NFT or Non-Fungible Token is a digital property right! Since any digital creation can replicate, NFT puts a unique digital signature to claim your belongings.
But then, people start abusing their power to take advantage of others, including rug-pulled others.
And owning NFTs may only grant you a specific digital right of ownership. It is essential to verify the privileges of owning NFTs besides the proof of ownership.
Perhaps before purchasing any NFTs, you want to ask:
👉 who controls the design
👉 who controls the copyrights, trademarks, intellectual property rights, or any other rights
👉 what rights do owners have beyond the digital platforms
👉 what licenses that transfer to buyers through owning such NFTs
👉 what rights can be negotiated along with possession of NFTs
👉 where NFTs stored
So, the question back to square 1, why buy NFTs?
How do you verify people’s identities online without breaching their privacy?
The technology provides a unique identity that can be verifiable through the blockchain and prevents the government or corporations from encroaching their power into your privacy.
There are two forms of digital identities:
Inclusive digital identity
This type of digital identity provides a general purpose to verify you as you in the internet platform.
Such identity can be used to verify diplomates, medical records, and many other identifications through a public blockchain system.
Exclusive digital identity
Exclusive digital identity or gated digital identity provides selective conditions to verify online identification based on selective methods. It still goes through the blockchain, but the criteria can be stricter depending on issuers.
Places like adult-entertainment businesses may implement gated digital identities to restrict certain ages from accessing the restricted content.