2023 Fintech and Financing Conference & Expo

Building Comprehensive Digital Identities in the Metaverse

VentureBeat | Dmytro Spilka, Solvid | Nov 12, 2022

digital identity in the metaverse - Building Comprehensive Digital Identities in the Metaverse

How vast amounts of data will shape our online profiles of the future

  • As the metaverse matures, it appears likely that avatars will represent our metaverse “selves,” and direct-to-avatar (D2A) purchases will facilitate a sense of individualism while maintaining a degree of anonymity.
  • Although avatars will make users appear anonymous to other metaverse users, regulators are already exploring the challenges that may surround identity and anonymity in virtual spaces. The many avatars and digital currencies that operate within virtual landscapes will be linked back to digital profiles and properties that will be attached to a user’s real identity. Factors like Know Your Customer (KYC) and security will play a central role in ensuring that identities are protected in the challenging new landscape of the metaverse.

See:  Digital Identity Protection is Critical for Metaverse Innovation

  • Vast quantities of data that a user will produce within the metaverse can help to build a more comprehensive identity online — which ultimately can work to reate a digital footprint that can act as identity within more complex sectors like decentralized finance (DeFi).
  • Necessity of trust:  Biological readings like blood pressure, eye tracking, breathing rates and even more intimate factors can be used to generate information that can be exploited for marketing or political purposes.
  • Selling personal data to advertisers the way social media companies do must be managed more robustly in the age of Web3. Failure to appropriately regulate access to big data could risk rotting the metaverse from the inside out before the technology has a chance to flourish.
  • Self-sovereign Identity (SSI) can help to solve data security and privacy issues by removing the necessity of storing personal information in a central database, and allowing users to choose the data they store and share.

Sebastien Borget, co-founder and COO of The Sandbox:

Users will want to bring more than just the visual appearance of their avatar from one virtual world to another. They will also want to carry their online reputation, progression and achievments with them.

Continue to the full article --> here


NCFA Jan 2018 resize - Building Comprehensive Digital Identities in the MetaverseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Building Comprehensive Digital Identities in the MetaverseFF Logo 400 v3 - Building Comprehensive Digital Identities in the Metaversecommunity social impact - Building Comprehensive Digital Identities in the Metaverse

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Building Comprehensive Digital Identities in the Metaverse




 

Leave a Reply

Your email address will not be published. Required fields are marked *

2 + 8 =