Building a better digital world: Trust in web3

NMKR already found a way to verify NFT collections and their creators in a decentralized manner by using a Decentralized Identity Management System by IAMX.

”We’re proud to enable DIDs for our makers and creators. This is a crucial step in the NFT space, and we believe it will pave the way for more mainstream adoption of NFTs. Real-world use cases powered by identity, ownership, and provenance will start to emerge, and this is just the beginning” said Patrick Tobler, Founder & CEO of NMKR.

DSID can bring a new layer of identity to platforms such as NMKR by enhancing identities with a reputation scoring. Let’s say a NFT creator decides to whitelist only a certain group of individuals which until now was done through an airdrop to exclusive wallets such as early sign-ups or a group of NFT holders. With DSID’s scoring system wallets associated with a high reputation scoring can be the ones receiving the exclusive NFT airdrop.

What does the NFT creator gain?

Simply said, you control the ‘quality’ of NFT buyers by pre-verifying their digital reputation. DSID can even distinguish between the category of reputation a wallet possesses. If a collection targets for example highly ecological conscious individuals, the scoring can provide data on that. You want to prefer NFT holders with a good credit scoring? We can provide data here as well. Or just individuals with a high degree of social reputation? No problem. For NFT creators, DSID opens up new ways of issuing exclusive collections to a specific group of people.

Why bother about a reputation layer of digital identities?

In Web3 we are still fighting scams and frauds due to bots, sybil attacks and alike. You can now think about using Decentralized Identities (DID) to enable KYC (Know your Customer) processes without revealing Personal Identifiable Information (PII) — which is already a great leap forward. But with a solid, on-chain reputation score you are now only able to enhance KYC’d digital identities with reputation data to create more trustworthy interactions, but you are also able to waive the need for KYC by relying purely on reputation data.

Wallets with a high reputation score through DSID went already through processes in the internet that verify them as trustworthy. To understand the underlying mechanics read our introductory medium article or visit www.digitalsocial.id.

Following a bigger theme

Digital Identities are an integral part of Web3 infrastructure. We are happy to see many great projects launching on different protocols, especially on Cardano. NMKR and IAMX are just one prime example of a) two projects with a high impact on Web3 as a whole and b) great collaboration within the Cardano ecosystem.
Who hasn’t understood that NFTs are much more than rare, overpriced JPEGs by now, didn’t do his homework. And with utility and use cases expanding on a daily basis, trust is and remains a core issue in the field. With the ability to build NFT communities of selected, high-reputation individuals, more credible groups and projects are forged.

About NMKR.io
NMKR is the world‘s leading brand to create a suite of tools that help companies, artists, developers, and self-starters develop blockchain products. With a strong focus on accessibility, NMKR has created a mix of easy-to-use development APIs and no-code building blocks, which can be combined in a modular way and bundled them up into their core product NMKR Studio.

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About digitalsocial.id
digitalsocial.id is building Web3 digital identity solutions to close the gap between full privacy and verifiable trustworthiness of digital entities.
We are a venture born and supported by the Blockchain Founders Group Superstar program and endorsed by the Frankfurt School Entrepreneurship Center.

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