Concept: Estonian startup Veriff has launched a Metaverse-focused identity verification (IDV) solution to ensure the safety of Metaverse users. It aims to protect users and children while offering appropriate experiences for specific users. The solution offers comprehensive ID verification software, face match, and crosslinking services to enhance trust and accountability.
Nature of Disruption: Veriff’s IDV solution helps to validate the credentials of Metaverse users while also protecting underage users, particularly young children, from unsuitable or age-restricted content or imposers online, by adhering to an age-appropriate design code. It has a multi-account prevention feature. The IDV solution can block account duplicates and only enable legitimate users within the Metaverse to use services, whether it’s a recurring offender or a campaign abuser. The technology can filter out bots and disable accounts that have been sold, ensuring that Metaverse users are interacting with actual individuals in the digital world. IDV also helps to combat online bullying by increasing user accountability. With Veriff’s user flow and document support of over 10,000 government IDs in 39 languages, Metaverse creators can onboard millions of users in seconds from all over the world on the first try, enabling secure worldwide user scalability. Veriff’s facial biometric technology can authenticate and reverify customers and users by comparing a person’s face to an identification document that is already on the file.
Outlook: The Metaverse market is growing at an exponential rate as the digital world progresses swiftly towards this new virtual reality. As a result, establishing digital trust and transparency is crucial for both company executives and common people. Veriff’s IDV solution can combat fraud in the industry by using a video-first approach powered by AI. It can allow businesses to realize the full potential of the virtual world while also developing user confidence. In a round led by investment companies IVP and Accel, the startup has raised $69M in Series B funding. It plans to expand within the fast-growing market potential in the United States and deliver on the promise of providing a more reliable source of identity online that at present only the government-issued IDs provide.