your solution. By using these platforms, you can provide your Ethereum or Bitcoin as collateral like an assurance to the platform for a short time, and you can receive the loan amount. In this case, you have not sold your Ethereum, and better than that, you have provided the money you need.
When we hear Defi’s name in the cryptocurrency market, we think of tens of thousands of profits and countless earning opportunities. However, we must not forget that anything in the investment world that has high profit also has its risks. Defi lending platforms are no exceptions. If you want to learn more about getting a loan from Defi lending platforms, we suggest you read this article.
As you know, Defi stands for “Decentralized Finance.” Decentralized finance is an ecosystem of Blockchain-based applications that provide financial services similar to traditional banks, insurance brokers, and other financial intermediaries.
The difference between traditional financial services and Decentralized applications is that these applications operate independently and without intermediaries. Because the performance of each of these applications, instead of individuals, is based on one or several smart contracts. You also know that a smart contract is a special computer program that automatically executes certain operations if the predetermined conditions are set.
“Lending” is one of the traditional financial services that is possible in the world of cryptocurrencies through these Decentralized peer-to-peer applications.
The creation of the possibility of lending money in the Decentralized world of cryptocurrencies was a great achievement that made these currencies very popular and caused a large amount of capital to enter Defi platforms. But as we mentioned before, in the previous sections, this achievement of decentralized finance, like any other new and emerging phenomenon, is not risk-free and has its potential risks.
In the following, with the help of an article from CoinDesk’s website, we will review three examples of these risks and introduce solutions to prevent them.

3 major threats to Defi lending platforms

Defi lending platforms are, in fact, the Decentralized version of the traditional banks we turn to for Fiat currency loans. Of course, there are fundamental differences between these two; However, their concept and nature are the same.
Cryptocurrency investors, just like the time when they deposit money into their savings accounts to make a profit, now can lock their funds in Defi platforms and use them to provide liquidity to those platforms and receive regular profits.
The interest rates on some of these Decentralized apps are much higher than the fees paid by traditional financial institutions. So, cryptocurrency owners are a passive and attractive source of income (Passive Income).
But do not forget that before lending or getting a loan from any asset, you must consider the risks associated with it and be aware of them. In the following, we will introduce and review some of these risks to you.

Impermanent Loss

When you deposit your assets into a liquidity pool, one of the risks you might encounter is the “volatile loss.” Unstable losses occur when the price of locked-in assets in a liquidity pool changes after a deposit, and an “unrealized loss” occurs.
In other words, if the liquidity providers or the investors kept their assets in cryptocurrency, they wouldn’t be hit by this loss. Asset prices fluctuate or change for two reasons, both of which are inextricably linked to the automated marketing system used in Defi liquidity pools:

  • Defi pools hold a certain proportion of assets in the pool. For example, an Ether/link pool may keep the ratio of Ether and link tokens in the pool to 1:50. This means that anyone who wants to provide liquidity to this pool must deposit Ether and link tokens at a ratio of 1:50.
  • Defi pools rely on arbitrage traders to keep asset prices at their current market value. Let’s give you an example, if the price of a link token in the market is $ 35 and the price in an Ether/link platform pool is $ 34.5, arbitrage traders will detect this price difference and add more Ether to the pool to have profit from this price difference. So, they can receive the links at a lower price than the market.
  • When arbitrage traders add another token to the pool to collect a cheaper token, the token ratio changes. The liquidity pool also automatically raises the price of more tokens and decreases the price of smaller tokens to restore the balance of the tokens. So, Arbitrage traders have the financial motivation to maintain the balance of the pool.
  • When the pool balance restores, the increase in the value of the liquidity pool is often less, compared to when the same assets were held on the lending platform. This is called “unstable loss.”

Under these protocols, liquidity providers get some transaction fees in exchange for adding assets to the pool, which can retrieve unstable losses. UniSwap, for example, receives a 0.3% commission on transactions that are distributed among liquidity providers.

Unstable losses should not be a factor in scaring you away from the Defi space. It is much better if you look at it as a predictable and measurable risk that you should consider before lending assets.

Important Note: To reduce volatile losses, it is best to invest your liquidity in pools that hold less volatile assets (such as stable coins).

Flash Loan Attack

Flash loans are a type of unsecured lending without collateral just for Defi space. In the traditional centralized banking model, there are two types of loans:
Unsecured loans: In this type of loan, due to the lack of loan amount (for example, ordinary loans), there is no need to provide collateral.
Collateral loans: These loans have a higher amount and require collateral such as a deed of house, car, and investment. Throughout the lending process, banks use tools such as credit scores and account reporting to assess customer credit.
Quick loans are a type of unsecured loan that uses smart contracts to reduce the risks in a traditional centralized banking system.
A quick loan has a simple meaning, and that is: that the borrower can receive thousands of dollars of cryptocurrency without any collateral or bail. But the important thing is that in this type of loan, the funds have to be repaid in the same transaction that they were sent (usually within a few seconds).
If the loan is not repaid, the loaner can return the transaction. As if no such transaction had taken place and no one had received such a loan. Due to the zero risk of issuing this type of loan, there is no limit to the number of loans that a person can take. Also, since the whole process is decentralized, no one will ask you if you have a returned check or overdue installments.
Rapid lending attacks occur when a person uses these types of loans to borrow large amounts of money and use them to manipulate the market or exploit vulnerable Defi protocols to their advantage.
The instant loan attack that recently targeted PancakeBunny is one of the latest examples of such attacks. Shortly afterward, the profiteering aggregator platform made headlines in cryptocurrency news.
During this attack, the price of BUNNY fell by 95%. The attackers did this by borrowing a large amount of BNB from the Pancake Swap Lending Protocol, manipulating the price of BUNNY tokens in the lending pools, and then dumping BUNNY tokens in the open market, which eventually led to a fall in the price of this token. Just like the previous quick loan attacks, this time the thieves escaped without any problems.
When a particular token in a liquidity pool runs out of stock, liquidity suppliers may be exposed to volatile losses. It is clear that when lesser-known tokens (such as sponsors) are targeted, investors lose confidence in the projects. Also, the price of these tokens is rarely revived and returns to the previous price.
When a particular token in a liquidity pool runs out of stock, liquidity suppliers may be exposed to volatile losses. It is clear that when lesser-known tokens (such as the BUNNY token) are targeted, investors lose confidence in the projects. Also, the price of these tokens is rarely revived and returns to the previous price.

Best cryptocurrency lending and borrowing loans in Defi

Maker: Maker is a unique cryptocurrency lending platform in Defi that uses only Dai tokens for borrowing. Dai is a stable coin tied to the US dollar. Users can open an inbox using the Maker protocol and receive Dai tokens in exchange for locking collateral in the form of an Ether or BAT. This encourages participation in revenue-generating activities through government fees, which play the role of a profit rate for the network. It is possible to borrow a mortgage of 66% of the value of the collateral. If the price of the collateral falls below this fixed-rate, you will be subject to a 133% fine and liquidation. Liquidated collateral is then sold on the open market at a 3% discount.
Aave: This platform is an unsafe liquidity protocol for making a profit by depositing and borrowing cryptocurrencies. Aave allows lenders to receive the equivalent of an aToken by depositing their cryptocurrency into a pool. This platform algorithmically adjusts the interest rate depending on the supply and demand. This indicates that the more profitable aToken currencies are maintained by users, the greater the profitability.
Compound: Compound is an autonomous protocol and algorithm that aims to provide global free financial programs. This platform allows users to earn money and borrow other cryptocurrencies by depositing their cryptocurrencies. The use of smart contracts has automated the management and capital saving process on this platform. Web 3 wallets, such as MetaMask, have also enabled compounding and profiting.

Rug Pull Defi

First of all, the term “Rug Pull” refers to the theft of users’ funds by project developers and their escape with these funds. Rug Pull is ”money laundering”  and in many cases, the persons behind it won’t get caught.
In the absence of all kinds of traditional rules in the Defi system, users are forced to trust the platforms which bring cash or buy tokens, and unfortunately, Rug Money scams might sometimes damage this trust.
Rug money is a scam, or more precisely, an “Exit Scam” in which Defi developers create a new token, create a trading pair with a major currency such as Tether, and open a pool of cash from that pair.
The project manager then starts marketing new tokens and encourages people to deposit in the pool by promising high profits. When a significant amount of the currency enters the pool, Defi developers use the escape routes already embedded in their smart contracts and run away with people’s money. These exit routes are codes deliberately placed in smart contracts and used to multiply millions of new tokens and sell them in exchange for popular currency. These exit routes are called “Back Door” or “Door”.
As a result, the price of sushi tokens fell to near zero; This event has been called one of the “most dramatic moments in the field of Defi”.
Scamming is a billion-dollar industry in Defi, and despite the efforts of developers to reduce the risks in this field, this scamming is still so common. In the second half of 2020, Rug Pull and Defi Exit scams established 99% of all Blockchain-based scams.

How to stay away from these 3 big threats in Defi platforms?

Despite the rapid growth of this type of sabotage activity, there are ways to check for risk in a company before investing, and here are some examples:

  • Check team credibility in other projects
  • Careful study of project white paper
  • Check if the project coding has been checked by people other than the project team members
  • Sensitivity to existing warnings (such as promises of unrealistic returns or excessive costs for advertising and marketing).
  • Ultimately, the very designs eliminated the need for Defi protocols for intermediaries and give them the ability to revolutionize the financial industry and also make them vulnerable to theft.

Limited regulatory rules, along with the open-source nature of the Blockchain, mean that there are vulnerabilities in lending protocols that hold large amounts of money; But like the rest of the Blockchain industry, we expect that the risks of Defi projects get minimized over time.

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What is Web 3.0?
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How to create an NFT and How to sell It?

Add Your Project

There is a lot of talk about NFTs or Non-Fungible Token. Rare assets are created and transferred on the blockchain. NFTs have surprised many; A simple digital image sells for over $ 100,000. On the other hand, we hear that someone is willing to spend tens of thousands of dollars for a football player’s token, which has no special use. If you are wondering what the structure of NFT means, how can you work in this field and Make and sell your tokens, Read this article to the end?
In this article, I do not intend to discuss the nature and value of NFTs. I will try to explain more about how to enter and work in the NFT field.
However, I will first give a brief explanation of what NFT is and what its benefits are.
What you will read about in the following:

What is NFT?

