Safespace Recap: How to Securely Build In the Metaverse

Safespace Recap: How to Securely Build In the Metaverse

August 25, 2023

The Metaverse, a digital realm where virtual experiences intertwine with the real world, continues to captivate the imagination of individuals and institutions alike. As this immersive landscape evolves, companies are dedicated to pushing the boundaries to create secure, inclusive, and impactful experiences for users. In this article, we recap the key insights shared during the “How to Securely Build in the Metaverse” Twitter Spaces session, shedding light on the progress made in creating a secure and inclusive Metaverse. The panelists included Alessio Quaglini (CEO of Hex Trust), Sebastien Borget (Co-Founder and COO of The Sandbox), Adrian Clevenot (Associate Director of Fintech and Crypto at PwC), Inna Modja (CEO of Code Green), and Karan Keswani (CEO of Bharat Box/The Sandbox India). Moderating the session was Christina Pantin, Founding Member of Web3 Women.

Prioritizing Security

Security emerged as a key topic of discussion. Panelists, including Alessio Quaglini and Adrian Clevenot from PwC, emphasized the significance of robust security infrastructure within the Metaverse. They stressed the need for secure custody platforms and advanced security measures to protect user assets and ensure a safe experience for all participants. Hex Trust's role as a trusted custodian was highlighted, providing a secure environment for storing and managing digital assets within the Metaverse. Adrian explained the challenges faced in terms of building and securing assets in the Metaverse, stating, "So I think first and foremost, it's really an internal compliance challenge where you have to convince major stakeholders who are not used to innovation to green light new projects. So that's the first, second is custody, it's very, very key obviously. That's where you have custodians like Hex Trust come in and their certifications and compliance will be the major assets we will leverage on. So the custody will be a major part when you have to go through internal channels, and the fact that Hex Trust is SOC 1 & SOC 2 certified is a huge upside and something that resonates, I think, with big corporations."

Inclusivity in the Metaverse

The session also emphasized the importance of inclusivity within the Metaverse. Inna Modja from Code Green highlighted the company's commitment to social, gender, and climate justice in the digital realm. She mentioned their ongoing work on the Healverse with Code Green on The Sandbox Metaverse, aiming to build experiences that support inclusivity and make a positive impact on society. Inna expressed her dedication to creating a culture in the blockchain space that is as inclusive and impactful as possible. By fostering a culture that embraces diversity and providing experiences that support underrepresented voices, Code Green and other projects aim to create a more inclusive Metaverse accessible to all users.

Partnerships and Cultural Diversity

Partnerships were recognized as crucial for expanding the horizons of the Metaverse. Sebastien Borget from The Sandbox and Karan Keswani from Bharat Box (The Sandbox India) discussed their collaborations with Hex Trust and other industry players. Karan highlighted their partnership with Hex Trust, stating, "We partner with Hex Trust as well, which is our wallet custodian holder for the crypto that we have and once we sign up the partners, all the tokens are given through the Ethereum blockchain, and we transfer the tokens from the landowner. So this is how we are working at the moment." Incorporating a licensed custodian like Hex Trust provides several benefits, including enhanced security and compliance measures. The partnership between Hex Trust and Bharat Box (The Sandbox India) enables secure storage and transfer of digital assets within their virtual world platforms, instilling trust and confidence among users. These partnerships aim to enhance security measures and promote cultural diversity within their virtual world platforms. By incorporating safety, diverse perspectives and cultural elements, the Metaverse becomes a richer and more engaging experience for its users.

Regulatory Considerations

As the Metaverse gains prominence, regulators are closely examining its implications. Adrian shared insights from an ongoing study conducted by the HKMA (Monetary Authority of Hong Kong) on the Metaverse. This study aims to understand the regulatory challenges and policy considerations associated with this emerging digital realm. The forthcoming report will provide valuable insights for policymakers and industry stakeholders, ensuring responsible and sustainable development of the Metaverse.

Empowering Creators and Users

The panelists highlighted the significance of empowering creators and users within the Metaverse. Sebastien emphasized the introduction of self-publishing, allowing landowners to engage their communities and monetize their creations. This empowerment fosters a vibrant creator community and encourages creative expression within the Metaverse, enhancing the overall experience for users.

In summary, our Twitter Spaces session on "Building Securely in the Metaverse" provided valuable insights into the progress made in creating a secure and inclusive digital realm. Panelists from Hex Trust, The Sandbox, PwC, Code Green, and Bharat Box (The Sandbox India) shared their expertise, highlighting advancements, security measures, inclusivity initiatives, and regulatory considerations within the Metaverse. With ongoing collaborations, regulatory awareness, and a focus on empowering creators and users, the Metaverse is poised to become a thriving and accessible space for all. As this exciting digital landscape continues to evolve, these industry experts set a positive example for responsible and inclusive development in the Metaverse.

Listen to the full Safespace session here

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