The metaverse has gained traction over the last few years. This is because it offers a realistic virtual experience; hence can be used to escape the real world. Most people use the metaverse for entertainment and to play games like Fortnite. Notably, other people use it to invest and grow their cryptocurrencies.
With the increasing population in the metaverse, there is a need for safe and secure transactions among people. That is why Metaverify has been formed to ensure authenticity in the metaverse. Read on to find out more about how Metaverify is the key to authenticity in the metaverse.
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What Is the Metaverse?
In simple terms, the metaverse is a 3D virtual space where humans can experience life and do things they cannot do physically. This virtual space can, however, only be accessed separately using augmented virtual reality headsets.
Examples of metaverse platforms include;
Decentraland which is one of the most social platforms in the metaverse that deals with cryptocurrencies. In this virtual space, the common currency is MANA, which can be used to purchase virtual land and other things on the market.
The Sandbox is a metaverse coin. However, unlike Decentraland, it allows people to make smart agreements and purchase virtual land and other assets. The main purpose of this metaverse space is to allow people to own real estate through smart contracts. Initially, the main coin used in The Sandbox was the SAND token, but it has now changed to Polygon’s layer 2 due to its low transaction costs.
As you have seen above, there are various metaverse spaces, each handling different things, which therefore raises the need for authenticity. Authenticity is essential, especially in the metaverse, as it is becoming more and more popular. In fact, the metaverse is estimated to reach a value of 1.5 trillion dollars by 2030.
This is where Metaverify comes into play.
Metaverify is a blockchain technology formed to authenticate people and assets in the virtual world. It ensures safe and secure transactions among virtual identities, preventing fraud. Their main goal is to prevent impersonation and ensure secure ownership of utilities in the virtual world.
Benefits Of Metaverify
Below are some of the benefits of using Metaverify if you are an active Metaverse participant;
1. Increase Trust and Confidence in The Virtual Space
As a blockchain company aiming to promote authenticity in the metaverse, Meetaverify aims to increase trust and confidence among virtual identities. Firstly, Metaverify provides data and insights about consumer behavior to businesses in the metaverse.
Metaverify also increases trust and confidence between customers and businesses by enhancing user experience. It does this by helping virtual businesses get noticeable in the metaverse. This is a good trick for helping businesses find their target audience.
Just like in the physical world, user experience can be enhanced by using UX designs in your digital products. A good UX design attracts more customers, therefore increasing your sales revenue.
2. Protect Against Fraud and Impersonation
Another benefit of using Metaverify is its ability to protect businesses and customers in the metaverse from fraud and impersonation. Currently, there are over 400 million active metaverse users, and 53% of companies are investing in the metaverse. Given the number of metaverse users, this means there is more risk of fraud and impersonation.
Metaverify protects against fraud and impersonation by providing user behavior analysis to businesses so that they identify a suspicious virtual identity.
3. Facilitate Secure Transactions and Ownership of Virtual Assets in The Metaverse
This is usually done through user authentication, which includes using biometric identification and multi-factor authentication. One advantage of using biometric identification is that it is faster and more accurate than other verification models. The multi-factor authentication process includes using not one but many verification processes, such as a password and an email code.
Improving Authentication in The Metaverse
There is a need for an authentication process in the metaverse due to the growth of active users. The authentication process also needs to be upgraded once in a while due to the growth and change in technology.
A strong authentication process combines two independent factors so as to confirm one’s identity. Therefore, businesses in the metaverse can authenticate customers using one-time passwords and encryption keys on sim cards. However, the latter is preferred since third parties can easily hack passwords.
Bottom-Line
The metaverse is the future since major brands such as Nike and Coca-Cola have adapted to the new technology. There has therefore been an increase in metaverse users in recent years. Statistics show that 48% of people join the metaverse for entertainment, while 44% join for investment.
Therefore, authentication is needed to prevent fraud and impersonation during transactions. For safer and more secure transactions, businesses should use Metaverify.