Non-fungible token, or NFT, is a unique digital asset. Unlike Bitcoin, Ethereum, and other cryptocurrencies, each NFT unit has specific features that set it apart from other units.
Although NFTs seem to be an innovation, if we pay a little more attention, we are not very strangers to them.
The price of a pair of professional football shoes may not even reach 200,000 dollars, But if the world football legend, Cristiano Ronaldo, wears the same shoes and with that, he scored an important goal for Real Madrid, how much can it be worth?

How much would a postage stamp that can be purchased today for less than $ 1 be worth if it was from World War II and Winston Churchill signed it?
Non-Fungible Tokens are valued in much the same way and with their properties, except that these tokens are virtual and you can not touch them.

An NFT, similar to cryptocurrencies (Bitcoin, Ethereum, etc.), is stored and transferred, except that each unit of unique tokens has its unique characteristics and is not of the same value as the other units. cryptocurrencies are money, or at least their purpose is to be money.
This means that cryptocurrencies must not only act as a store of value, an intermediary of exchange, and a unit of calculation but must also be (Fungible).
So (under normal circumstances) the value of one bitcoin is equal to another bitcoin, just as a hundred-dollar bill is no different in value from another hundred-dollar bill.
When you lend a hundred-dollar bill to a friend, you do not expect to get back the same bill.
But NFTs are an exception to the latter rule; This means that a non-Fungible Token unit cannot normally be equated to another non-Fungible Token unit; Just as you can not borrow one person’s car and then hand over another car to him.
The main thing that makes an NFT different from other digital assets (such as a regular file or a diamond in a computer game) is that its ownership is registered on a blockchain (an immutable database) and no one can infringe on it it it if it that ownership.
Also, as I mentioned, NFTs are stored in the owner’s wallet like cryptocurrencies (like tokens) and can be transferred in a matter of seconds with a simple transaction. In other words, with the help of NFTs, there is no need to go through time-consuming processes to transfer ownership (sale) of a digital asset.

every day, first 5000 days by beeple
The work sold as NFT for more than $ 69 million. The name of this work is “Every day: the first 5000 days” And its creator Beeple, Contains 5,000 digital images created by the artist over the past 13 years. The original quality file is also donated to the owner.

Today, although there are still technical and legal challenges (ownership and copyright) to NFTs, NFTs can be made from a painting, a photo, an in-game item, a video, an Internet domain, a ticket, and so on.
I go to the main point. How to build and sell your NFT?
What do we need to get into NFT? What is essential before attempting to work with NFTs depends on the platform and the type of NFT, But almost all platforms require two things:

1. Wallet (Metamsk)

metamsk wallet

Exchanging NFTs can be done through users’ wallets. In other words, when you buy or build an NFT, that NFT is stored in your wallet. So to work with sites in this field, you need to have a digital wallet.

Most NFT projects today work on the Ethereum network, and the best Ethereum wallet for interacting with decentralized applications is the free Metamask wallet. This wallet is installed as an add-on on Chrome and Firefox browsers and you can use it safely to exchange Ethereum and tokens based on it. So for the first step, download the Metamsk wallet for your browser and create an Ethereum account on it. You can download this software from this link.

Be sure to write down the recovery words that the app gives you at the beginning of the wallet. If the software becomes unavailable from the browser, only with that backup you can access your property again.

In the future, NFT platforms may operate on other blockchains such as Binance chain and Theron, so you need to get the right wallets for these chains. There are usually wallets that you can use on every NFT site.

2. Some cryptocurrency (usually Ether) to pay fees and expenses

Ethereum cryptocurrency

You have to pay two main expenses to build NFT: the platform fee and the network fee.
The amount of the platform fee depends on the site you use to build NFT and the network the fee also depends on the condition of the network on which the NFT platform operates.
Unfortunately, Ethereum Network’s fees are very high at the moment due to network congestion, and a large part of the expense is the same fees. Fees will be much lower on platforms built on other blockchains such as the Binance chain.
Remember that creating a non-fungible token does not mean selling it, and the cost of building an NFT is non-refundable.

Two methods of operating in the NFT area

operating in NFT field

There are two general ways to operate directly in the NFT:

  • Build NFT on specific platforms and sell it on NFT exchange sites.
  • Buy ready-made tokens from NFT exchange sites and sell them at a higher price (NFT transactions)

Each of these two methods has its challenges.
For example, if you choose the first method, you may need expertise, reputation, skills, and marketing experience to be able to build an NFT that someone is willing to buy, and in the second method, you must have a huge fund and be familiar with the market so you can identify which NFTs will be valuable in the future. In the first method, the risk is usually less, because you only pay for the platform and fees and build your NFT in the hope of selling it, but in the second method, since you buy a token at a high price, there is no guarantee that someone else would buy it from you again.
There are different types of non-fungible tokens and they are classified into different categories. So to build an NFT, you must first recognize its types to know which type is most suitable for your situation. For example, one common type of NFT is to convert a work of art or history (painting, photograph, document) into a token and sell it, but if you are not famous, this method may not be right for you. In the following, you will get acquainted with the most important types of NFT‌.

notice: reviewscenter.net does not verify or guarantee any of the following platforms and has no recommendations for entering this field. The user is responsible for the general and technical review of these platforms.

Create a simple NFT; digital artwork

The most pervasive type of NFT‌s today (early 2021) is digital art. The general idea is simple: convert a PNG, JPG, MP4, Gif, and… file to NFT, and you can sell it if you want.
Of course, if you are not popular or your NFT is simple and unattractive, you should not expect anyone to be willing to spend their valuable money on your NFT.
Popular art NFTs are usually made by a well-known artist or use intelligent programming and contracting to change status and make them unique.
The good news is that if you are not familiar with programming, you can create NFT on many platforms with just a few clicks.
Here are some of the great websites you can create NFT Digital Art on:

digital art platforms in NFT field

  • Opens
  • Raible
  • Foundation
  • Metabase
  • SuparRare
  • NiftyGateway
  • MakersPlace

Each of these sites has its features and rules. For example, in MakersPlace, people must have an invitation from other artists to make NFTs, or prove that they are an artist by filling out a form; But on Opensea and Rarible platforms, anyone can create their own NFT.
In this section, I will teach you how to create NFT on an Opensea, because according to our research, the easiest way to create and sell NFT right now is through this site.
Of course, before being an NFT maker website, Opensea was a platform for buying and selling NFTs, and not very suitable for creating complex, transformative NFTs. You can try other websites to create more professional NFTs.

Learn how to create NFT digital art on the Opensea site

  1. Go to the official site of Open sea at Opensea.io and click on the “Create” button at the top of the page.
create a token in opensea step 1

2. Click on the “Sign In” button to connect your Metamsk wallet (which you have already installed on the browser) to Open sea. There is no need to pay a fee.

create a token in opensea step 2

3. You will be taken to the “My Collections” page. Click the “Create” button to create a new connection.

create a token in opensea step 3

4. On the opened page, enter a logo, name, and short description for your collection (NFT) and click “Create”.

create a token in opensea step 4

5. Now your collection is ready and you can add any file you like by clicking on “Add New Item”. Your collection can only contain a single file. In the Add Item section, you can upload the original file that you want to NFT.

create a token in opensea step 5

We define each of the parts of this section as shown above:

  1. In this field, you must enter the name of the item. If you NFT only one item, you can enter the same name for your collection.
  2. You can see the link to the NFT page on the Opensea site after it is created.
  3. In this field, you can write a short description of your item.
  4. If your NFT has a special feature (for example, a picture of a man in it) you can add your desired feature to it. This field is not required.
  5. If your NFT has numeric attributes (such as speed), you can add the desired feature to it to be displayed as a progress bar. This field is not required.
  6. If your NFT has numeric attributes (such as speed), you can add the desired feature to it to be displayed as a mode. This field is not required.
  7. By activating the “Unlockable Content” check box, the file is displayed only when NFT is purchased, and in fact, only the token owner can view it.

6. After adding at least one item, you can create your own NFT and put it up for sale by clicking the “Sell” button.
The pricing process is up to you. You can set a fixed price for your NFT (1 in the image below) and you can also choose to have the NFT sell at the highest bid after a while. (2) It is also possible to combine an NFT with other NFTs for sale. (3) The currency is Ethereum on the Opensea platform, but you can choose other currencies as well.

create a token in opensea step 6

metamask transaction

After selecting the sales method, clicking the “Post Your Listing” button will open the Metamsk wallet and ask you to make a transaction on the Ethereum network to put the token for sale. At this stage, you have to pay the Ethereum network fee that Metamsk has set for you, which at the time of writing (late 2021) is relatively high due to network congestion.

Finish: Metamsk asks you to make a transaction.

Digital cards and collectible games

When I was less than eight years old, “playing cards” were popular among children. In the streets and neighborhoods of some countries, children played with cards and tried to get more cards in any way possible; Especially football cards.

