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.

Let us discuss more in-depth regarding the metaverse and KYC in the next post. So stay tuned!

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