Implications of moving towards an authentication service economy in the metaverse?

The Imminent Growth Of The Digital Sphere

The idea of a decentralized web gained significant traction when Facebook changed its name to “Meta” in 2021. Now, a growing number of people outside the tech world recognize that the world is in for a largely digital future. People will buy, sell, talk, and play in a series of interconnected worlds that can largely replicate the intimacy and realness of physical interactions. As consumers adjust to this new reality, they’ll be looking for ways to ensure that their digital purchases are legitimate.

Identity In The New Web

In the real world, a person’s identity is largely tied to their physical being. In the digital sphere, old-fashioned techniques like passwords and security questions let people prove that they are who they say they are. As digital silos become more interconnected, however, consumers will need more efficient ways to prove their identity.

The Solution: Decentralized Authentication

COPYRIGHT_WI: Published on https://washingtonindependent.com/authentication-service-economy-in-the-metaverse/ by Camilo Wood on 2022-10-17T15:32:31.272Z

Buyers and sellers online need proof that their digital assets match physical belongings and genuine identities. Decentralized authentication platforms like Authena M3TA can serve this function. The novelty of the decentralized web will create ample opportunity for fraudsters to scam unwitting consumers. By authenticating augmented goods in the decentralized marketplaces of the modern internet, Authena can protect buyers while creating a secure online ecosystem.

The Implications Of A Reliable Authentication Service For The Metaverse

A reliable authentication service will have a massive impact on the general status of the web. When people using a given technology feel they can trust each other, it creates the conditions for more meaningful engagement. By bridging the gap between the digital and physical worlds, Authena stands to produce a version of the internet that can live up to its full potential.

NFTs As Digital Twins For Physical Objects

Digital twinning represents an exciting new way to connect the digital and physical realms. Whenever you buy or sell a physical item online, you can also exchange a nonfungible token (NFT) that corresponds to the physical good. This virtual representation of the physical object will allow buyers and sellers to more effectively manage the transaction in the digital sphere. Authena can verify the authenticity of these virtual tokens to safeguard buyers, whilst authenticating their physical twins.

Holder Access To Exclusive Content

In a world where NFTs correspond to physical goods, NFT holders can receive access to special digital content relating to their holdings. This content can range from written materials to professionally produced videos or exclusive access to special and dedicated events. These additional privileges will give customers another exciting reason to shop in the Metaverse.

New Marketing And Sales Opportunities

With ample authentication services at their disposal, businesses and individual sellers can use authentication-related technologies for marketing schemes or promotions. Imagine, for example, a collector selling old guitars through a digital store. By attaching the instruments to tokens and giving holders access to exclusive music-related content, the seller could launch a much more effective advertising campaign and attract more users to the business.

Brand Protection

Trust is the basis for any brand, and online sellers can’t earn consumers’ confidence without a reliable form of authentication. With Authena effectively pairing digital and physical assets, online businesses will have a much easier time convincing buyers of their products’ legitimacy. They’ll also avoid the embarrassing mishaps that can cost a brand its reputation. When a decentralized authentication service assures brand protection, businesses can stop worrying about legitimacy and focus on the concerns that are actually central to their industries.

Production Traceability

Production traceability lies at the heart of any authentication framework. Savvy sellers will never buy products if they can’t verify where the products came from. Thankfully for buyers and sellers alike, the next generation of authentication technology should make this problem nonexistent in the future. By accurately tracking the provenance of every item bought and sold, Authena can inject physical and digital transactions with complete trust and authenticity at the same time.

An Immutable Bridge Between The Digital And Physical Worlds

In today’s dominant version of the internet, commonly known as Web 2.0, a barrier exists between the digital and physical worlds. To verify your physical identity in the digital sphere, you need to go through a complicated login process with usernames, passwords, security questions, and text confirmations. Even after all this authentication, scams and frauds are still common.

On an internet replete with decentralized authentication technology, the path from the physical to digital worlds will be much more direct. Working across popular blockchains, authentication technologies will be able to effortlessly pair physical and digital assets. When the barriers between the physical and digital realms become more permeable, businesses and consumers will have a much easier time efficiently managing transactions.

Conclusion: Authenticity Services Create A Safer Online Ecosystem

The metaverse promises to bring people together in exciting new ways. Buyers and sellers will have a decentralized arena for completing transactions, but they’ll need identities and products to be verified to avoid costly scams. Luckily, Authena and similar services are poised to provide the web with the baseline of trust it needs. Everyone, from small sellers to massive businesses, stands to benefit.

About The Authors

Camilo Wood - Every day, to make a conscious decision to do something, say something, or act in a way that will improve my work experience. I assist organisations in disrupting the status quo of transition. I teach them how to turn their community from enduring change to evolving through change using a realistic and repeatable structure.