football cards
nostalgia: football cards – from Isam

These cards had no use other than games, but among the children, whoever had more cards, was ahead of the pack and could have a better chance of winning the next games.
Some cards were more valuable than others because of their scarcity; I remember very well that I was not willing to exchange a special card of David Beckham with even two hundred other cards. If you’ve experienced card games, congratulations, you are already familiar with the phenomenon of non-fungible assets.
Now these same cards have entered the digital world and instead of being physical and put in our pockets, they are digital and we store them in a digital wallet. Also, instead of playing with them on the street, we play on our computers and mobile phones.
In the world of NFTs, each digital card is a token whose ownership is registered on the blockchain, and the owners can store it in their wallet (such as Ethereum wallets) and easily transfer or sell it.
Digital cards that convert to NFT are commonly used in games, so whoever has more and better cards will have a better chance than others. How each card works and how it becomes valuable depends on the game.
For example, in a football game, Ronaldo’s card is worth more than an average player’s card, because whoever has Ronaldo’s card will have a better chance of winning and gaining points.
One of the spaces that can make the most of NFTs in the multibillion-dollar gaming industry. It is no exaggeration to say that soon, in computer games, game items will be presented in the form of tokens to give real ownership to players and to be able to sell them for real money outside the game. For example, imagine that the Gem (diamond) in the famous Clash of Clans is a token, and everyone can sell it for real money if needed.
Currently, there are many blockchain games and systems in which users can gain a digital card, buy these cards to play the game and increase the power of the game, and sell them if they desire. Here NF the platform only creates the NFT.
Of course, some cards are useless in the game and are more “collectible”; That is, people buy and maintain them only because of their home special figure and character. These types of cards are related to the use of NFT in digital art, which we mentioned above.
Here are some of the most popular NFT digital card projects that are open to everyone:

digital card platforms in NFT

  • sorare: It is a fantasy football game in which players can form their team with the cards of well-known players and compete with others in leagues. Each player card (Common Cards) is an NFT and is stored in the user’s wallet. The actual performance of the players determines their scores. For example, a player can include Karim Benzema in his team, and if this player scores a goal, the player’s score in so rare will increase compared to others who do not have Benzema in their team. Free cards are initially given to players, but rare cards for great players must be purchased or won through a match. It is not possible to sell free cards in the game, but with free cards, you can participate in some small tournaments. In these tournaments, the top players are given a rare card that is worth the money.
  • crypto kitties: A blockchain-based game that is one of the first and most popular NFT projects. In this game, users collect and trade virtual cats. Cats, each with their own set of characteristics, can breed and make new cats. If you have superior breed cats or your chances are good, according to genetics you can have a rare and extremely valuable cat.
  • Gods Unchained: Is an Ethereum Blockchain game in a fighting style game in which players can fight others with digital cards. Starting the game is free and players will receive free cards first. Free cards are not NFT and have no value, but there are special cards with unique features in this game that are in the form of NFT, given to top players periodically, and you can also purchase them.
  • Axie Infinity: This is a blockchain game in which players will confront cartoon characters named Axie. Each Axie in the form of a pet is an NFT and the player has complete control over it and the players use it to play various games.

At present time, to succeed in most of these blockchain games, you need to pay money and it is either not possible to play for free, or if it is, the games are designed in such a way that the user has to buy a card to continue to succeed. So before participating in these projects, think about your money!

Lands in virtual universes

As I write this article, a piece of virtual land, that you can never set foot on it, is up for sale for 39,500 $ on the Opensea platform, and it’s interesting to note that the owner wrote in the description. : “[Land] in a good place…”

Decentraland
Decentraland environment; Decentralized land!

Virtual Worlds or Metaverse are more than just a game. Virtual Worlds or Metaverse are more than just a game. In these worlds, you have your own identity, you walk around the city with your friends, exhibitions are held, and you can go to amusement parks (where you can play computer games) or museums (digital art exhibits). You can buy clothes, houses, and land for yourself and even construct on your land.
Of course, the expansion of these worlds is still technically challenging and they do not have a very high quality, but in the future, these challenges will also be resolved and we will see a large presence of people in these worlds. Non-fungible tokens, or NFTs, are a privilege to the virtual worlds, as they bring the same real-world ownership benefits to the digital world. For example, if you buy a costume in an NFT-assisted virtual world, the costume belongs to you as a token on the Blockchain that you can save on your wallet and transfer to someone else if you wish without asking for anyone’s permission. Here, too, the platform creates the NFT.
The following projects are the most popular virtual worlds that use NFT innovation:

virtual world platforms in NFT fiels

  • Decentraland: Decentraland is a blockchain-based virtual world that uses the Ethereum network. As the name implies (decentralized land), the ultimate goal of this platform is for its users to manage it and for everyone to be able to have their own virtual life in this world and produce useful content and services. Currently, the main asset traded in this game is “land”. Each land is an NFT that is exchangeable for the MANA (internal Decentraland currency) token. Lands have a different value than the area in which they are located. Making decisions about the future of this world is possible by voting in the Decentraland community.
  • SandBox: Sandbox is a decentralized virtual world where people can create games on its lands or 3D assets, and make money by playing games and selling assets. At the time of writing the article, this project is still in the experimental phase and still has a lot of work to do in terms of the user interface.
  • Cryptovoxels: A virtual world made of three-dimensional pieces that work on the Ethereum blockchain. People can experience life in this world and have their land and possessions.

Internet Domains

The issue of Internet domain ownership has always been an exciting topic among free Internet enthusiasts. They all agree: In today’s Internet (centralized Internet) people are not the real owners of domains.
Decentralized domain providers have come up with solutions to manage these issues and the challenges associated with internet domain transfer.
To solve problems such as censorship, infringement of property, and the time-consuming process of transferring domains to others, these companies record the ownership information of each domain on the blockchain, so that a simple transaction on the blockchain can also transfer ownership.
Decentralized domains are one of the most important aspects of NFT. Unlike most other types of NFTs that are more collectively used, the use of these domains to solve a problem is more noticeable.

Each domain is a token that the owners’ wallets store and they can use it as an account number to receive money (cryptocurrency) or a site address.

The following two companies are currently the largest providers of NFT domains:

internet domain platforms in NFT field

  • Ethereum Name Service (ENS): This company offers ETH. Ethereum-based domains. These domains can be used to interact with the Ethereum blockchain and receive Ether and Ethereum -based tokens, as well as on websites.
  • Unstoppable Domains: The company offers Crypto. To receive cryptocurrencies and use them on websites, domains like ENS domains, are available, except that the company has a more centralized structure.

Important Note: Blockchain-based domains are not yet in harmony with standard domain standards (ICON company standards), and at least at this point you can’t use them as easily as regular domains. Therefore, at the time of writing this article, it makes sense to purchase these domains only for a long-term outlook or to use them as an account number (wallet address), not for use on websites.

From the endless sea of NFTs, we have only seen shallow points so far. Soon, there are likely to be many more types and applications of NFTs, but imagining them is not accurate at this time.
Wherever there is a need to prove ownership of various items in the digital world, we can feel the NFT‌ vacancy.
Even at present, non-fungible tokens are more widely classified, but in this article, we only mentioned the types that have the largest number of users at the time of writing.

NFT Trading

opensea

To trade any NFT‌, we must refer to the NFTs market, which is available to everyone in the form of a site and application.
Usually, any platform that allows NFT creation has an internal trading market. For example, on the Foundation platform, after creating NFT, you can put it up for sale on the same platform.
In addition to trading in markets within each platform, NFTs can also trade in public markets. In public markets, such as cryptocurrency exchanges, it is possible to trade all types of NFTs from different platforms.
At the time of writing, the top public market for NFTs is the Opensea Platform. Opensae supports a wide range of NFTs, and more than 14 million various non-fungible tokens are tradable on this website.
In terms of classification and diversity of NFT, Opensea stands out among other platforms, but most professionals prefer to sell their work on the same NFT platform, and Opensea is more useful for retail traders.
Besides network fees, putting a new NFT up for sale on the open is free, but after the sale, the site charges a commission of 2.5% of the amount. At this stage, there is no other significant public market to introduce except Open sea.

Risks and Expences

As I mentioned above, your direct involvement in the NFT field (at least at this point) can be very risky and pricey. Here are some of the major risks and costs of working with NFTs:

  • Fees: Most NFT projects are currently operating on the Ethereum network, which is also facing a serious fee challenge. At the time of writing, each transaction on NFT-related smart contracts costs an average of more than $ 50.
  • Receive money for winning: Currently, you have to spend a lot of money on NFT projects (especially games) to increase your chances of selling or winning, and there is no return guarantee. In some NFT games, if you do not pay, you probably will not have a chance to win (earn money).
  • Invalid platforms: NFT field is less than four years old, and as I’m writing this article (early 2021), NFT host websites and applications are still in close competition. So there is not much knowledge of these platforms yet, and it is still difficult to check smart contract codes. Thus, an NFT platform may be set up for fraudulent purposes or its smart contract codes may have technical issues.
  • When you purchase and can not sell: There is no guarantee that the value of an NFT will not reach zero after a while. There is also no guarantee that someone else would buy an NFT at a higher price than you.

Certainly, more issues are in this area that you can only understand by gaining experience. In general, you should know that the NFT field is now like the cryptocurrency market in 2016; Many expensive projects, NFTs, and platforms today, probably won’t exist in a few years.
Given all these arguments, if you are not an artist, geek, or collector, and your goal is simply to make a profit from the markets, it makes more sense to invest in non-fungible tokens (cryptocurrencies). For example, lands in Decentraland are each a non-fungible token, but if you want to buy these tokens (lands), you must use the Decentraland functional token, the MANA. It may make more sense to invest in MANA here.

conclusion

Creating an NFT with multiple platforms is not difficult on its own, but if you are not a well-known person or your NFT does not have special features, you should not expect anyone to be willing to buy it from you.
There are many different types of non-fungible tokens, which you read about the most important ones in this article. So a single image or video token is just one of many types of NFT.
In this article, we have tried to introduce the best platforms for each type of NFT. Be sure to research each platform yourself before doing anything to avoid technical problems or fraud.
Currently, you must either be famous, an artist, or wealthy if you want to be effective in the NFT field. So if you are planning to work in this field, be sure to consider the fact that the risk of not returning the money due to fees and buying a worthless NFT is very high.

Our last articles:

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What is Web 3.0? How to invest in the next generation of the Internet?

The dominance of technology giants over the internet and the use of users’ data for unknown purposes has painted a bleak future. But amid this blurriness, the emerging idea of the great computer scientist Dr. Gavin Wood, Web 3.0, has revived hopes for a world without domination and control.
In the following article from the Yard Coach website, we discuss the place of Web 3.0 in the future of the internet and the importance of investing in this field.
Here are the chapters of the article:

Web 3.0 A tremendous change in the world of the internet

Web 3.0 can be considered the next significant step in internet technology.

What happens if Web 3.0 is ignored?

Polkadot and Kusama

Ocean Protocol

Web 3 Innovations

Internet Computer

Conclusion

Web 3.0 A tremendous change in the world of the internet

The current internet is considered a failure design; that’s why seven years ago, Dr. Gavin Wood, co-founder of Polkadot and co-founder of Ethereum, introduced the concept of Web 3.0.

Web 3.0 can be considered the next significant step in internet technology.

 Gavin Wood envisioned the internet without intermediate and licenses governed by a democratic society, with no centralized regulatory legislation and the dominance of large technology giants over users’ data.
The idea of Web 3.0 was proposed because big IT giants like Google, Facebook, and Amazon, by taking over a large part of users’ data in cyberspace, on the one hand, use this information for their benefit (targeted advertising, selling users ‘personal information, and directing public opinion) and on the other hand, endanger users’ data security by storing big data on their centralized servers.
In a podcast titled Third Generation Web, released in 2019, Gavin Wood points out that:
“Social networks’ users don’t value them; rather, it is the data of the people that matters now more than ever.”
Today, Silicon Valley startups raise their budgets and fund based on users’ data collection.
Wood goes on to say:
“This data can be used for targeted advertising, but on the other hand, this information can also be used in cases such as a better understanding of the mechanism of the world. With this data, you can predict how people around the world will think; at the same time, you will be able to understand better the political changes in a country. Certainly, with such information, you can even predict things like election results.”

