As more businesses expand into the virtual environments of the metaverse, questions about banking and financing arise. These questions also evoke concerns about the privacy, safety, and legitimacy of virtual currency. Due to the metaverse, traditional banks will obviously be left to the real world, with their digital counterparts helping to create the new virtual infrastructure. While many companies are working to build this financial system, there are already some financial systems in place, making it easier for metaverse finances.
One of these systems is called DeFi (decentralized finance), and it’s a catch-all term for financial services on public blockchains. DeFi works as a global, direct transactional network, not needing a centralized system. This makes it easier for users to exchange currency within the metaverse. DeFi has many benefits, including being fast, flexible, open (you only need a digital wallet, not a bank account), and transparent, thanks to the recording via blockchain. DeFi allows players to get a loan, trade crypto assets, lend assets, and more, allowing for a growing virtual economy.
There are many companies using DeFi to trade cryptocurrencies, like Bitcoin or Ethereum, as well as NFTS. One of these companies is Asgard DAO, which only recently launched its financing platform that allows users to do all metaverse finances in one place. The platform offers users decentralized protocol based on the $Asgard Token, which is backed by Asgard DAO. Asgard plans to use its currency to help curb inflation, further benefitting users. The company also offers bond sales and treasury growth, so users have many options for metaverse finances. All of the protocol has been built on the Binance smart chain, allowing extra security for users.
Asgard DAO is excited to see what impact their new platform has on the metaverse. “It is an undeniable fact that the metaverse is going to lead the next wave of crypto and DeFi adoption in the world as gamification elements and play-to-earn concepts are thriving in the blockchain space,” explained Asgard CEO and Founder Kiran Dommeti. “Asgard DAO will be the first metaverse solution providing all functionalities which will help us in capturing the rapidly growing space of the metaverse.”
Not only do Asgard DAO customers get to use the platform to grow their metaverse finances, but they can also participate in Asgard DAO’s creative process. As the company’s name alludes to Norse mythology, the company is resurrecting the famous Norse characters. Platform users can vote and submit ideas for which characters should be added next to Asgard DAO’s storyline. According to a recent press release from the company: “The community members who hold the token of the metaverse [NFTs] will then vote and approve the character. The artists will then create a design for the character, with different color themes and innovation. The community will again vote for the best character, which will be added to the storyline in six months.” Both the user and creator whose ideas are voted on and approved get a reward in the form of a virtual loot box. Voters also get loot boxes as a way to incentivize more participation.
In creating a Norse storyline, the company is gradually entering the NFT space, which is also a Goliath in metaverse financing. Because Asgard DAO not only promises a metaverse financing platform but also a new NFT marketplace, users have the convenience of going to one platform to do all their financing and business. Other companies may launch similar platforms, depending on the demand for Asgard DAO, and its impact in the metaverse.