Introduction to NFTs for Identity.
Posted: Tue Nov 05, 2024 10:44 am
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This is an exact copy of NFT to Identity concept
Introduction to NFTs for Identity.
What are NFTs?
A non-fungible token (NFT) is a digital thing that represents ownership of something and can be traded. As such, NFTs have three important properties:
- NFTs are non-fungible which means that an NFT is unique or one of a kind.
- NFTs represent ownership which means they are treated as the thing they stand for.
- NFTs can represent anything from physical things (like a house) to natively digital assets (like a crypto punk) or even ideas (intellectual property).
Why use NFTs?
As the world is going digital, it becomes necessary to model ownership in a digital way. NFTs allow us to do just that by encoding ownership of any type of asset in a digital format.
As a result, NFT use cases can be found wherever there’s a need to digitally model ownership. In other words, the list of use cases is long and NFTs will likely be among the most important building blocks on which the digital world (or something like a metaverse) will be built.
NFTs for identity?
Using NFTs for identity use cases comes with issues (privacy, compliance, costs, scalability), because ownership and identity are different things and require different solutions. However, NFTs are perfectly suitable for ownership-based access management - the idea that ownership of an asset comes with access to services, products or other benefits.
This is exciting because access rights are becoming tradable and are no longer tied to a person or their identity.
This is an exact copy of NFT to Identity concept
Introduction to NFTs for Identity.
What are NFTs?
A non-fungible token (NFT) is a digital thing that represents ownership of something and can be traded. As such, NFTs have three important properties:
- NFTs are non-fungible which means that an NFT is unique or one of a kind.
- NFTs represent ownership which means they are treated as the thing they stand for.
- NFTs can represent anything from physical things (like a house) to natively digital assets (like a crypto punk) or even ideas (intellectual property).
Why use NFTs?
As the world is going digital, it becomes necessary to model ownership in a digital way. NFTs allow us to do just that by encoding ownership of any type of asset in a digital format.
As a result, NFT use cases can be found wherever there’s a need to digitally model ownership. In other words, the list of use cases is long and NFTs will likely be among the most important building blocks on which the digital world (or something like a metaverse) will be built.
NFTs for identity?
Using NFTs for identity use cases comes with issues (privacy, compliance, costs, scalability), because ownership and identity are different things and require different solutions. However, NFTs are perfectly suitable for ownership-based access management - the idea that ownership of an asset comes with access to services, products or other benefits.
This is exciting because access rights are becoming tradable and are no longer tied to a person or their identity.