What happens if Web 3.0 is ignored?

More than 4 billion people now use Web 2.0, or the current version of the Web. If the community ignores Web 3.0 and is still determined to be centralized, we run the risk of ongoing corruption and ultimately the failure and exhaustion of society.

Eliminate intermediaries (no trust required): Trust in intermediaries is always corruptive. Google, the largest internet intermediary today, once entered the technology world with the motto “Don’t be evil” and gained the trust of users; but we must make sure that the rules and regulations work for us and not against us. When we see that searching for a single word leads to different results for each of our friends, it becomes difficult to accept this motto of Google. Google and Amazon are our current internet mafia.

No license required: Everyone can participate in Web 3.0. With Bitcoin, anyone can have their bank. With Ethereum, anyone can benefit from the rights to their artwork. Codes are the law here. Everything in this system is accepted through a democratic process. A process in which members of the community vote in favor or against. This process is what has created Soft fork, Hard fork, Decentralized Autonomous Organizations (DAO), and governance

Polkadot and Kusama

The most important project supported by the non-profit Web 3.0 Foundation in Switzerland is Polkadot. In less than a year, Polkadot has launched more than 350 software, transformed blockchain technology through parachains, and made great efforts to promote pluralism and maximalism in the blockchain.
It must be acknowledged that Polkadot is seriously involved in this field and should not be referred to as the “Ethereum killer”; all this network has to do is act as a tool for interacting with projects and other cryptocurrencies.

The ultimate purpose of Web 3.0 is to connect all people regardless of social status, political affiliation, or ideological beliefs. There is enough space for all kinds of attitudes on Web 3.0.

 Any project that ultimately wants to run on Polkadot must first be tested on Kusama. Kusama is a pre-production platform for Polkadot and is a unique project of its kind. Developers of cryptocurrencies will be able to test their applications using Kusama before running them on the main network.

Ocean Protocol

Data collection never ends. But there are more ethical methods in this area that allow even the presence of technology giants.
Ocean Protocol was launched in 2017 based on Ethereum codes. Elimination of intermediaries, decentralized storage of data, and artificial intelligence sharing services are some of the features of this network.
This project wants to play a role in the field of data like Uniswap currency exchange and provide access to the free data market for all individuals and businesses. McConaghy, the project’s creator, said in an interview with Coin Desk last year about the importance of the Ocean Protocol:
“In the past, many people have tried to create markets based on data; but privacy issues have prevented their success. Ocean has overcome these obstacles by using blockchain technology to calculate and analyze data. So our goal is to open up the data economy by creating data markets and connecting buyers to sellers. These buyers and sellers can be individuals, families, small and large companies, cities, and even countries.

Web 3 Innovations

With the advent of Web 3, there are innovations that we will mention in this section. Stay with us.
Convert Web 3 to a database: One of the steps in the appearance of the Web 3 is Web data. It is the structure by which documents are published on the web. Web data has enabled a new phase of integrated data and collaborative applications, making data accessible as well as linkable to web pages. Also, web data is the first step towards a fully conceptual web.
Web and desktop-based applications: Web 3 technology uses conceptual data like smart applications. In recent years, there has generally been a greater focus on conceptual web technology.
Web 3 to AI: Web 3 describes the evolution of the web to artificial intelligence. This is the path that makes the web look like a human. Companies like IBM and Google are now complementing emerging technologies that provide amazing information.

Internet Computer

If we want to refer to a project that is at the top of this field in the goals and essence of Web 3.0, we must mention the Internet Computer.
Earlier this year, the Internet Computer tokens were able to reach the top 10  cryptocurrencies in terms of market value. This Dfinity Foundation project soon became a popular name among investors and computer enthusiasts. Currently, the Internet Computer project has provided users with a decentralized LinkedIn social network called LinkedUp and a version of the TickTock social network called CanCan.
However, the Internet Computer has several major bugs that need to be noticed. Some of these are covered in Coin Bureau’s show who is a famous YouTuber, which includes:

  • You need an ID to operate in this network. An identity that practically all activities in this network depend on having. So if you lose your ID, you won’t have access to your computer internet anymore.
  • Network Neural System (NNS) connects all Internet Computer protocols. This system is a powerful and centralized source that can make changes to the financial and economic mechanism of the ICP token.
  • Most of the codes used in Internet Computer are not open source. On the other hand, access to Internet Computer blockchain needs a license; therefore, NNS is a single point of failure in the network due to the mentioned features.
  • In an interview in 2018, Dominic Williams, the creator of the Internet Computer protocol, said that the project aims to comply with the laws of each country that tends to operate in this network. The question now is how such a thing would be possible for a protocol that claims to be dominated and decentralized?

According to some, the Internet Computer intends to replace the current version of the Web with a more centralized version. So it can be concluded that this project is a defective version of Web 3.0 and only the price fluctuations attract members of the cryptocurrency community.
In the continuation of this article, we will review a part of the report of the creators of this network regarding the features of the Internet Computer:
“As the new year approaches, this network operates nearly 1,000 nodes around the world as databases. Each node has the highest standards of performance and physical security. These nodes allow us to provide the processing capacity needed to run and implement the Internet Computer.”
The above statement implies that specific and certified devices are required to operate as ICP nodes; therefore, such a controlling and incorrect process is practically in conflict with the essence and goals of Web 3.0.

Conclusion

Web 3.0 offers us two options: first, a democratic future through decentralization, and second, oversight and authoritarianism, which is in the hands of only a few centralized factions.

To understand this authoritarianism, we must not look only at China as a supplier of digital yuan; but, to understand the nature behind the scenes, it suffices to note that the Chinese Communist Party can set a time for you and force you to spend this money. As horrible as this may sound, the Chinese people have given in to it because they have no other choice.
As Gavin Wood points out in his statements, acceptance of Web 3.0 won’t be quick and easy. Some governments are trying to outlaw cryptocurrencies and replace them with more centralized options.
The keyword in this situation is “effort”. Governments have not been able to rectify the current situation, and people like Gavin Wood do not trust any of them.
There is difficult competition in Web 3.0, and this confrontation is slowly coming to an end. However, it is not clear who will win this match in the end.

Our last articles:

Play and earn money; The best blockchain games
How to buy land in the Metaverse; How to have a virtual land?
What is Diem? Everything about Facebook cryptocurrency

Play and earn money; The best blockchain games

Imagine if you could spend all day playing your favorite game and earn money for it, would you do it? This has probably always been the dream of gaming enthusiasts and professional gamers; A sweet but far-fetched dream that they probably never hoped would come true. If you are one of these people, we must tell you that at present, thanks to the presence of games in the blockchain industry, this long-held dream has come true. If you want to know what the best blockchain games are, we invite you to join us until the end of this article.
The gaming industry is one of the areas that the blockchain revolution greatly influenced. Until now, gaming was just for fun, and gamers only did it because they were interested in playing; but now there is a field called “Play to Earn” which, as its name implies, is a way to earn money. Blockchain games reward gamers for the time they spend and the success they achieve in the game. Sometimes gamers earn so much money from these games that it becomes their first job. In this article, we will look at how to earn money from the best blockchain games. We also introduce some of the current revenue-generating games.

The advent of revenue-generating blockchain games

Heretofore, the gaming world was a source of entertainment for gamers who wanted to get the highest score, defeat their friends, or show off their skills in international competitions. But now gamers, even if they are not professional e-sports players, can earn money for winning their favorite game.
Online and revenue-generating blockchain games enable players to receive cryptocurrency as rewards from within their own homes by selling in-game items in open markets.
Cryptocurrency-based games have established themselves around the world. Many of them have been able to establish themselves as an alternative and sustainable source of revenue. For example, a Filipino gamer named John Aaron Ramos claims to have bought two houses with just the revenue from Axie Infinity; Such revenue from Axie Infinity has led us to add it to our list of the best blockchain games.
Revenue-generating games are great opportunities for both game developers and gamers and allow both to interact and make a profit. Companies design platforms in which gamers can play, develop and trade their games and earn money in return for their participation.

Playing and earning money in the world of cryptocurrency

revenue-generating games are rather easy to access, and these blockchain games are available on Windows, Android, and iOS operating systems. Users only need a cryptocurrency wallet to attach it to the game. This wallet must be compatible with the blockchain on which the game is running on it.
In general, revenue-generating games allow gamers to earn money in two ways:
• Earn an In-game financial bonus
• Transaction of non-fungible tokens

In-game bonus

Blockchain games that use in-game bonuses, allow gamers to earn money from the activities. They participate in while playing the game. This means that the more you play, the more cryptocurrency you get.
Lightnite is an example of an in-game bonus. In Lightnite, players participate in a deathmatch and receive bitcoins in exchange for killing opponents. At the end of the game, the gamer can transfer the amount of bitcoin that they earned to a wallet based on the Lightning network.

Buying and selling non-fungible tokens

Buying and selling non-fungible tokens is another way of making money from blockchain games.
This method is familiar to many gamers; Because in the old games, they had to buy items such as weapons, power, and things like that to use their avatars in the game. These items are also existing in blockchain games; The difference is that in these games you can earn money by transacting them. In addition, it is possible to trade these items outside the game space.
Games like Axie Infinity and Decentraland use Ethereum Blockchain as two of the best blockchain games to facilitate the trading of their NFTs. Creatures called Axie and plots of land, called LAND are the non-fungible tokens of Axie Infinity and Decentraland.

The most famous blockchain games

Many blockchain games use the two methods we mentioned in the previous section to earn money. However, some of these games have attracted more attention from users and have gained the trust of gamers interested in cryptocurrency. Here are some of these revenue-generating blockchain games.

