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What does NFT Marketplace Means for Identity

July 8, 2022

NFT Development refers to creating digital assets of real-world objects like artwork, animations, images, virtual land, collectibles, etc. With its popularities across industries, NFT Marketplace is being widely accepted by businesses and investors. The growing popularity of NFTs stepping ahead with NFT-enabled IDs.

Let’s dive in deep to explore more.

Verifiable Identity with NFT Marketplace

We have witnessed multiple use cases of NFTs that surround capturing and claiming ownership of digital assets. NFTs have paved the way in real estate where firms are leveraging NFT Marketplace Development to verify physical assets. A similar concept is being applied to people, where individuals can verify their online identity through NFT Development.

NFT-enabled tokenized identity with on-chain data offers interesting perks like control, security, transparency, trust, and value. Verifiable Identity brings a concept of eliminating the need to carry multiple documents. Identity NFT will carry the entire identity information of an individual.

What are the Benefits of NFTs for Identity?

1. No need to carry multiple documents
2. All documents right from education market sheets to driving licenses can be accessed on a single NFT 
3. Ensure security and privacy of identity with NFT 
4. Derive a digital identity to the user
5. Eliminate the tedious and time-consuming identity verification processes

The Ghazali Effect: Indonesians Sell their ID cards as NFTs

The Ghazali success in NFT Marketplace is defined by people not only selling random stuff but also their IDs as NFTs. Indonesians clicked photos of their ID cards and sold them as NFT on Marketplace. Account Yahlya_kids sold the selfie with their Identity card on NFT Marketplace Development as an NFT for 0.5 Eth.

Wrap Up

Hopefully, the above article has helped you learn about Identity NFT Development. If you have any queries, feel free to connect to our experts. Are you looking for an NFT Marketplace Development Company? You are at the right place, schedule a meeting with us to take your project ahead.

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