Identity Verification

Everything You Need to Know About The Metaverse

Metaverse has recently become a term that’s not only known for those who eagerly follow tech-related news but also for regular, everyday internet users. One of the reasons for the increase of its popularity was the recent announcement of the rebranding of the social media giant, Facebook Inc, and the change of its name to Meta Platforms, Inc – which made the term one of the buzzwords of the tech world in 2021.

However, it is essential to note that – although the word may be new to some – the idea and the concept of its meanings have been around for quite some time.

The term was first introduced nearly three decades ago by science fiction author Neal Stephenson in his 1992 novel, Snow Crash. Stephenson describes the metaverse as an escape from a futuristic, dystopian world in the novel. Stephenson saw the metaverse as a digital sphere where virtual avatars – secondary identities, could engage in social interactions, gaming, and other activities.

What actually is the Metaverse?

In a literal sense, “metaverse” is a blend of two Greek words – meta, which translates to “beyond,” and verse, which means “everything.”

To put it simply, the metaverse is a network of virtual 3D reality worlds that allows its users to connect, interact, and participate in activities that mirror those in real life. Essentially, it combines technology solutions that enable participation in a digital, secondary world.

Mark Zuckerberg is one of the most well-known entrepreneurs that has been working on his own solutions related to the metaverse and its development. “The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place,” Zuckerberg wrote in his open letter in October last year. “Feeling truly present with another person is the ultimate dream of social technology. In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop, create — as well as completely new experiences that don’t really fit how we think about computers or phones today.”

The development of metaverse creates a framework for a highly connected life that will materialize over time as different products, services, and capabilities integrate together.

And although Meta, whose Zuckerberg is the CEO of, and other big tech companies have been working on solutions and technologies that will popularize the metaverse – it is important to note that they do not own the metaverse itself, as it is its own digital sphere of digital worlds.

Is the future already here?

For many, the idea of the metaverse might sound like a futuristic dream that will not impact them directly during their lifetime. To realize how far from being far-fetched this statement truly is, it is enough to look at how the way we function in everyday life has changed in the past ten years. Many would not believe back then that most companies would allow people to work from home and attend meetings without leaving the comfort of their apartments.

Moreover, a huge shift has taken place during the Covid-19 pandemic. The way we shop, work, attend classes, and take care of our finances has changed even before that in the past decade, but – without a doubt – the need for fully-remote solutions has sped the process up even further.

With that in mind, the development of the metaverse is considered to be the beginning of Web 3.0, which is the new era in the development of the Internet. Metaverse is already here, and although it is not as widely common as predicted, it already functions and offers a wide range of services located in the digital universe.

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So, what about our identity?

With what the world is expecting to see regarding the development of the metaverse in the coming years, the definition of one’s identity will also change its shape and meaning.

Of course, the vision of how the metaverse will work will change here and there – much likely breaking even more barriers between existing in reality and the virtual universe. However, the goal of its existence stays the same: to create a possibility of living our lives in a digital universe.

When it comes to the latest element – our identity, it is crucial to recognize that it will be one more thing that will have to find its digital counterpart.

Because, according to the visions regarding the future of the digital universe, and the metaverse being another “layer” of possibilities, introducing proper regulations regarding certain services or areas of the metaverse will eventually have to be considered. Therefore, an additional dimension in which our identity will exist will become a norm.

Identity verification of Metaverse users – why is it needed?

According to the predictions made by metaverse solutions developers and service providers, our identity will function in an additional dimension on a daily basis. Considering that, it is important to ensure the overall security of platforms and provided services. Only this way will it be possible to prevent identity theft, scams, and several different types of offenses.

The ownership of assets. Companies such as real estate agencies – which already exist within the metaverse – allow users to buy digital lands, sections, and properties. According to investors and analytics firms, statistics show that real estate sales in the metaverse topped $500 million in 2021 and could double this year. Considering the huge amounts of money involved in real estate trading, to prevent the metaverse from becoming a haven for money laundering, policies (such as KYC, involving identity verification of buyers and sellers) reducing the risk of financial crimes seem like a must.
Age-restricted services, products, and materials. Similarly to services provided in real life, it is important to ensure that underage users do not access explicit materials or age-restricted goods and services.
Ensuring the safety of users & reducing the risk of repetitive offenses. No matter what the particular service placed in the metaverse is, the safety of its users is, without a doubt, a top priority for service providers and creators. Identity verification eliminates the possibility of accessing services for users that were previously banned for breaking certain rules, terms of services, or abusing the system. This way, platforms have an opportunity to prevent repetitive offenses and keep high levels of security.
Protecting content creators. At the moment, Metaverse is all about content creators. Through NFT trading, users can become owners of pieces of art, music, and shares. Similarly to real estate ownership, oversight is needed in order to prevent financial crimes. On the other hand, copyright and ownership issues arise regarding NFT content/art trading. To ensure that NFTs and digital goods are traded by their rightful owners and not imposters or thieves, it is important to ensure appropriate policies are in place. To learn more about the need for identity verification in this sector, click here.
Preventing scams. Scams and fraud attempts might be the broadest and the most complex sector in need of protection and proper identity verification. Metaverse is all about making social connections, creating relationships, and breaking barriers between people. So-called romance scams – usually occurring on dating and social media platforms, are considered one of the world’s most common – and costly – scams. Similar platforms in the metaverse will inevitably impose similar risks, exposing millions of users to scammers. However, romance scams are only one of the examples. Scams can occur on various platforms, regardless of the services they provide. Verifying the identity of users on social platforms is the only way to ensure the security of users and reduce the risk of scams and other fraudulent activities and offenses.

How to verify the identity of metaverse users?

There are several different solutions allowing completely remote user identity verification.

To eliminate the risk of identity theft and fraud and ensure the highest accuracy, it is important to choose a provider that offers solutions compliant with the strictest restrictions and allows flexibility to match platforms’ and users’ needs.

Fully-Verified offers identity verification solutions that meet requirements set by several KYC and AML-related regulations around the world.

Live-Verify is an identity verification service that combines the advantages of human presence with artificial intelligence and machine learning. During a live video call, a highly trained operator performs an identity verification check.

The operator checks the validity and authenticity of the presented identity document by performing a security features check, while an AI-based software confirms the validity of the data on the user’s ID. Moreover, a Face Verification check is performed, confirming the rightful ownership of the document.

Self-Verify is a similar solution, allowing the user to go through the process independently by following given instructions. However, it is important to note that even in this case, an additional check is conducted by the operator after the user finishes the process to ensure the highest security.

In both cases, the process is fully recorded for future reference of the platform users verify their identity for. Moreover, the process is fully customizable, which allows the flexibility of adding additional steps and checks, such as PEP & Sanctions check or Proof of Address validation.

It is safe to assume that, considering the rapid development of online services and their shift towards becoming fully functional in the metaverse, identity verification will become a norm. It is essential to ensure the safety of its users from day one, regardless of the type of provided solutions on the platform. This way, the transformation to another level of using online services will become a safe and fully transparent process.