Axie Infinity

Players in Axie Infinity buy and nurture creatures called Axie, then engage them in the battle for a cryptocurrency bonus.
The game is said to be inspired by Pokemon; Because in this game, too, the players take care of their Axies like a pet. In Axie Infinity you can buy, nurture and even create a territory for them to live in.
Players have two options for earning money from the Axie Infinity game. They can take part in solo battles and upgrade their position in the game standings, or they can cultivate potions called “love potions” that are necessary for nurturing Axies. Currency exchanges such as Uniswap and Binance sell love potions.
Since each Axies is a unique asset, one of the main ways to earn money from this game is to buy and sell Axies in the form of NFTs. Currently, an Axies called Angel, which was sold for 300 ethers ($ 1.4 million at the time of writing) in 2020, is the most expensive Axies.

Decentraland

Decentraland is one of the fastest-growing virtual universes built on the Ethereum blockchain. This game has been mentioned many times as the initial version of Metaverse (virtual world).
As a revenue-generating game, Decentraland has created unique opportunities for gamers to earn money. Decentraland can be considered one of the best blockchain games.
The main income source for gamers in Decentraland is through the sale and purchase of virtual lands, or “LANDS”. Each virtual plot of land in Decentraland is 16*16 meters wide and is created as an NFT based on the ERC-721 standard. There are a total of 90,000 plots of land in this game.
Players must purchase the Decentraland token by the symbol MANA, the game’s main cryptocurrency to buy land. The token can be purchased and sold on currency exchanges such as Gate.io, Crypto.com, Coinbase, Kraken, and OKEx.
Over time, new opportunities have emerged to make money in the Decentraland game. As the number of players in Decentraland increases, art galleries, concerts, and virtual games have been set up in the land of the game, and billboards have been held in this virtual universe to promote big brands.

The Sandbox

The Sandbox game, like Decentraland, is based on building a virtual universe for people to participate in and trade while playing. In this virtual universe, there are 166,000 virtual plots in the form of NFTs on the Ethereum blockchain. The owners of these fields can build games, virtual museums, and any creative content they want on them. Players can buy and sell all of these by using the Sandbox token called SAND.
Sandbox also provides users with another tool called “Sandbox Game Maker” that they can use to create their own game. The sandbox Game Maker has a user-friendly environment that distinguishes it from other games; because it allows users to operate creations, own and earn money from them, thus, creating a change in the game world.

Star Atlas

In another corner of the blockchain game world is the Star Atlas world. Built on the Solana blockchain, this revenue-generating game which is built on Solana blockchain is a virtual representation of systems, and its economic focus is on space exploration.
Star Atlas players earn money by buying and selling items such as spaceships, virtual lands on different planets and galaxies, and participating in activities such as mining, trading, and exploration.
All of these activities are performed with the game’s two native cryptocurrencies: The Atlas Star Token (ATLAS), which is an inflationary currency for in-game assets exchange, and the Dao Atlas Star Token (POLIS), which is a fixed-supply currency.
The more players participate in the Star Atlas game; the more money they earn.

Lightnite

Lightnite is a multiplayer online game in which players can reward bitcoins by killing their opponents and gaining their equipment. The game’s bonus is paid in the form of Satoshi (the smallest bitcoin unit) and players can transfer their Satoshi to the Lightning Network wallet after leaving the game.
In addition, users can achieve assets called Lightnite skins which are created in the form of non-fungible tokens that operate on the Liquid Network and sell or purchase. The purpose of all these different methods is to help players earn money from the time they spend playing.

Gods Unchained

Gods Unchained is a free card game in which players trade cards that are different in rarity or value to defeat their enemies in the game. In Gods Unchained, as inspired by Blizzard’s hugely popular Hearthstone game, the cards are traded using cryptocurrency, allowing Blizzard players to get acquainted with cryptocurrency and blockchain technology.
Gods Unchained itself is not based on the blockchain, But the cards in this game are created on the Ethereum blockchain. Therefore, the real possession of these cards is at the disposal of the players and they can trade these cards in the secondary markets.
The game, which is in the form of battles using cards with a turn-based structure, gained a lot of popularity in 2019. Its number of players almost tripled shortly after the suspension of the player from Hong Kong in Hearthstone by Blizzard. One of the game’s cards was traded for 137.8 Ethereum at its peak, with a current value of more than 600,000 US$ (at the time of writing the article).
Gods Unchained continues to grow with the start of its new development called “Trial of the Gods”.

Plant Vs Undead

Plant Vs Undead is a free castle defense-style game that takes place in a post-apocalyptic world conquered by zombie invaders. Players must strategically organize plants to prepare for an attack from zombie land.
As the popularity of Axie Infinity grows in the Philippines and Vietnam, Plant vs Undead has gained a large number of followers in Brazil and other areas where revenue-generating games make a significant difference in people’s incomes.
Players can get the “seeds” needed to start the game by purchasing the game’s native tokens, called PUVs.
Another aspect that has attracted the attention of player-versus-player (PvP) games is that gamers can earn non-fungible tokens. Now, non-fungible tokens have revolutionized the video game industry by allowing players complete control over game assets. With Plant Vs Undead, all game assets can be sold or traded on the platform’s native market.

Along with The Gods

Along with The Gods is developed on the Polygon blockchain. This game is in the role-playing genre and is based on the model of the game to earn money, which rewards players in the form of NFTs and cryptocurrency. The Gods revolve around powerful action heroes in 5 groups.
Each hero has specific behaviors, skills, and abilities that he uses in combat. Players are expected to form teams of their chosen champions. They should reinforce these champions, and at the same time use different strategies to win battles.
All items inside the game program are created in the form of non-fungible tokens and on a Polygon blockchain; Therefore, they allow transactions to be finalized better and cheaper.

Farmers World

Farming games have gained a lot of popularity in recent years due to their simple strategies. All you have to do is plant, harvest, and improve the products, or simply enjoy building a granary.
Farmers World is a monetization-based game that allows players to choose from a variety of tools to improve products and harvest them. Also, while farmers are waiting for the harvest period, they may attack other farmers.
Farmers can easily extract or multiply the game’s native tokens, called Gold, and in-app items based on non-fungible tokens by participating in in-game activities.
They can also protect their farms from the invasion of wild animals and monsters. Farmers can use the extracted gold tokens to produce their own non-fungible token-based farming tools to build farms and grow more products. This feature has made Farmers World one of the best blockchain games.
To join the game, users must purchase membership packages priced between 322 $ and 514 $. After joining, they can participate in the game and achieve non-fungible tokens among other in-app tokens.

Conclusion

revenue-generating games are a valuable source of income for many people, especially in developing countries. That is why there is a high demand for these games from the people of these countries. Gaming with the purpose of revenue-generating is an interesting and valuable idea. This idea intends to revolutionize an area that may not have received the importance it deserved before. Until now, we have rarely encountered games that take players’ time and give them an income in exchange for participation.
But in the case of blockchain games, the situation is quite different. These games give users complete control over in-game assets and allow them to earn good money just by playing. This is why many believe that blockchain games are the gaming industry’s future. In this article, we tried to introduce the best blockchain games to you so that you do not fall behind in this futuristic market.
Of course, this is just the beginning. Of course, the more competition there is in this area, the more opportunities arise and the more diverse options are presented to the players.

We have to wait and see that with the advancement of blockchain technology and the increasing popularity of revenue-generating games, What new games and other opportunities will emerge in this space, and what competitors will emerge for the current popular games.

Our last articles:

What is metaverse? Why is it matter?
What is Diem? Everything about Facebook cryptocurrency
Axie Infinity; A platform to play and earn money in the metaverse
How to buy land in Metaverse; How to have virtual land?
metaverse land

How to buy land in Metaverse ; How to have a virtual land?

 

How to buy land in Metaverse?


In this article, we are going to discuss how to buy land in Metaverse. Because Metaverse is already making a lot of noises in the cryptocurrencies world. How to buy land in Metaverse? How to have a virtual land?  
Let’s see what happened: Facebook has changed its name to Meta and announced Metaverse as the future of the Internet.

Earlier this year, Epic, the creator of the online game Fortnite, raised $ 1 billion to show that investors are willing to invest a lot of money in online experiences.
 

So, let’s see what Metaverse is

We can say that Metaverse is the environment between physical and virtual reality in which real-world geographical locations are on a partitioned map and they also correspond to user-generated digital virtual environments. It is safe to say that, these environments can also be traded.
Buying lands or fields is very important and even valuable for some people. Be with us in the continue, so we can show you why and how.

Here are the chapters in this article:

How to buy lands in Metaverse?

I think we should ask some questions from ourselves first and then try to have answers for those to understand better.
Questions such as:

  1. What is this Metaverse? What does it mean truly?
  2. Is Metaverse just about VR glasses and gaming?
  3. And, What are the big money-making opportunities in it?

It is generally speaking Metaverse is a very vast universal virtual world where people gather together to play, socialize and work. Metaverse is also linked to the development of Web3.0, which some believe will be the next generation of advanced internet, a Blockchain-based chapter.
Theoretically, Metaverse could democratize access and power, and undermine the dominance of the largest tech companies in the future. OK, by now have some information about Metaverse, now is the time to know how to buy land in Metaverse. But, first thing first. We need to know what virtual land is and its uses.

How to have a virtual land? 

As we said before, Metaverse is an environment in which you can purchase virtual land. Real money is spent by investors to buy lands in a new city that exists only in virtual reality.
The main goal of the fields is to allow game designers and developers to publish some kinds of experiences and data on those fields that can be played by gamers. The fun and sweet fact here is that you as a gamer can earn money by playing in this. In addition, virtual fields. Some other options will be activated, too. Such as the ability to rent fields and stocks in this virtual reality called Metaverse.
Buyers in Decentraland, a cryptocurrency market, can do whatever they want in their fields. In the virtual world, investors buy lands and strong communities increase utility. Behold, new technology is on its way.

What do we gain from buying virtual land?

The terms of Metaverse, virtual reality, buying lands in it, gaining profits can be confusing. We are trying to make it as simple as we can.
You can start your own business in Metaverse. You can make profits by just simply renting, selling, and buying fields in business. Just as simple it is in the real world!
Be with us to have more information on them!

Where can we buy virtual land?

