Metaverse partnership to create tradable land NFTs

Metaverse partnership to create tradable land NFTs

The atmosphere at Crypto Expo 2022, which kicked off on Thursday at Bitec Bang Na. (Photo: Arnun Chonmahatrakool)
The atmosphere at Crypto Expo 2022, which kicked off on Thursday at Bitec Bang Na. (Photo: Arnun Chonmahatrakool)

The virtual world platform Metaverse Thailand has joined forces with Bitkub Blockchain Technology to create a metaverse on Bitkub Chain, with land non-fungible token (NFT) sales to be available from May 30.

The two companies are each developing their own vision of the metaverse, an internet-powered digital world accessed using virtual reality.

Metaverse Thailand will create a digital version of real areas in Thailand, particularly the Thong Lor–Ekkamai–Sukhumvit Soi 71 and Phrom Phong areas of Bangkok, according to the company.

Parin Sathianpagilanagorn, co-founder of Metaverse Thailand, met with Passakorn Pannok, chief executive of Bitkub Blockchain Technology, at the Thailand Crypto Expo 2022 to discuss their plans for the upcoming phase of development.

"We've been developing three items in particular: metaverse technology, the kubchain, and the kubcoin," Mr Parin said.

The collaboration aims to connect and render land, or "hexagons", on Metaverse Thailand and make them available for purchase for users on the Bitkub Metaverse.

The companies described themselves as a "lands department" to negotiate the metaverse land sales.

They also confirmed that hexagons would be tradable on the Bitkub Metaverse, and that they would offer yield to holders through staking.

The companies said Metaverse Thailand is mainly creating infrastructure to allow additional utility and use cases for the hexagons, which would raise their value in the future.

The group has promoted hackathons to create additional applications for this purpose.

Metaverse Thailand plans to start the second phase of its project on May 30. On the same date, two rounds of hexagon-shaped land sales on its metaverse are scheduled, with the first starting at 12 noon and the second at 8pm.

The land can be purchased using digital coins.

Each hexagon will be available for purchase for 33 KUSDT, 3 KUB or 333 MVP.

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