What is a metaverse? And the relation with KYC?
What is a Metaverse?
The word “metaverse” describes a fully-realized digital world that exists beyond the one in which we live. The metaverse is a digital environment that uses virtual reality, augmented reality, and blockchain. It mimics the real world by creating spaces similar to the real world, but of course, it’s not actual space.
The space is interconnected and immersive. When talking about the metaverse, we cannot forget to mention Facebook’s renaming the brand into ‘Meta’. The movement shown by Facebook depicts how the world is going to be and how people connect will change.
Metaverse is an online space where people can meet virtually. Then what do they do? People come to the metaverse and can play games, join meetings, attend concerts, go shopping, visit galleries, and hang out with others.
Is it hard to understand? Then let me quote this phrase by Matthew Ball, a venture capitalist. “It’s about being within the computer rather than accessing the computer. It’s about being always online rather than always having access to an online world.” Mr.Ball said the metaverse represented the fourth wave to computers, following mainframe computing, personal computing, and mobile computing. He also explained metaverse will be persistent, real-time, infinite, interoperable, and self-sustaining.
In the virtual space, users could shop and build property to enrich their virtual lives. Experts see the metaverse to be a massive economic engine. Not only does it provide numerous job opportunities, but also it opens up a new economy where wealth can be created using cryptocurrency.
Why KYC would be a necessary tool in the Metaverse?
We see the metaverse to become a space where people from distinct can meet and hang out. When there is a gathering of people, we expect there to be an economic activity as people can create, play, shop, and more! People would buy or sell items, such as land, space, tickets, and others with cryptocurrency. Setting up a crypto wallet to hold digital assets is needed and therefore enables converting fiat money into cryptocurrency. ARGOS KYC, an identity verification solution provider sees activities involving cryptocurrency will expect the need for the KYC of providing a safe metaverse space.
Previously we discussed the metaverse, the definition, and the movement shown by global companies such as Facebook. The metaverse market may be $800 billion markets in 2024, the next technology platform. The market is attracting social media companies and online game entertainment as it is a space where people gather and produce various opportunities.
Mentioned briefly in the last post, metaverse can provide numerous job opportunities and open up a new economy in which wealth can be created using cryptocurrency. As an online identity service provider, ARGOS KYC views the need or the necessity of having a trustworthy and transparent digital environment regarding identity and age.
What can ARGOS KYC do in the Metaverse?
Metaverse is great and attractive as the revenue opportunity is high. People around the world can be in the metaverse to play games, meet, hang out, work, and socialize. Even though we talk about the great assets and points of the metaverse, there are some parts that need to be taken care of including safety and transparency in identities.
ARGOS KYC can work as a tool to verify age, identity, and abuser in the metaverse. Some may disagree with applying the Know Your Customer solution in the metaverse, but some may agree on verifying identities and age. As we see some instances where harassment and assaults can happen, the importance of having adequate policies and actions arise for the metaverse’s safety.
So for the metaverse to be the place where people can come and join without any worries, toxic behavior in virtual reality should be regulated. And ARGOS KYC sees such regulating actions to be done with KYC(Know Your Customer) steps. Identifying age can implement age restriction. Identifying honest users may lead the virtual space to become a safe place. Identifying global users can enable a metaverse to become a reliable platform.
Do so with Argos KYC as we can provide online identity verification covering more than 210 countries around the world. Got you covered!