There are many virtual worlds around us that we are not aware of. They always exist and evolve even when we are walking down the street or looking out the window, doing our routine tasks.
Since the introduction of virtual reality, many companies started to create a virtual world that can be viewed and used by simply using compatible devices such as computers, mobile phones, or even headsets.
You can see some of the projects below that are the main platforms where you can buy virtual lands. You can see the prices of those lands as well. In addition, we will teach you how to buy digital land in Metaverse through some of these platforms. Check these names below:

Decentraland

lands in decentralands
Decentraland is a virtual reality marketplace operated by the Ethereum Blockchain, offering and completing approximately 129,283 plots of land worth $ 92,207,386.52 at an average price of $ 713 on November 18, 2021.
If you want to buy land in Decentaland market, visit this market. Log in with netmask and find the items that are for sale. Land in Decentaland is not cheap, with the price of MANA rising, landowners in this market are making a lot of money.

Axie Infinity

axie infinity in metaverse
It is a cryptocurrency game that focuses on collecting, training, and fighting with fantasy creatures known as Axie. The cheapest land in Axie Infinity is currently priced at $ 13,000. Check their website to buy land in Axie Infinity. Take a look at the items recently sold and listed on Axie Infinity.

Sandbox

sand box in metaverse
A community-based UGC-voxel system where users buy their land and host their innovative magic. The cheapest land in SAND is priced at around 2980. Click here to buy land in the sandbox. Log in and buy with your Metamask. To date, a total of 123417 sales have been made within the sandbox, bringing the total revenue to $ 112256038 with an average price of $ 909.

How to rent lands in Metaverse?

Some projects, such as Sandbox, provide landlords with the opportunity to lease their land to third parties. However, there is no formal system for doing this. If you decide to rent the land to someone, you have to do it through an informal agreement and this process makes it relatively unsafe. Note that when renting, you should never transfer ownership of your NFT to a tenant. The best way is to wait for a formal and secure rental system to be set up.

Let’s show you how to buy digital land in Metaverse through Sandbox

In this section, we will discuss how to purchase virtual land in Metaverse through a sandbox. The land is purchased from Sandbox when the land is publicly sold. To purchase land from Sandbox, you need to register and make an account first.
You need to do some other tasks, too. You should have the SAND currency inside the wallet you have connected to your Sandbox account. There is some other thing, you need some Ethereum as well. That is used for the Blockchain transaction fee.
During the public sale of land, those how are interested in buying fields should visit the map on The Sandbox website. We tried to show you every step ahead. Follow these steps to buy virtual land in the sandbox. We explained how to buy digital land in Metaverse from Sandbox step by step.
First, click on the available land that you want to buy it. Normal fields have gray backgrounds. Then, a panel will open on the right side of the screen. Click the blue buy button.
Wait until the transaction is complete. If you cancel the purchase at the time of purchase, the transaction will not go through. The selected virtual land will remain reserved for you. Reservation status is purple.
At this time, you get a notification from your wallet which is asking you to confirm the transaction and specify the amount of gas that is charged through Ethereum.
After confirmation through your wallet, the transaction is in progress at this time. After the time of confirmation, a successful one, the selected land will appear in red to show you that the land has been purchased.

Let’s show you how to buy digital land in Metaverse through OpenSea

OpenSea is a secondary and third-party marketplace where you can purchase many NFTs, including sandboxes. To purchase virtual space from there you must have an OpenSea account, as it is obvious.
It is the same with Sandbox for using the platforms. You can buy lands in SAND or Ethereum currency in OpenSea, depending on the seller’s choice.
We recommend that you use the same wallet on both platforms to avoid paying extra for transfers from the wallet you use in OpenSea to the wallet you use in The Sandbox. after that the process of buying is the same as Sandboxes.

Now, why do even people buy land?

Digital real estate has established itself as a legal asset class. Its value is increasing at an exponential rate, making it an attractive investment opportunity. It also seems to have the potential to become a financial asset, similar to real-world art and real-world real estate.
Another reason people are interested in buying virtual land is their unhealthy feeling that they may be missing out on something extraordinary. Strong motivation for people to buy real or virtual is great. Many people lost the chance of buying Bitcoin when it was too cheap. Now it is forcing them to look for alternative products such as cyberspace.
Another reason why people tend to buy virtual land is that virtual fields are expanding so fast because of their orientation to the world of cryptocurrency investment and have huge efficiency potential. A steady rising market has allowed many people to make thousands of dollars in a short period.
Virtual land, on the other hand, opens up new opportunities for things that can be done with the land in the long term, such as building art galleries, conducting advertising campaigns, or simply leasing it to others to build and make money from.

Some users create virtual casinos on their virtual land. Large retailers are also looking to open a virtual reality store.
 
Digital real estate also avoids major real-world sales problems, such as extensive paperwork, land maintenance, and taxes to be paid. Using Blockchain technology also gives you security and the ability to track land purchases.
 
Another advantage of buying land online is that land prices are rising around the world, but virtual ones offer comparable benefits at less than 1% of the cost. As a result, buying real estate may be out of reach for many people, while buying virtual land has less of an impact on a person’s bank account.
 

The future of Metaverse

metaverse future
The network is a Blockchain Metadata that allows users to play and earn money using NFT and Virtual Land.
The network will soon become a Metamorphosis where users can meet other people, earn money, build a home, and more. In-Network, mountains, rivers, houses are all unique.
Users can recreate the land using simple tools such as sculpting. They can build houses using drag and drop options. Metaverse mentioned, is not alive yet. However, once the preparations are done, people can buy the fields on Network.

Conclusion

When it comes to buying virtual land or even cryptocurrencies or NFT, the profits made through them are strongly influenced by various factors. After the Corona crisis, many newcomers came to the ecosystem and are exploring new ways to earn a living.
While some are just trying to store large amounts of money from cryptocurrencies such as Bitcoin. To some, this effort may seem futile, but people spend millions of hours every day in the virtual world. This is a fact that, as long as people believe something is valuable, it will remain valuable.
Related articles:

What is metaverse? Why is it matter?

Add Your Project

What is Diem? What happened to Facebook cryptocurrency?

A fast and cheap cryptocurrency for 2 billion people; Diem (Facebook coin)has come to implement this idea.

Facebook’s cryptocurrency project (renamed Meta) has been a hot topic in the field of cryptocurrencies for several years, and many people have questions about the nature of this cryptocurrency and its applications to the potential 2 billion users of this currency.

What is Diem? What is its purpose? how does it work? Is it a good investment option? This article answers all of these questions about Facebook’s cryptocurrency, the world’s largest social network.

What is Diem?

Diem is a payment system based on Blockchain technology as well as a backed cryptocurrency (stable coin). Facebook (renamed Meta) is behind this huge project that is claimed to serve billions of people around the world.

Libra is Diem’s previous name. Due to the fringes of this project called Libra, which we will review in the following article, on December 1, 2020, Facebook announced the change of its name to Diem to reduce some of the pressures.

This project has not been launched yet and is in the development stage, But it is estimated that it will be launched by the end of 2022.

Diem Payment System

According to published documents, the Diem project has introduced itself as follows:

“Diem payment system is made for everyone. Transferring money should be as simple and cheap as texting. “It does not matter where you live, what your job is, or how much you earn.”

According to the official website of Diem, this project has unique features:

It is on mobile: Diem payment system is available to everyone; It can be used only with a smartphone and simple internet.
It is stable: The cryptocurrency has a backing that includes the following assets: Cash or equivalent and 2. Very short-term government bonds.
Fast: Transactions on this platform are fast and easy; Both when sending money and when spending it.
It’s for everyone around the world: Diem payment system makes the global financial system more accessible and connected than ever.
Scalable: Its open-source protocol builds a dynamic community of developers who offer products and services to help people access their payment systems.
It is secure: This network is built on Blockchain technology and is designed with complete security in mind.

Although this project was created at the suggestion of Facebook; To maintain transparency in the project, oversight of all its operations is the responsibility of a council called The Diem Association. It is an institution composed of companies active in various economic sectors, including technology, financial technology, telecommunications, investment funds, and non-profit organizations.

The members of this association initially included large companies such as Visa, MasterCard, PayPal, Visa, Uber, Lift, Quinn Base, etc. However, PayPal, Visa, eBay, and MasterCard justify the association due to concerns from lawmakers.

However, large companies such as Uber, Kevin Bass, and Spotify are still members of the association. The number of these members may reach more than 100.’

Diem cryptocurrency; A currency without fluctuations

As mentioned, this payment system has a stable coin or cryptocurrency with backing, which is also called Diem. Of course, in the documents, the symbol of this cryptocurrency is “LBR”; But due to the name change, its symbol will probably change as well.

The US dollar, the euro, the British pound, and other major Fiat currencies will support this cryptocurrency, and its value will go up and down with them; Like Tetra, the price of each unit of which is equal to the US dollar.

Given the support of this cryptocurrency, it can not be considered an independent cryptocurrency. Facebook itself has repeatedly stated that designing this cryptocurrency only helps make national currencies easier to transfer, and in practice, no new currencies have been created.

So, at least in the early stages, Diem cryptocurrency is just money and a gadget of payment, and it can not be considered an investment option.

Diem Centralized network

diem coin

Although Meta (Facebook) itself believes that Diem operates in a decentralized manner, most Diem experts believe that it will be centralized.

However, according to published documents, Diem’s ultimate goal is to have a payment system without the need for a license (such as Bitcoin and Ethereum); But according to the evidence that the system is currently set to run on a licensed blockchain. For this reason, only members of the Diem Association can trade on this blockchain.

The long-term goal of the project is to provide people around the world with easier and faster access to financial services. Meta plans to launch this cryptocurrency on Facebook, WhatsApp, and Instagram, which will reach more than 2 billion users.

The project also promises to address government constraints and comply with legal frameworks. In that sense, Diem may be complying with sanctions.

If Diem is approved by the US and other regulators, the project will be like a full-fledged central bank running on blockchain technology. With this description, it is easy to see that this project is something different from Bitcoin and other cryptocurrencies.

How does Diem work?

This cryptocurrency will be launched based on its exclusive blockchain. The chain is based on an algorithm called LibraBFT, which has many similarities to PoS. To confirm any transaction on the network, two-thirds of the participants, or validation nodes, must confirm it.

Initially, only members of the Libra community were responsible for verifying and validating transactions. The main condition for joining the Liberian community is that each member must pay at least $ 10 million in cash as collateral and support. However, in the future, more people will be able to participate by depositing Libra tokens.

Blockchain Libra has a proprietary programming language called “Move” for writing smart contracts. So like Ethereum, we have something more than a stable cryptocurrency about Libra.

According to Libra Technical White Paper, the network’s transaction speed will be at least about 1,000 transactions per second, which will increase according to the network’s needs. The network fee is also very small and close to zero.

