South Korea’s Ministry of ICT, Science, and Future Planning has agreed to spend about 185 million dollars on building a metaverse ecosystem that will help businesses and digital content grow in the country, as well as the country itself. This could be inspired by the release of products such as the Sandbox (SAND), Decentraland (MANA), and FIREPIN Token (FRPN).
This money will be used to complete four main goals in creating what looks like an entire metaverse ecosystem called the “Expanded Virtual World”. The government agency wants to use its Metaverse to help cities, education, and media grow in the virtual world and help people learn.
Tokens and NFT games are not allowed to be published in Korea. So, this large move into the Metaverse could mean dramatic changes for blockchain technology in the country. It would seem that the funding is a good sign that the Korean government is interested in the Metaverse.
Decentraland and The Sandbox are two projects in the Metaverse that it has invested in, as have other projects in the Metaverse.
Sandbox (SAND)
In the Sandbox, for example, users can use the Ethereum blockchain’s utility token, SAND, to make, control, and make money from their games. They can also use the SAND token to buy virtual land in the digital world, which they can use to build things like homes.
Non-Fungible Tokens (NFTs) are digital assets that users may create, sell on the market, and utilize in games created using Game Maker, a platform in the Sandbox (SAND). Users who invested $500 in SAND last year would have around $70,000 now if the market were timed well enough.
There are several applications for the Metaverse and cryptocurrencies, but this demonstrates how far we may go.
Decentraland (MANA)
Similar to Sandbox (SAND), a virtual currency named MANA can be used to buy digital land and other services or virtual projects on the Decentraland platform. It can also be used to pay for other goods and services on the platform. In the virtual world called Decentraland, LAND is an ERC-721 token that can’t be bought or sold but can be utilized in the game.
It is used to show that someone owns this virtual land, which is why it is called that. As more people and companies start to use this interconnection as their own “metaverse,” it’s getting more and more attention from people and businesses.
The reason for this spike in popularity is that Facebook said that they were going to move into a new phase of civilization and use the Metaverse to do it. This has helped the value of the MANA token to stay relatively steady in the last few months.
FIREPIN Token (FRPN)
The FIREPIN Token is another company that does something similar to these previous projects. However, this project has recently been released, having entered its presale days ago. FIREPIN is planning to be a metaverse DAO that holds and manages the FRPN token, used as collateral and as a form of payment in the FIREPIN platform. There seems to be a plan to use FIREPIN as a reserve currency on the Binance Smart Chain (BSC).
In the future, it should be possible to buy NFT, 3D, and Metaverse VR games with user funds. You can also invest in teams and groups with a long-term plan for Play-to-Earn metaverse games. Altogether a hub that is invested in the future of immersive digital integration.
FIREPIN was born to make the Metaverse accessible to everyone. It wants to make the Metaverse a place where people can have many interesting things happen, not just investment opportunities.
That’s not all: It also wants to connect the Binance Smart Chain (BSC), Avalanche (AVAX), Ethereum (ETH), Polygon (MATIC), and Solana (SOL) ecosystems.
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Source: https://www.cryptonewsz.com/mana-sand-and-firepin-token-pave-the-way-for-south-koreas-moves-into-metaverse/