In the past year, we have seen the largest corporations in the world make huge investments in the metaverse, hoping to carve out their territory in this emerging new space. <\/p>\n\n\n\n
Facebook kicked off a series of corporate announcements when it revealed that it would be changing its name to \u2018Meta\u2019 and was investing $10 billion<\/a> in building its metaverse.\u00a0<\/p>\n\n\n\n Since then we have seen other announcements, such as Warner Music Group’s plans to build a concert-focused theme park<\/a> in the Metaverse and even major banks like HSBC and JPMorgan<\/a> acquiring virtual real estate in platforms like Decentraland and the Sandbox. <\/p>\n\n\n\n There are several immediate and long-term benefits to corporates joining the metaverse. Some of these include:<\/p>\n\n\n\n What underpins all these benefits is the need for a robust digital identity system to enable anyone to verify an individual or entity based on 3 focus areas:<\/p>\n\n\n\n Decentralized identity enables the consolidation of multiple wallet addresses that a user might hold into one self-custodied identity that tracks assets and transaction history in order to calculate the user’s reputation score. <\/p>\n\n\n\n Reputation can be used to evaluate whether a person is eligible to receive uncollateralized or under collateralized loans or earn rewards based on the accumulated use of a protocol or Dapp.<\/p>\n\n\n\n Even more critical than loans and loyalty rewards, digital identities can provide individuals and businesses with a clear and transparent solution for filing taxes to government entities that could also represent themselves within the metaverse through their digital identity. <\/p>\n\n\n\n The challenge with integrating a decentralized identity system in the metaverse is that the current metaverse is highly fragmented across different blockchains and centralized networks with nascent interoperability solutions.<\/p>\n\n\n\n This has many downstream effects such as the inability to migrate your data (followers, assets, reputation, etc) across different networks, poor access to liquidity when transacting on certain Dapps, which ultimately hinders application scalability and market efficiency, and lastly, more opportunities for bad actors to obfuscate their transaction activities which can increase incidents of fraud.<\/p>\n\n\n\n Accumulate attempts to be the first universally recognized identity layer for the entire Web3 space. It aims to achieve this by serving as an aggregator for disparate blockchains and decentralized marketplaces using Accumulate Digital Identifiers (ADIs) as the shared framework for communication, data auditing, and reconciliation.\u00a0<\/p>\n\n\n\n Accumulate Digital Identifiers (ADIs) are human-readable addresses similar to website URLs that are chosen by individuals or assigned by organizations to represent their presence on the blockchain.<\/p>\n\n\n\n ADIs can enhance the value of the metaverse in the following ways:<\/p>\n\n\n\n As mentioned in a previous article, Accumulate can partner with popular digital identity providers such as ENS, Solana Name Service, Civic, and others in order to consolidate these services under one universal identity layer that can most accurately represent the Web3 space in its entirety.<\/p>\n\n\n\n Accumulate can create solutions to allow for the cross-chain transfer of digital IDs, meaning each uniquely formed identity on Solana, Self-key or any other identity service could be given an ADI wrapper that would enable it to function as a unique ADI within the Accumulate Network. This would enable a seamless onboarding experience for the 300k<\/a>+ <\/a>crypto native users who own a domain name across multiple networks.\u00a0<\/p>\n\n\n\n Once Accumulate can begin consolidating domain name holders, the natural next step is to develop tools to pair these users together based on the other assets that they have stored in their wallets. This can include creating protocols for domain name holders who own specific types of NFTs (e.g virtual lands) to communicate with each other and engage in cross-chain transactions of lands on the Accumulate network. <\/p>\n\n\n\n <\/p>\n\n\n\n The aggregation of various DeFi and NFT marketplaces under a single ADI-enabled communication layer creates an opportunity for liquidity to be more easily injected into the system in order to provide buyers and sellers with the best prices to enter and exit their positions within the metaverse.<\/p>\n\n\n\n Large financial institutions such as banks or hedge funds can leverage the Accumulate network to put significant amounts of capital to work that can be used to provide liquidity and facilitate market-making amongst consolidated NFT, cryptocurrency, and gaming assets from various blockchains.<\/p>\n\n\n\n These financial entities could register as ADIs and assume the role of market makers, offering to buy bundles of multi-chain NFT assets at a favorable discount from their average floor price, which they then could turn around to sell to other entities on Accumulate for a marginal profit.<\/p>\n\n\n\n We believe the metaverse will one day become a critical extension of the real-world economy, before eventually taking over as the epicenter of our global economic system.\u00a0<\/p>\n\n\n\n In order to make this transition viable, we need to envision a world where companies, governments, schools, and other institutions can seamlessly migrate onto the blockchain and carry out their normal business functions within the digital realm in a way that is more transparent and trustless.<\/p>\n\n\n\n In order to make this possible, Accumulate wants to establish a digital identity system that can house everything from a user’s gaming profile to their medical records, employment history, net worth, and footprint throughout various virtual spaces.\u00a0<\/p>\n\n\n\n Ultimately, Accumulate aims to leverage its cutting-edge identity solution, in addition to technologies provided by recent integrations to transform the metaverse from a virtual playground into a true virtual economy.<\/p>\n","protected":false},"excerpt":{"rendered":" The metaverse is an expansive digital universe that encompasses virtual reality, internet connectivity, and networking infrastructure. This includes everything from social media platforms to video games and virtual reality spaces that enable millions of online communities to coalesce and expand at a rapid pace. Blockchain technologies’ role in influencing the direction of the metaverse over […]<\/p>\n","protected":false},"author":7,"featured_media":28378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/posts\/28364"}],"collection":[{"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/comments?post=28364"}],"version-history":[{"count":7,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/posts\/28364\/revisions"}],"predecessor-version":[{"id":28384,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/posts\/28364\/revisions\/28384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/media\/28378"}],"wp:attachment":[{"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/media?parent=28364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/categories?post=28364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accumulate.org\/wp-json\/wp\/v2\/tags?post=28364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ADIs Enhancing The Value of The Metaverse<\/h2>\n\n\n\n
Consolidate Current Blockchain Domain Name Holders <\/strong><\/h6>\n\n\n\n
Consolidate Land Ownership Across Different Virtual Worlds\u00a0<\/strong><\/h6>\n\n\n\n
![\"\"](\"https:\/\/accumulatenetwork.io\/wp-content\/uploads\/2022\/03\/image-1024x413.png\")
<\/figure>\n\n\n\nCreate On Demand Liquidity for Any Type of NFT<\/strong>\u00a0<\/h6>\n\n\n\n
Conclusion <\/strong><\/h2>\n\n\n\n