NFTs — Advancing Social Identity [Part 2]

This is the second installation of our series on Social Identity. In our first piece, we covered the importance of social identity, how recent events have illuminated this further, and that NFTs will usher in the next era of online identity.

Today, we’ll be digging into exactly how those qualities and benefits might manifest in an online world with NFT-powered social identity.

Redefining digital identity

What about NFTs make them such a promising tool in online identity? There are a few key qualities that make them particularly well-suited for enabling new forms of self-expression, social connection, and personal ownership on the internet.

Unique: One of the most compelling qualities of NFTs is their uniqueness. Unlike traditional digital assets, which can be easily copied and reproduced, NFTs are one-of-a-kind and cannot be replicated or counterfeited. This ensures that NFTs retain their value and authenticity, and allows users to confidently own and trade them without worrying about fraud or counterfeiting.

Accordingly, each and every person’s online personas are unique and shouldn’t be able to be replicated or counterfeited. As we discussed in our last piece, without tools that can efficiently and accurately verify a person’s identity, impersonation chaos can result.

Immutable: Because NFTs are built on blockchain technology, they are highly secure and resistant to tampering or modification. This ensures that the ownership and provenance of NFTs can be accurately and transparently tracked, and that the rights and permissions associated with them are enforceable and immutable.

This immutability is another attractive quality that lends NFTs credence as the founding technology of a new way of defining and protecting our online identities. Security is key — identity fraud is a serious issue today and cost US businesses an estimated $56B last year.

Interoperable: NFTs are built on open, standardized protocols that allow them to be easily integrated with other NFTs and digital assets — aka interoperable. This enables users to create complex and dynamic digital experiences, such as virtual worlds and games, where NFTs can be combined and interacted with in creative and novel ways.

A whole new world

Together, these qualities could wholly upend social identity and how we interact with each other online.

Unique, immutable, interoperable identity NFTs could enable users to create and control their own digital identities, rather than relying on centralized platforms and intermediaries to manage and verify their online presence. This would allow users to have greater control over their personal information and data — not at the behest of third-party platforms — and to express themselves and their identities in more authentic and meaningful ways.

In this way, NFTs could enable users to capture and monetize the value of their digital assets and identities, allowing them to generate income and wealth from their online activities and contributions. More creators could participate in the growing economy of the digital world, and create and share value with others in new and innovative ways.

Think PFP NFTs — but taken to a whole new level, users can create and share unique and scarce digital assets that reflect their personal style, interests, and values, while reaping the rewards for their creativity and contributions. This would allow users to express themselves and their identities in more creative and interesting ways, and to showcase their talents and skills to others in the digital world.

The possibilities are endless. Users could build and maintain a rich, diverse portfolio of digital assets that are backed up by smart contracts. We could simply use our identities to log in to different distinctive “worlds,” rather than needing to remember a ton of passwords. It could even change the way we engage with payments online — one-click shopping, anyone?

Your most important asset

At the end of the day, your identity is one of the most important and valuable things you own. Using NFTs to empower users online to claim that value and build on that value could unlock limitless opportunities, creating the gateway to a new internet.

Twitter | Instagram | LinkedIn | Facebook | Website | Litepaper | Launchpad