Latin Americans Swarm to Decentraland Metaverse
Blockchain virtual worlds are growing into trillion-dollar economies, offering powerful opportunities for anyone with an internet connection.
A Perpetual Economic Crisis
The harsh economic reality of many Latin American countries is driving tremendous growth in metaverse play-to-earn (P2E) games as their citizens find new opportunities in virtual economies.
Life in countries like Venezuela or Argentina isn´t easy: inflation, corruption, and poor decision-making by government officials have made it almost impossible to make long-term plans or find some financial stability. But hyperinflation and living in a perpetual crisis also sparked much-needed resiliency and resourcefulness among Latin Americans.
“Today Buenos Aires feels like a cypherpunk utopia. High inflation, terrible government, but the youth clandestinely uses crypto for everything,” said Santiago Siri, Co-Founder of Proof of Humanity, in a recent interview on Bankless after hosting Vitalik Buterin´s field trip across the southern country.
Many Argentinians, especially the younger generations, have been using crypto to make everyday purchases and save in currencies that don´t depreciate 50% every year. But there´s more: they have also found that earning a living in virtual universes is easier than in traditional jobs.
Web3: A New Light for Latin Countries
Decentraland, a global P2E metaverse created by Argentinians Ari Meilich and Esteban Ordano, offers a back-door into a place where players can make digital art, trade digital real estate, or play casino games while interacting with other humans in a virtual world.
Users can work as freelancers in the game economy, and many gaming guilds and DAOs offer monthly salaries of over 1.000 USD for specific jobs like hosting casino games, creating wearables, or working as virtual real-estate agents. Argentina currently has a minimum wage of 33.000 ARS, or around 165 USD (300 USD if you consider the restricted official exchange rate). Anyone with an internet connection can start decoupling from the domestic economy if they learn how to navigate these arising online worlds.
According to a January report from the largest U.S. bank JPMorgan, which recently opened a virtual lounge in Decentraland and estimates the metaverse will soon see over $1 trillion in yearly revenues:
“One of the great possibilities of the metaverse is that it will massively expand access to the marketplace for consumers from emerging economies. Now, workers in low-income countries may be able to get jobs in western companies without having to emigrate. Educational opportunities will also expand, with VR worlds being a low-cost and effective way to access training.”
It certainly will be very exciting to see the inclusion of emerging countries from around the world on a fairer global stage.
Find more about Decentraland here:
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