Although the Liber blockchain does not ask for real names or information, and only addresses and pseudo-accounts will be available on the network like Bitcoin and other blockchains, the project has reassured lawmakers that it can prevent illegal transactions if needed.

It can be said that Facebook’s cryptocurrency project has three unique parts that work together in harmony to create a comprehensive and secure financial system. These three sections are:

1. Blockchain Technology

One of the components of Diem cryptocurrency is the blockchain infrastructure with scalability and acceptable security, which is the technological basis of this payment system.

The open-source Diem’s source code is available on the Github website. This code is written in the “Rust” programming language and can be accessed by anyone.

Diem code is scalable and allows hosting a large number of projects for the infrastructure of this cryptocurrency. As we said, Diem is developing a new programming language called Move, which is to be used to build smart contracts and execute custom transactions.

2. E-Commerce

One of Facebook’s goals is to create better economic opportunities and high-performance global e-commerce. Such a goal is easily achievable due to the billions of users of Diem’s community and at least three billion global Facebook users.

Shopify, an e-commerce company that is a member of the Diem Association, will ensure Dime’s integration into e-commerce websites. Those companies that are members of the Diem Association that provide business services to the customer (B2C) will implement the Diem system on their platform, and this will lead to unprecedented ease of use.

3. International payments

Diem helps to reduce the cost of overseas money transfers, which currently have a high fee of 6.5 %. Having enough payment systems for Diem means that the currency is almost entirely digital.

Diem can pre-program transactions in its database. Diem operating costs are much lower than traditional remittance systems. The result of these features is that the cost of using diem sum is lower and its share of the market’s cryptocurrency users will be higher.

4. Governance

One of the important applications of Diem (Facebook coin) is related to the sphere of governance which arises from its governance structure. It is impossible to infiltrate Diem’s operations and capabilities, and this ensures that Diem can be an alternative monetary model for cash flow in government institutions.

Diem transactions can be used for a variety of actions that are in the public interest, and since the method of budgeting and spending in Diem is recorded in a public domain and is accessible to all, the benefits to the public will be twofold.

Also, since Facebook does not have exclusive control of Diem, it is impossible to use Diem against public interests.

These are the main differences between Diem and another Facebook product called Facebook Connect. Facebook Connect was launched in 2008 as the next version of the Facebook platform, allowing users to connect their Facebook friends, identity, and privacy to other sites on the Internet; But Diem is a  blockchain payment system that has a private cryptocurrency.

Diem’s challenge with governments

Diem was scheduled to officially launch in late 2019 or early 2020; But after the project was announced, a wave of concern from lawmakers around the world, especially the United States and the European Union, halted the project indefinitely.

Lawmakers believed the project could jeopardize global financial stability and the value of national currencies.

The same fear of legislative obstacles causes big giants such as PayPal, MasterCard, VisaCard, and eBay to leave the Diem Association.

Concerns about Diem went so as far as the US Treasury Secretary and the German and French Economy Ministers officially announced in statements that they would not allow the project to operate at this time until Diem’s ​​activities became transparent, and the work even escalated to the point where Mark Zuckerberg, Facebook CEO, appeared before members of the US Congress and promised that the Diem project would not pose a threat to national currencies.

Facebook (Meta) is still negotiating with lawmakers around the world to gain their trust. Legislators have said they will only allow the project to be launched if they are relieved of their concerns about money laundering, the weakening of national currencies, and the fight against terrorist financing.

With all these interpretations, experts believe that given the rapid development trend, Meta may not be worried about the legislature and may eventually be able to obtain the necessary licenses.

The end of Diem cryptocurrency

Following last week’s reports that the Diem Association had been dissolved, the association confirmed that it had sold its Diem Payment Network assets for $ 200 million.
According to ZDNet, the Diem Association had announced in a statement that they would sell its assets to Silvergate. Silvergate is the bank that the Diem network worked with last year to launch the US dollar-denominated StableCoin.
The CEO of Diem network said:
We are confident in the ability of StableCoin to be designed on a blockchain to provide benefits that have motivated the rainfed community from the beginning. With today’s sale, Silvergate will be well-positioned to advance this vision. This sale is the end of Meta’s controversial journey to build a new cryptocurrency.

Conclusion

Diem is a large project of Meta (Facebook) Company, which has been developed to facilitate payments and money transfers to people all over the world and is to be launched soon.

This project was founded by Facebook, But the world’s technology and financial giants are also contributing to its development. This project, unlike other blockchain projects, is highly centralized; But it looks very interesting in terms of efficiency.

Many critics believe that this project is not going anywhere; But despite the large companies involved in the project as investors and a golden set of experts and outstanding people as its team, the chances of this project succeeding seem high.

If Facebook’s revolutionary cryptocurrency project successfully overcomes its progressive legislative challenges, it could be the start of a major transformation of the world financial system.

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Axie Infinity; A platform to play and earn money in the metaverse

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Axie Infinity; A platform to play and earn money in metaverse

what you are going to read about in this article:

Axie Infinity

Axie Infinity is an intriguing Chinese blockchain game based on NFT tokens based on pet characters. Combining and developing ideas like its predecessors such as Pokémon and CryptoKitties, and using its unique economic model, this game has managed to open its place among gamers and enthusiasts of the crypto world, and now to one of It has become the most important achievement of the crypto world or “Metaverse“. This game can be considered as one of the cases that prove that Metaverse has become a reality and is considered a serious matter in our world today.

Axie infinity currently generates more revenue in its protocol than Ethereum and Bitcoin. The game, which originated in East Asia and has fans from all over the world, has made huge profits for its users in recent months; To the extent that many Filipino workers have given up physical labor in rich countries and turned to make money from the game.

Instead of focusing on the technical and professional aspects of the game, this article, based on a note by Leah Callon-Butler, author of Coindesk’s website, provides a simple account of the impact of Chinese blockchain games on the lives of ordinary people, especially Filipino migrant workers. We will define. Stay with us.

Axie Infinity’s funny and engaging gaming platform generated more than $ 30 million in revenue last week. Accordingly, the platform revenue of this popular game is now even higher than that of Atrium and Bitcoin.

New data show that Axie Infinity earns revenue from the total revenue of the top 10 Dapp programs in the world, namely Uniswap, PancakeSwap, Aave, Compound, SushiSwap, Quick Swap (QuickSwap), MetaMask, Lido Finance, MakerDAO, and Synthetix have also increased.

One of the most important attractions of this game is its business model; Because it is designed in such a way that the general public can benefit well from it. The project stakeholder community is not limited to the rich in cryptocurrencies. Ordinary people and all those who are usually deprived of profit opportunities can easily participate in Axie Infinity and there is no monopoly for big and rich investors.

The data show that Axie Infinity has seen tremendous growth in audience engagement. At the end of July 2020 (August 99), the number of daily active users in Axie was less than 500. After a while, the video game, designed in the form of Pokémon games, made its way into the world of technology, and now, with almost half a million Daily Active Users (DAU), about 60% of whom are Filipino Have achieved a special place in the world of games.

Users must first pay to join and participate in this game. During the game, NFTs with the ability to buy and sell, and trade have been designed. This product is designed according to the needs of a part of the global community, which has never been the main target and priority of technology companies in the traditional market.

Despite all these successes and achievements, Axie Infinity has serious critics on social media who find users’ attempts to obtain SLP tokens pointlessly. (As mentioned above, Axie is based on unparalleled tokens. SLP is also the reward token of this game for winning battles).

But the question that arises here is how did Twitter critics get this result? Of course, such statements are somewhat understandable; Because the mentality of many people and even some gamers are formed around traditional game models that only seek to exploit users; For this reason, it is natural that they do not yet have an understanding of decentralized games and how they differ from the traditional form of play.

Contrary to these opinions, some have found the value of the game and the real purpose of playing in this type of game and are no longer willing to play traditional games. Many gamers have put their full and full-time focus on this game after trying Axie. According to them, the effort they made for their traditional jobs was much greater and the income they received from them did not match this effort at all.

The revenue of Axi for these people is even more than the salary they received for their work! For this reason, they consider this game to be a great option for a profit.

The idea has become so serious that much research has been done on it. The results of some of these studies suggest that we may soon see an increase in the number of workers leaving their offline jobs instead of looking for work in the Metaverse space.

The breeds of Axies

There are nine different breeds of Axie, including six major breeds and three hybrids (a combination of the two main breeds) in the world of Axie infinity:

  • Mech: produced by two pure Axie breeds; Beast and Bug.
  • Plant: have a higher performance against Bird and Aquatic and lower performance against Beast and Bug.
  • Bird: have a higher performance against Beast and Bug and lower performance against Plant and Reptile.
  • Axie ClassesAquatic: have a higher performance against Beast and Bug and lower performance against Plant and Reptile.
  • Dusk: produced by two pure Axie breeds; Aquatic and Reptile.
  • Reptile: have a higher performance against Bird and Aquatic and lower performance against Bug and Beast.
  • Dawn: produced by two pure Axie breeds; Plant and Bird.
  • Bug: have a higher performance against Plant and Reptile and lower performance against Bird and Aquatic.
  • Beast: have a higher performance against Plant and Reptile and lower performance against Bird and Aquatic.

Each of these breeds has different abilities and capabilities. The minimum cost for the most affordable Axie in this market is around $ 225 to $ 250, and forming a team with three Axie may cost $ 700 or more per player.

Philippines; Country of migrant workers

philipino workers

The Philippines is generally known for its large “workforce,” especially its migrant workforce. In 2006, Richard C. Paddock published an article in the Los Angeles Times in which he spoke about the Philippines’s most successful exports, which are its “people.” In this article, he says:

“They (Philippine workers) care for patients in California, drive refueling trucks in Iraq, move cargo ships through the Panama Canal, and passing cruise ships across the Gulf of Alaska. They serve alcoholic beverages to Japanese employees and care for the children of Saudi businessmen.”

In 1970, at a time when the Philippines was experiencing a political and economic crisis and widespread internal unemployment, then-President Ferdinand Marcos adopted a new labor export policy called “active and organized migration.” This policy was intended only as a temporary solution to the problems; But today there are more than 10 million Filipinos around the world, of which 2.2 million are “Filipino Migrant Workers” or Overseas Filipino Workers (OFWs for short).

