NMKR & IAMX Introduce Decentralized Identity Standard To Fight Fraud In The NFT Scene

Prominent Swiss technology builders in the Cardano ecosystem NMKR and IAMX have deployed zero-knowledge proof identity standard that would allow NFT project owners or artists to verify themselves without needing to give away their personal data to centralized entities such as NFT marketplaces across different blockchains. 

Most of the marketplaces have previously been storing data in a more centralized manner to verify authenticity. Through the recent efforts of NMKR, a Web3 infrastructure provider, and IAMX, a Self-sovereign identity (DID) solution a new standard that allow an artist’s Twitter, KYC, cell phone, Instagram account, or other identifiers to be connected with an NFT collection can now be deployed for verification.

This feature is now live on NMKR Studio, the core product of all NMKR offerings that has minted over 1.5 million NFTs on Cardano. This feature will have to prevent identity theft and forms of fraud that have been rampant in the NFT space.

With a decentralized identifier (DID), only the owner of an NFT collection can verify himself or herself. The DID can be linked to a social account such as Twitter. Since a DID contains data points about an identity medium such as a Twitter account or KYC, these data points are public can be checked by anyone in an audit for confirming that a specific Twitter account really is associated with the owner who is claiming to be they are who they say they are can be trusted.

Moreover, it is efficient, reliable, and cost-friendly and gives people the right to fully own their personal data.

Technical details available on Cardano Improvement Proposal: https://github.com/nftmakerio/CIPs/tree/master/CIP-066

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