METAREAL CASE STUDY
Own and capitalize a Virtual Property within a Metaverse
Our client wanted a metaverse platform that will help individuals or businesses own virtual land and utilize the land for income-generation activities.
In the metaverse, 3D avatars will be the primary means through which we communicate better and engage with one another. The Metaverse has the power to affect communities in many ways. For instance, it can be used by people who are unable to attend events in person because they are too far away, or by people who have disabilities. Additionally, the metaverse is full of tools for building that creators can use to create in a virtual space, and even place digital objects into the real world, allowing others to interact with them. These 3D assets will be able to adapt and react in a realistic manner.
Biz4Solutions helped the client to build a metaverse platform where users can buy or sell virtual land and rent out that land. From leasable buildings like galleries, stores, etc. to virtual real-time concert venues; the virtual property can serve a variety of purposes. Users can also utilize this platform for promoting a brand through social networking. The platform being Blockchain-based offers top-grade security.
Virtual land is a piece of digital property that exists in virtual world. Users can buy or sell virtual properties on this Metaverse platform. Users can host virtual events like concerts, parties, mazes, and art shows on the land they own or even rent out the land to other users for hosting virtual concerts. Users can participate in virtual events or concerts by simply putting on their VR headsets, entering the game, and moving to the area of the Metaverse where the event or concert is taking place. Users can also play games with other users within extended reality environments.
Our team came across the following developmental challenges:
- User identity verification.
- Preventing identity hacking.
- Protecting users’ identity by implementing the principle of selective disclosure of personal data.
How did we resolve Bottlenecks to develop a perfect solution?
The usage of Web 3.0 has helped us to create a decentralized user identity system where users own their digital identity as credentials in their digital wallets. This way, users have full custody over their digital identity. Users can control their identities and secret keys without relying on any centralized server login that would require them to enter their usernames and passwords for gaining access. So, user data is less vulnerable to breaches & theft. We established a new way of user profile creation in the form of living avatar NFTs. As such, other users can verify their on-chain identities and understand that they are not bots. Verified credentials act as a proof mechanism for the identity holder. Also, users’ KYCs are verified and they are identified as unique. So, identity theft is least likely.
- Purchase Virtual Real estate (land) in the form of NFTs.
- Host virtual Events like live music concerts.
- List of upcoming events along with the time, date, and host’s identity.
- Playing games with real-world people disguised as avatars.
- Real-time interaction between users using VR gears or controllers.
- Brand promotion activities.
- Unlike the time-consuming conventional real-estate processes, buying or selling virtual land in this Metaverse platform is easier and faster.
- Users can create a space tailored to a specific brand or deliver interactive brand experiences.
- Users enjoy an immersive social networking experience; they can feel a sense of presence that feels more real.
- Unlike in other forms of gaming; players can create and own their own gaming environment and items; instead of using the ones developed by game developers.
- Users can carry their digital identities and accomplishments in the form of verifiable credentials from one metaverse to another.