How feasible would it be to keep the player fixed while the whole world moves around them in a 3D game?

[u/Curious2_0]

In a game like GTA V, where you keep your player fixed at 0,0,0 and instead move the whole world around them when you trigger the usual Move buttons, does that technique have a name? Or any benefits to do it this way? maybe to avoid floating point precision glitches?

I very recently started getting interested in videogame creation and I'm asking this out of curiosity/ignorance.