- Beginner's Guides
A Beginner’s Guide on Trading CUBE – What You Need to Know
What is CUBE? Well, it is a relatively new cryptocurrency on the market. It is associated with Somnium Space within the virtual reality Metaverse created by the Somnium team on the Ethereum blockchain. Somnium Space offers its users the ability to exist in this world alongside thousands of other users at the time from around the world.
Participants can interact with each other, buy land, trade, sell their art, market their companies, build or import their non-fungible tokens (NFTs), and much more. So, to do all of that, they’ll need CUBE tokens because they serve as the virtual space’s currency for just about all transactions. So, if you’re looking to use Somnium Space, you’ll need to know buy or trade CUBE. So, here’s a beginner’s guide on trading CUBE.
What Is CUBE?
Before we can begin discussing trading or buying CUBE, it’s important to know what it is and what it can do for you. It is an ERC-20 token, which, as mentioned above, is the token within the Somnium Space virtual reality world. It is, thus, a currency in the Metaverse that allows users to make quick and accessible transactions.
What CUBE Allows Users to Do
As a Somnium Space user, you can use CUBE to buy things in this virtual work. Somnium Space has created a total supply of 100 million CUBE, which is enough for its expected user base. So, you use CUBE for all forms of ecommerce in Somnium Space, some of which include sales, purchases, and land rentals. There are other transactions also possible, which you’ll learn more about with experience using Somnium Space.
You can also buy other players’ avatars as NFTs. So, with a transaction like that, the seller will transfer the NFT from their wallet to the buyer’s wallet. At the same time, the buyer would transfer the CUBE token from their wallet to the seller’s wallet. Also, some purchases on Somnium Space also provide you and other users with access to certain areas in the Metaverse where you can interact with other users.
Users that have an Ethereum address on this platform can hold CUBE, ETH side-chain tokens (including the Avatar tokens of users), and NFTs (ERC721 tokens).
Now that you know what it is, you can get to Trading CUBE. You will need to first buy CUBE to be able to trade it with other cryptos. So, let’s get into that.
How to Buy CUBE
It’s a fairly straightforward process to buy CUBE. There are a few different ways to buy CUBE, but we’ll focus specifically on Uniswap. That said, you’ll need to buy Ethereum (ETH) or Bitcoin (BTC) to purchase CUBE. If you already have excessive ETH or BTC that you’re willing to trade, you can read the trading CUBE section directly.
Buy ETH or BTC on Binance
Binance is a platform for buying and selling crypto. It’s a good place to buy crypto because it’s secure and fast. Just make sure you use the correct website because there are many fake phishing websites out there designed to look like Binance.
So, you’ll need to make an account on Binance. It’s simple, and you just have to provide certain personal details to get started. After you create your account, it’s in your best interest to enable two-factor authentication to keep your investment safe.
Next, you’ll need to transfer money into your crypto wallet on Binance. You can do so through a bank transfer or via a SWIFT money transfer. You can then use whatever money is in your wallet to buy either ETH or BTC. You can also buy BTC directly with your credit card or debit card.
Transfer Your ETH Tokens to MetaMask
If you have ETH tokens, you’ll need a MetaMask wallet to begin trading CUBE. All you have to do is create a MetaMask account. After that, you’ll need to connect your MetatMask wallet by copying your account’s address to the platform from where you’ll transfer the ETH. You can now trade CUBE.
How to Trade CUBE
Here’s how to trade CUBE. You can use any of the crypto exchanges mentioned below.
• Uniswap V2
• Huobi Global
For this article, we’ll focus on Uniswap V2.
At the top right of the Uniswap V2 platform, you’ll see the option to connect to a wallet. In this example, you’ll need to connect to your MetaMask wallet. You can begin trading once you’ve successfully connected your wallet.
On the trading window, you can select the crypto you want to exchange and the one you want to gain. If it’s the first time buying CUBE, you’ll need to select it in the buy section. You can use ETH or BTC to buy it. Once you select the two types of crypto, you’ll see how many CUBE tokens you’ll get for a certain amount of ETH or BTC. Once you’re satisfied with your trade, select “Swap” and complete the trade. After the transaction is processed, your CUBE tokens will be present in your ERC20 wallet. You could also consider buying a hardware wallet to save your CUBE securely. Regardless of what wallet you use, you can use these tokens within Somnium Space to make various transactions.
You can also use Uniswap V2 to trade your CUBE tokens for other types of crypto if you ever feel the need to do so. The process is similar to buying CUBE, as mentioned above. You could look into SAND tokens for the Sandbox platform if you’re interested in the idea of a metaverse.
Last Few Words
Now that you know how to trade CUBE, you need to determine if it’s worth investing in it or not. There is a great risk investing in CUBE because it’s linked with the platform Sonmium Space. That said, if you believe that the vision that Somnium is trying to achieve is a great one, then it can be a good idea to support it now.
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