One of the most searched topics for the past year or so is the "Metaverse." From large banks such as HSBC to important brands like Adidas, The Walking Dead, and of course Facebook, which is nor part of "Meta," they are all betting on the immersive experiences this new technology brings.
However, despite its great popularity, the concept of Metaverse still needs to be discovered by the majority of the population around the world. This is partly due to the misinformation and the belief that there is little security and regulation within that ecosystem, such as KYC and AML.
Therefore, today we bring to our readers the definitive guide on what the Metaverse is and how regulatory and safety issues are increasingly present within this digital world and the augmented reality lenses.
What is the Metaverse?
In a nutshell, the Metaverse refers to different virtual 3D reality spaces – online, of course – where players can interact with each other through virtual reality (VR) or augmented reality (RA) devices.
Although blockchain, crypto, and NFTs can take the Metaverse even further on its disruptive path, they are not 100% required. However, these technologies have been most used by large companies paving the way within the metaverse ecosystem.
Part of the lands bought in the metaverse of "The Sandbox" belong to giants like Binance, Atari, The Walking Dead, Adidas, Bermuda State, HSBC and more. Source: The Sandbox.
With this, metaverses are looking for frictionless interaction in an immersive digital alternative reality, in which we can do almost the same things we do daily, being away from home, but now without moving a centimeter.
- From going to the bank
- Government procedures
- Watching movies
- Going to concerts
- Crypto trading
- Playing your favorite game with friends
- Going to the doctor
- Opening a bank account
As we have seen, the possibilities are endless. First, however, we could ask two questions: What is the Metaverse's usefulness? And couldn't we do all of this in today's digital world?
Undoubtedly, these are two valid questions that many people still studying if this is the future of the digital world have asked themselves.
Indeed, each of these activities could be done in real life. Like waking up and going to work, getting in line at the bank, meeting a person face to face, playing pool or soccer with your friends, or going to your favorite artist's show to watch them play.
Nonetheless, and still need to reach the concept of Metaverse, our reality has changed dramatically from Internet massification after the 2000s. It became increasingly digital, going to Web 2.0, which also received criticism from those who didn't trust the digital.
- Going to the bank is no longer necessary; we can access it from our computers.
- There are several dating apps like Tinder (and not as scary as that Black Mirror episode).
- Many government procedures have been digitized.
- Movies are no longer seen only in theaters; people subscribe to several streaming platforms like Netflix or Disney+.
- Young people attend free concerts in Fortnite.
- Because of video games, going somewhere physically with friends is becoming something from the past.
- Remote work has awakened a new world of possibilities.
So as you can see, human interaction has been digitized for over 20 years. So therefore, the Metaverse is an immersive digital world where we can do what we do on our devices but still feel like it's real, which sounds like an inevitable step.
And because it seems inevitable that Microsoft, Nvidia, JPMorgan, Adidas, Binance, Facebook, Atari, and other major players have bet strongly on Metaverses and Web 3.0.
Fun fact: This concept is more familiar than you might think.
Although the concept of Metaverse is clearly relevant today, the reality is that this word was first used in the 1992 science fiction Snow Crash, a novel by Neal Stephenson.
You won't pay the rent, but that's okay: when you're living in a bad reality, there's always the metaverse.
—Stephenson wrote in Snow Crash.
However, mentions of the Metaverse can be traced to the first Tron movie, in 1982, where father and child were digitized into a virtual world.
Or, more recently, in Ready Player One, where a young man escaped his own reality through VR glasses.
The importance of security
Delinquent acts have always been a part of human history, and crime has taken different names over time, such as looters, pirates, and now hackers.
Therefore, security is expected to be an important part of the metaverses, just as it is in the Web 2.0 era and now with crypto, blockchain, and NFTs in Web 3.0.
With the massification of metaverses, the number of devices connected to each other will increase. And in a world of virtual reality where you can make bank transactions or include your identity, each user will have valuable information like never before, all in one place.
Although technology is still in its infancy, it's impossible to know exactly what the impact will be on safety matters. But one thing is sure: identity and privacy cannot be taken as guaranteed.
As the Metaverse grows, cybercriminals will probably find ways to explore these channels to launch attacks. As a result, companies will need to improve risk assessments for their infrastructure and devices connected to limit the damage they can cause.
—Stu Sjouwerman, CEO of Knowbe4. Inc.
For example, using avatars (digital representations of a person's identity) will likely bring the hard work of authentication in the Metaverse, at least for traditional methods.
Therefore, distinguishing between a reliable person and a possible scammer will be vital to avoid identity theft, harassment, inequality problems, and more.
MetaMap, hands to work
The MetaMap team remains at the forefront of trends that bring solvable difficulties when the topic is trust between parties. For example, without trust in one another, there could be no frictionless interaction, as the Metaverse proposes.
Therefore, there is a fundamental change in the user experience to such a fluid and frictionless UX that provides that 'wow' moment to the final customer while joining the world of Metaverse. Or on the other hand, an account is opened in a crypto exchange in compliance with all KYC and AML regulations.
With only a few clicks, in minutes, and without the need for a developer team, MetaMap provides tools for biometric identification, digital signature, government lists check, IP verification, phone number check, and more. We adapt to the compliance needs of our +5,000 customers worldwide.
"Before, trusting others was a nightmare for everyone. But this is over now, thanks to MetaMap" - the Binance team.
Interested in what you saw? Ready to make the Metaverse a safer place for everyone? Get a free trial of our product now.