The Caribbean island of Barbados is set to become the first sovereign nation to have a digital embassy in the metaverse, signing an agreement with popular blockchain-based virtual reality giant, Decentraland.
Decentraland’s MANA token is up more than 15 percent in the past week and over 280 percent over the past month. The pump has followed the announcement of recent news such as HashKey opening its first virtual headquarters in Decentraland and Facebook’s rebranding to Meta in late October.
Buzz and interest around the metaverse has seen other metaverse-based token prices increase, including Axie Infinitie’s AXS, The Sandbox’s SAND, as well as a pump for Enjin’s virtual gaming crypto token ENJ, which is up over 67 percent in the past month.
How the Embassy Will Work
Barbados will become the first country to legally declare digital real estate sovereign land with the establishment of its metaverse embassy, offering digital land for sale within the metaverse, along with e-visas and avatar teleporting services. The opening of the embassy is scheduled for January 22, 2022.
H.E. Gabriel Abed, Barbados’ ambassador to the United Arab Emirates, says the country has plans to “expand aggressively” to build infrastructure and purchase digital land in a variety of virtual worlds. According to a press release from CoinDesk, the Barbadian Ministry of Foreign Affairs and Foreign Trade is also signing deals with other metaverse platforms, including Somnium Space and SuperWorld.
This all adds to the overall bullish sentiment of gaming-based crypto tokens and metaverse platforms built on the blockchain.
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