Metaverse Assets: What Are They, How To Trade Them, And Where To Store Them?

By Stan Peterson
May 2, 2022 Updated May 2, 2022
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The concept of the metaverse is rapidly gaining popularity. The digital space in which we can have ownership of digital goods is very attractive to people, and it is possible thanks to the fantastic technology revolving around blockchain.

In this article, we’ll briefly discuss what metaverse assets are. Then, we’ll quickly explain how their trading works and whether it’s possible to trade assets from different metaverses. Finally, we’ll discuss storing assets and elaborate on the possibilities. Read on.

What Are Metaverse Assets?

All digital goods that are part of the metaverse you’re part of can be commonly referred to as metaverse assets. There is one thing they all have in common: they can be owned as digital goods with proof of ownership. This works similarly to Bitcoin, and many metaverse assets are cryptocurrencies that support the ecosystem of the metaverse. 

However, many assets are unique and cannot be traded for others. We often referred to these as NFTs or non-fungible tokens. So far, you’ve probably heard about NFTs as pieces of digital art you can own, but the same technology can be applied to anything in metaverses, from character skins and wearables to digital property.

So, if you join a game based on blockchain technology and the metaverse concept, you will be able to own in-game assets. Apart from using them in the game, you’ll also be able to sell them or trade them for other assets. These metaverse items have real value, just like Bitcoin, Ethereum, or various NFTs.

We live in a play-to-earn era where professional games can also win metaverse assets by winning tournaments. Organized and competitive gaming has become quite popular lately. Projects such as Ignite Tournaments aim to connect blockchain with game tournaments into an innovative infrastructure that allows mobile gamers to organize, participate, and win prizes through game tournaments.

How to Trade Metaverse Assets? What to Take Into Account?

Trading metaverse assets isn’t that different from trading any cryptocurrencies, as you just need to use the appropriate platform and swap them for other digital tokens. It’s just like real-life trading, except you’ll have to understand how the ecosystem of your choice works to get a head start.

There’s one minor technical issue present at the moment: cross-chain interoperability. Namely, different blockchains cannot communicate with each other, which means you cannot have your ETH stored on the Bitcoin network and vice versa. Therefore, if you’re playing two games on different blockchains, you won’t be able to trade their assets.

The good news is that many individuals and organizations are aiming to solve the issue of cross-chain interoperability, which should be another critical step toward Web3.

Where to Store Metaverse Assets?

Metaverse assets are stored like cryptocurrencies — in designated wallets protected by the latest security protocols based on blockchain technology. Most wallets specialize in storing cryptos on just one blockchain. For example, a wallet may offer to store ERC-20 tokens, but not Bitcoin.

Luckily, there are many multi-chain wallets, such as Ambire. A multi-chain wallet enables you to store cryptocurrencies from different blockchains, so if you want to have all metaverse assets in one place, you’ll be able to do so with Ambire. On top of that, the wallet is easy to use and features the latest security protocols, making it well-protected from all kinds of cyberattacks. Finally, Ambire offers a state-of-the-art dashboard to see your NFTs and other assets.

Final Thoughts

Metaverse is here to stay, and people are already taking part in metaverse ecosystems by buying, selling, and using digital assets that are part of them. All of that is possible thanks to blockchain technology. If this concept seems interesting to you, check out popular metaverses and how they work to understand how you can obtain in-game assets and what you can do to them. Remember that you can store most of these assets in a wallet appropriate for them, just like you would store Bitcoin in a BTC wallet to increase its security.

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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