The money they send to their homeland and family accounts for about 10% of GDP, making the Philippines one of the top four recipients of remittances worldwide. The top three countries in this field are India, China, and Mexico.

In the early 2020s, when the outbreak of the Coronavirus struck and Filipino migrant workers were repeatedly fired or suspended, the World Bank expressed concern that the value of remittances sent to low- and middle-income countries can be reduced by 20% or more. They feared that this would create many problems for vulnerable families and put pressure on governments to solve them.

However, such problems do not seem to have happened and it can be said that the opposite has happened. A recent report from the Bank of the Philippines shows that remittances exceeded the pre-Corona epidemic by $ 11 billion in the first quarter of 2021.

Of course, this is not necessarily good news for the citizens of this country. As of March 2020, some 400,000 migrant workers have been displaced by the lack of job opportunities in the world due to the corona epidemic. This means that all remittances sent from abroad are sent by a limited number of migrant workers who have not yet lost their jobs. In other words, during this period, additional pressure has been imposed on these workers to send money to their country.

We only see statistics that show the amount of money sent to countries, But these statistics do not specify how and how this money was received and sent. These workers may have used their savings. Some of those who have been repatriated may even have brought savings of several months or even years with them, thus inadvertently artificially increasing the income of individuals. These are all possibilities that may be true.

Axie infinity in the Philippines

Axie infinity in the Philippines

Workers who lose their jobs and return to their home countries encounter a very uncertain job future after returning home; They are forced to compete for jobs in a country that did not have enough jobs and a decent income even before they entered their worst recession. This is a big problem for migrant workers and their families who depend on this money for a living!

For this reason, Now the Philippine government’s greatest need is to create jobs for returned migrant workers and to provide methods to encourage them to re-education and learn skills. Migrant workers have to spend time learning new skills to support themselves and their families.

But where will these jobs be provided? Unemployment is particularly acute for low-skilled workers who have worked in the service sector. How should those who have been active in occupations such as cleaning, babysitting, driving, and waitress abroad acquire a new skill from scratch and turn it into income? The same is true for citizens who have previously worked in industries related to local industries (including tourism, hospitality, retail, transportation, and manufacturing) and who have lost their jobs due to the corona epidemic.

Not surprisingly, many of these unemployed and job-seekers are looking for a source of income. What these job seekers have achieved recently is Metaverse.

In short, Metaverse means the digital world; Where anything we can imagine can exist. The word is a combination of the two words “meta” meaning beyond and “universe” meaning world. The day will come when we will be constantly connected to Metaverse; Our senses of sight, hearing, and touch will function beyond what they are; We will combine digital elements with the physical world, or we will be completely immersed in three-dimensional environments whenever we want. This family of technologies is collectively known as eXtended Reality or XR.

Luis Buenaventura is the co-founder of a cryptocurrency exchange licensed by the central bank called BloomX, which allows direct trading of the Philippine Peso and SLP. He writes on his news site Cryptoday:

A typical gamer can earn $ 4,500 worth of SLP tokens a month. So if we assume that about one-third of Filipino gamers have acceptable skills, they can earn a total of $ 222,750,000 SLP tokens each month. Let’s see how many pesos each SLP dollar is worth. This week, each SLP dollar is worth more than 9 pesos, which means that these people can earn a total of about 2 billion pesos a month. To better understand the above figures, consider this short report: The average amount of money that all migrant workers in Hong Kong send home to the Philippines monthly is 2 billion pesos.

Lewis, who also happens to be a friend of mine, published this report on July 9th. Due to the strange growth rate of the Axie game, now these numbers have also changed and their size has become larger. In this regard, I spoke with Lewis to examine how long it takes for the value of SLPs entering the Philippines to match that of the Philippines’s largest source of international income, which is the United States.

Currently, $ 10 billion a year is transferred from the United States to the Philippines. In the most conservative way possible, we assume that a gamer with average time and skill in Axie earns about 150 SLPs a day. If SLP is priced at $ 0.2 and one million active Filipino users are active in the game daily, the annual revenue of users in this country from the Axie game will reach 10.8 billion dollars.

Axie Infinity game environment and collected SLP tokens

Axie Infinity’s game environment and collected SLP tokens

The Filipino population is projected to reach nearly 111 million in 2021, and the assumption that Axie has 1 million daily active users in the country means that less than 1% of the population will turn to the game. Such a presupposition is perfectly reasonable and achievable. For this reason, it is reasonable to expect the annual revenue of this game to reach $ 10.8 billion in the Philippines.

On the other hand, it should not be forgotten that Axie is just one of the games in the world of decentralized applications, and this amount is only a part of the total revenue that can be obtained from these games.

The field of decentralized games, especially NFT games, is growing rapidly in the tech world. Following this unparalleled welcome, developers now look to the Philippines as a great hub and marketplace for decentralized games.

Thus, the idea of ​​becoming a “Metaverse Filipino Worker” (MFW for short) can be a much better option than migrating abroad for work. Metaverse is an attractive business destination that people can reach only by using a smartphone and internet connection and to reach it, you do not need to use buses, boats, trains, and planes (to migrate).

Filipino workers can now work from home and be their boss! Even if they do not have the initial capital to buy the initial NFTs and start the game, they can temporarily rent out other NFT tokens.

In addition, the jobs available in Metaverse are such that they provide the opportunity for those who show high talent and skill to progress and advance. Many talented gamers can move quickly to leadership positions in the game. This has led to the popularity of these games in smaller and more remote areas; Because these games have created a way for members of these communities to participate effectively in the global economic cycle that did not exist before.

Real examples of people working on the Axie Infinity platform

In this section, we will look at real-life examples of people working on the Axie Infinity platform and examine the life and experiences of Ijon Inton, a Filipino migrant worker.

Ijon was active in NFT games during the nationwide quarantine; But as soon as Corona border restrictions were eased and international flights resumed, he returned to his previous job in Japan to do an internship at a butcher. At that time, I asked him if he had ever considered staying home and playing. He replied that being a full-time gamer with a high income is like a dream for him, But his main and ultimate goal is to provide for his children.

So Ijon chose the more sensible option; He said goodbye to the Philippines and his family and resumed his work as a migrant worker. Can you imagine how difficult it was for him to make such a decision and be away from his family again?

But just one year after leaving home and starting work as an immigrant worker, he decided to leave his job in Japan; He concluded that he had earned more than he had imagined in three months by playing Axie and renting his NFTs to other players, and trading tokens. He even realized that his income from playing in three months could be more than the income he could earn with three years of full-time work as a migrant worker.

Igon was now returning home to his family. It is interesting to know that Ijon’s employer, after receiving his resignation letter, happily agreed to it and sent him to the Philippines on his first flight. Igon told me that he felt at the time that the company wanted to get him out as soon as possible; Because they were worried that he would persuade other workers to resign and join Oxy. He had previously helped at least 20 of his colleagues earn money with Oxy; So his employer’s concern has not been unreasonable.

The fact is that Metaverse jobs will gain serious legitimacy in the future, and those who still laugh at the concept of “earning money while playing” will only deprive themselves of this opportunity. The examples of people who look at digital games as a source of income are not limited to Ijon. I have heard other stories about Filipino migrant workers in Kuwait who play the oxy during their unemployment and earn even more than their daily jobs.

The last ones I want to give you as an example are Lola and Lolo, an old couple who also recently appeared in the documentary Play-to-Earn. They have given up working as an immigrant worker altogether and, through play, have been able to provide financial support for their immigrant daughter, who recently lost her job in Canada, in addition to meeting all their financial needs.

 A platform to play and earn money in metaverse

Lulu and Lola Silverio; The oldest Axie Infinity gamers

Statistics show that millions of Filipino children are growing up in this country without their parents; But even then, they have enough money to buy all kinds of computer games. Now imagine that the new generation of these computer games can bring their parents to home and next to them forever!

The fact is that the growing number of Filipinos staying in their home country with their families is increasing the local workforce. Working full-time at Metaverse is still a dream for most people. Even those who call themselves full-time gamers and earn money this way usually have one or two other jobs alongside it. One of the strengths of this is that it is quite possible to balance NFT games with other occupations; Because the timing of the games is quite flexible and there are no specific hours or rules.

The fact is that the growing number of Filipinos staying in their home country with their families is increasing the local workforce. Full-time Working at Metaverse is still a dream for most people. Even those who call themselves full-time gamers and earn money this way usually have one or two other jobs alongside it. One of the strengths of this is that it is quite possible to balance NFT games with other occupations; Because the timing of the games is quite flexible and there are no specific hours or rules.

Playing and working in parallel is an attractive proposition for Filipinos; Because Filipinos live in a way that is not just a matter of trying to make ends meet; They also want to save money for the future of their family and their children’s education. The ideal situation for them is to have a face-to-face and usually, fixed-job that provides the basic needs with the income from it and then start a job as a second job in Metaverse that will become a financial aid for them.

When the citizens of a country earn more money, more working income will be generated in society. This strengthens domestic demand for services and turns the wheel of the economy. Perhaps at the time, these wealthy gamers were NFT players hiring cleaners, babysitters, drivers, and workers in their own country.

They will probably pay more rather than their employers to compatriots in other countries. Even if we leave out the sense of patriotism, citizens know that if they can earn more in Metaverse, they do not need to accept service jobs. Therefore, the amount paid by employers should be large enough to encourage workers to take up services careers.

Concluding remarks

We have known The Philippines as one of the world’s leading suppliers of labor for a long time, But much of the income generated by Filipino migrant workers over the past decades has been volatile.

There is no denying that remittances from other countries are a great economic aid to developing countries; But unfortunately, the same money reduces the local labor force and creates a culture of dependence in these countries. In addition, those who have to leave their families to achieve a better future pay a high emotional price.

Add to all this the fundamental changes that we will encounter in the post-Corona period. It is a fact that digital developments will gradually reduce the need for human resources in the world and eliminate some jobs. It is already clear that the nature of many occupations changed during the Corona, and it is predicted that even after the end of the epidemic, these occupations would not return to their former state.

We have to accept that the world is changing, and that change is largely moving toward digitalization. Indeed, we are still in the early days of the fame and popularity of the idea of ​​Metavars in the world, but what is true is that these concepts will sooner or later cover all aspects of our lives. Metaverse is a world without borders, so why shouldn’t the life and business of the people of the world be without borders?

Axie Infinity; A platform to play and earn money in the crypto world

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