I kind of hate the word metaverse because it has become so “hyped” and now I associate “crypto bros” with it, but regardless of the ~ metaverse ~, I am interested in the digital economy component of it and the new technology and innovations that will come with it. Basically, “metaverse” versions of more traditional fintech products like payments, expense management, b2b fintech, wallets, open banking, digital currencies, middle/back office plays like fraud, KYC, risk management. Expanding on this last portion given how fraud is a bit on my mind recently for our normal every day web2 world of Zelle and Authentify.
High fraud and high risk has always been something “accepted” for the digital economy given how new it is and how constantly it changed. There are no “established” models - but obviously this presents incredible room for growth. Some ideas below:
Biometrics - fingerprints, face ID, retina scans (sos scary but I guess Apple already knows what I look like with a mask so)
Decentralized identities - not sure what this looks like yet... Perhaps some sort of token that we carry around like a digital ID card that has our information. Could it be accepted in our “normal” world and the digital world? Wallets are sort of an identity right now but losing your key is literally a catastrophe...
What protocols do we need to verify someone in the digital world? How can we build trust? And make it a seamless experience? Will we get there in the ~ metaverse ~ before we get there in our normal every day world, where is is still insanely manual?
Perhaps the incentives are more aligned in the metaverse whereas there can be a slight conflict of interest in our normal worlds because banks are fundamentally risk management systems.
Perhaps as well, regulations might get less in the way of identity systems and fraud management in the metaverse... for now.
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