It is not the actual user but their digital version or avatar that will access the domain.
So, it can become challenging for Metaverse platforms to ensure that the user is genuine, as it creates sufficient ground for potential fraud like identity theft.
This article deals with the security issues that threat actors can exploit in the Metaverse and how security services company like ThreatMark bring trust to the digital realm.
Metaverse Realms are Home to Digital Identities
A Metaverse will be home to countless virtual identities. Metaverse interactions are different from real-world scenarios because of the virtual nature of the ecosystem.
For example, you may not know if you transact with illegitimate entities when purchasing virtual real estate or NFTs.
How to avoid metaverse
The metaverse buzz tied to Shiba Inu involves the announced future sale of Shiba Lands in a virtual universe. These digital plots of land, which will be stored as non-fungible tokens (NFTs), are to be auctioned or sold, with holders of Doge Killer (LEASH) being queued in line for purchase of these Lands. LEASH is a native token to ShibaSwap.
The first issue with Shiba Inu is that it can’t sell these digital plots of land until after its layer-2 blockchain project, known as Shibarium, has been launched.
Shibarium is designed to significantly lower transaction fees. At the moment, Shiba Inu is nothing more than a payment coin built on Ethereum‘s blockchain.
How to stop metaverse
For the Power Gauge’s components under the price chart, green is good, red is bad, and yellow is in the middle.
The panel at the bottom shows our Power Gauge’s overall ranking for Meta over the past year. It’s “neutral” now… But notice the change from green (“bullish”) to yellow in September. We’ll come back to that.
Next up is Meta’s relative strength compared with the SPDR S&P 500 Fund (SPY) – the exchange-traded fund that tracks the benchmark index.
This panel shows whether the stock is beating SPY (green) or lagging it (red).
This is extremely important… Wall Street always has a reason for doing what it does. That’s true whether we approve or not – or whether we can figure out the reason at all.
If a stock is underperforming the benchmark index, that’s a bad sign.
Now, notice that this band has been red since late September – and in a big way, too.
Garbage in, garbage out
If you have been in information technology long enough, you are familiar with the phrase garbage in, garbage out. It’s a bad way of doing things and before we start packing up and moving to the metaverse we must make sure we will be ready for things such as:
· Social engineering. As we’ve seen in corporate and individual scenarios, social engineering can lead to a massive loss of data, loss of access, and have financial implications.
This is among the primary vectors for data breaches.
· Blockchain security. Blockchain itself is strong on the validation of transactions and data. However, the integration of blockchain is an additional concern that bears scrutiny. For example, with just a bit of misdirection, an infiltrator can stage the interception and ownership of data.
Today’s company is part of this ongoing trend…
Bristol-Myers Squibb (BMY) is a $160 billion pharmaceutical behemoth. It makes essential medications for seniors, from cancer drugs like Opdivo and Revlimid to rheumatoid arthritis treatments such as Orencia. The company is also working on a treatment for hypertrophic cardiomyopathy (a type of heart disease)… And the Food and Drug Administration just approved its new immunotherapy to treat advanced skin cancer.
Sales continue to rise for Bristol’s critical medications… The company posted more than $46 billion in revenue for 2021, up 9% year over year.
As you can see in today’s chart, BMY shares have been grinding higher. They’re up more than 65% from their pandemic lows (including dividends), and they just hit a fresh 52-week high.
January 7). A digital identity fit for the Metaverse. Forbes. https://www.forbes.com/sites/alastairjohnson/2022/01/07/a-digital-identity-fit-for-the-metaverse/?sh=4cc5f455184b
- Lucatch, D. (2021, December 28). Digital identity in the Metaverse. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/28/digital-identity-in-the-metaverse/?sh=17415d481fb6
- VB Staff. (2022, January 26). How the Metaverse will impact governance, privacy, fraud, identity, and more. VentureBeat. https://venturebeat.com/2022/01/26/how-the-metaverse-will-impact-governance-privacy-fraud-identity-and-more/
- Romanov, E. (2021, November 19). How fraud will be fought in the Metaverse. Hackernoon.
On an intra-year basis, SHIB tokens gained as much as 121,000,000% (not a typo!) before retracing to end the year higher by around 46,000,000%. It made millionaires out of folks who invested just a few dollars and hung on to their tokens throughout the year.
Shiba Inu’s historic gain came on the back of increased visibility and crypto market dynamics. In terms of the former, SHIB was listed for trade by numerous crypto exchanges last year and benefited from the improved liquidity and staking capacity offered by decentralized exchange ShibaSwap.
As for crypto market dynamics, it’s a lot tougher to bet against cryptocurrencies not named Bitcoin than it is to short-sell or buy put options against a publicly traded stock.
They will need to rely on technology that can protect their games from pirates and cheaters with no impact on the game experience itself.
The security of this new environment will lie on the shoulders of the companies involved with the metaverse as they will have to assume the role of authenticators. They will have to find a way of stopping cheating and fraud in the metaverse, so that users are happy, while content, data — and profits — stay safe.
Just like in any other digital landscape where authentication plays a key role, cybersecurity will play a significant role in keeping the parties safe. No matter how sophisticated the technology and techniques of circumventing security measures will be, businesses will need to stay one step ahead of cyber criminals.
The Metaverse misses a truly engaging user journey and is at risk of becoming another Second Life experience: a good looking digital space without any long lasting user appeal. In an earlier post we wrote about what needs to happen to combat this by combining Octalysis Gamification and the Metaverse.
So what if you actually manage to create a solid user journey based on Octalysis? How do you:
- make that journey stick?
- adjust it so that it works on the blockchain?
- create an internal Metaverse economy with the right rewards at the right time without bankrupting the project?
For that we need to craft an in-experience economy that is solid in engagement AND economic terms.
Find out below how to go about it.
Avoid boring economies in the Metaverse
Many economic models in the Metaverse are rather boring, linear affairs.
Presented by Denuvo by Irdeto
With the metaverse being talked up everywhere — even though the concept still seems to be a bit vague — concerns about safety have bubbled up, and you wouldn’t be along in wondering what cybersecurity challenges may come with it.
The metaverse, a concept of the next incarnation of the Internet, an immersive virtual 3D world connecting all sorts of digital environments, has been gaining a strong foothold in the media and has quickly become one of the hot topics in the digital landscape. You can even consider it as a new decentralized marketing ecosystem, characterized as social, live, and persistent, as it will contain a lot of user-generated content.