As the digital collectibles market continues to take off, more and more companies are jumping on board. However, many of these new tokens aren’t necessarily bringing anything new to the table. That’s why MetaverseApp (which you can read about in our previous article here) is taking a different approach with their upcoming token, BUD. Instead of launching as an ERC-20 token like so many other new projects, they’re instead launching as a separate app that runs on top of the Ethereum blockchain. This secondary app will provide users with all of the functionality they need to track their digital collectibles and trade them securely on secondary markets. Let’s take a closer look at how Metaverse App is building a new economy with BUD and changing the game of digital collectibles.
What is Metaverse?
Metaverse is a decentralized open-source blockchain that allows for the easy creation of digital asset exchanges. More than just an infrastructure for digital assets, however, Metaverse is a complete peer-to-peer network where users can buy, sell, and trade assets with one another. These assets can represent a number of things, including financial instruments and digital collectibles. Digital assets created on Metaverse’s blockchain are called “digital identities” and are designed to be unique. This means that each asset is different from the next and can’t be copied or replicated by anyone. These digital identities are also tamper-proof, making them safe for use across a number of different industries. As an open-source platform, Metaverse gives users the ability to create their own digital assets. This means that they can create their own decentralized applications (DApps) from scratch, completely separate from any other existing DApp.
Why Build a New App Instead of Using Ethereum?
The team behind BUD has chosen to build a new app rather than use Ethereum’s network for a few key reasons. For one, the BUD app will have its own unique functionalities and characteristics that don’t necessarily exist on the Ethereum network. This allows for unique features that users can’t find anywhere else. Building a new app also makes it much easier for Metaverse App to scale and grow as a company. Since they’re able to create their own infrastructure and blockchain, they don’t need to build their product on top of Ethereum’s network. This means that they’re able to grow their product as quickly as they need to, with much less red tape involved.
How Metaverse’s Secondary App Works
The primary function of the BUD app is to allow users to track their digital collectibles. This means that they’ll be able to see their entire digital collection in one easy-to-use place, regardless of what app they came from. BUD will also allow users to trade their collectibles directly from inside the app. This means that they won’t have to go to a third-party exchange to buy or sell their items. Instead, they can do everything from within the app, which is much safer. Another important function of the BUD app is the ability to generate unique smart contracts for every transaction. These contracts are unique for each transaction and can only be used by the people involved in the transaction. This completely removes any chance of fraud from the transaction, making the entire process much safer and more reliable.
BUD and the Metaverse Digital Asset Exchange
As we mentioned earlier, BUD is the token used on the Metaverse blockchain. It’s designed to be used as the main currency when trading collectibles on the exchange. This means that if you own a digital asset, you’ll need to use BUD to buy and sell it. As more and more people use BUD to trade collectibles, the token’s value is expected to increase. This is because there are a limited number of BUD tokens being created. Once the exchange has reached its full potential, BUD tokens will be more valuable than ever before. BUD tokens will also be used for a number of other important functions on the Metaverse blockchain. For example, BUD tokens can be used to pay transaction fees within the network. If you’re a developer, you may also be able to earn BUD tokens by building apps on top of the Metaverse blockchain.
What Is Metaverse Doing With The BUD Token?
As we mentioned earlier, BUD tokens will be used to pay transaction fees within the network. However, the team behind Metaverse has also stated that they intend to buy back BUD tokens from the open market. They’ll use these tokens to pay for network fees, which means that they’ll effectively be burning the BUD tokens that they’re buying back. This should help to increase the value of BUD tokens over time by decreasing the total supply of BUD tokens. The team behind Metaverse is also planning to distribute a portion of their newly created tokens to BUD holders. This means that BUD holders will receive a new token at no additional cost. These tokens will be used to pay for network fees, just like BUD.
The Metaverse App is different from other blockchain projects because it’s built on top of Ethereum and will be used to track and trade digital assets. BUD tokens will be used to trade these assets, with more and more being used as the exchange grows. The team behind Metaverse plans to buy back BUD tokens from the open market, effectively burning them. This should increase the value of BUD tokens over time.