It’s more than a buzzword: the metaverse is here and it’s just getting started—and here at Quontic, we’re jumping right in!
Following our passion for innovation and technology-based solutions to real-world problems, Quontic has become one of the first digital banks to enter the metaverse. Now, we want to help get you set up with everything you need to explore it for yourself.
First stop: a digital wallet. You wouldn’t leave your house without checking for your physical wallet, so you probably shouldn’t head out into the metaverse without a wallet designed for digital assets. A digital wallet is not required to explore the metaverse, but it does help you get the most out of the experience.
Read on to learn more about what a digital wallet is, why you might want one to login to the metaverse, and how to create one for yourself.
What is a digital wallet?
As its name suggests, a digital wallet is a lot like a regular wallet, only—you guessed it—digital. That means it’s a place to store digital assets that use the blockchain, including cryptocurrencies like Bitcoin or Ethereum and NFTs (non-fungible tokens).
There are already many different kinds of digital wallets available even though the metaverse is still in its infancy. But as it expands, you can probably expect to encounter more digital wallets and more types of digital assets to store in them. And while not required to play in the metaverse, as you become more active there, you may need a digital wallet of your own.
Why do you need a digital wallet in the metaverse?
You may need a digital wallet in the metaverse for the same reason you may need a regular wallet in real life:to store and trade.
In day-to-day life, you trade cash (or swipe your credit or debit card) for goods and services. In the metaverse economy, you may need to trade cryptocurrencies, gaming tokens, and NFTs—or just have somewhere to stash them. You’ll also may be able to use your digital wallet platform to make purchases in the metaverse or transfer assets to other individuals, and may also get a bird’s-eye view of all the assets you’ve acquired.
Keep in mind that some NFTs are worth thousands, or even millions, of dollars—and NFTs promise to be a major part of the metaverse, from original art pieces to POAPs (proof of attendance protocols) and even digital real estate. While you may be able to traipse through certain virtual experiences using nothing but your VR headset or computer monitor, chances are you may need a digital wallet if you plan to spend any considerable time in the metaverse.
How do you create a digital wallet?
Now for the fun part: creating a digital wallet of your own!
The good news is, there are plenty to choose from, and creating one may be super easy. Any existing cryptocurrency wallet is considered a digital wallet, so if you’re holding some crypto, you already have one.
If not, you may want to get started with any of the free digital wallets available on the internet. Plenty of writers have penned best-of lists of digital wallets that may help you figure out where to start! Unlike opening a traditional bank account, you may not have to provide a lot of personal information to create a digital wallet; anonymity is one of the most powerful and attractive features of blockchain technology. You may be able to access your digital wallet using a mobile app, web browser extension, and other modalities.
Psst: Just wandering into the wide world of cryptocurrencies and blockchain technology? Quontic is the very first bank to offer a Bitcoin Rewards Checking1, which is an easy way to earn Bitcoin and get started with cryptocurrency. You’ll accrue 1.5% of your spend on qualified debit card point-of-sale transactions in cash back that’s automatically used to purchase Bitcoin on your behalf.
When it comes to the metaverse, this is just the beginning—so jump in now with Quontic!
1Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”) are not met. The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo®️ and PayPal™️ , who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin earned through this program can only be sold and redeemed for cash and cannot be transferred or spent, including in the metaverse.
Bitcoin execution and custody services in connection with the Bitcoin Rewards Checking account are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement.
Information is published as of August 8, 2022.