NFTY #20: Compose My Identity
Composables As a Service & Tokenized Identity
Nifties are about to get super weird super fast, and you might not have the time to keep up with all the news…so I got you covered with this week’s NFTY News 👍
1. Wyre allows users to opt-in for a ERC721 compliance token
One of the most controversial topics in the decentralized identity space is the debate of what you actually own. Wyre is one first attempts for on-chain identity using a compliance token. This rivals using a wallet’s public key as identity.
The goal here is to connect the existing infrastructure with an entirely new one. Having a compliance token would allow a user to compliantly trade on decentralized exchanges — essentially a “passport” to trade.
Tokenizing identity will eventually lead to tokens being able to own other tokens.
A NFT could hold an entire portfolio of digital assets (ERC721s and ERC20s) and trade them autonomously using it’s own software license (also a ERC721). Since that NFT can also be transferred with all the digital assets nested underneath, does the user own the assets, or does the token? Do tokens need to pay their own taxes? 😣
2. War Riders pre-sale taken off from the App Store
War Riders, a cryptogame that is a strange mix of Mad Max & Hot Wheels, has managed to ignite the flame for the digital asset war after Apple requested Coinbase Wallet to take down War Riders from the wallet.
Apple wants their cut…and it remains to be seen if there is a way around this.
It’s also important to note that War Riders willl be distributing their own ERC20 (Benzene) on top of users depending on the type of digital asset they purchase during the pre-sale.
I assume this trend of bundling ERC20s and ERC721 will continue but this leaves a few questions & ideas to be explored :
Does this require KYC if new cryptocurrencies are being distributed on top of digital assets? Can ICO issuers conduct a IAO (Initial Asset Offering) instead of an ICO — with perhaps the right to obtain cryptocurrency in the future through a continuous token model?
3. Coinbase Hackathon… full of NFTs?
The Coinbase Hackathon was this week — and it looks like they had some nifty projects…although we don’t quite know what they are (besides one!)
Check out this screenshot of the NFT page from Etherscan.
Looks like a Coinbase developer even built a dApp for non-fungible ticketing…something that has been requested in the past!
4. Estates launched by Decentraland
Decentraland has created the ability to combine different LAND parcels together into an Estate. Using Zeppelin’s upgradeable contracts, Decentraland LAND parcels (ERC721s) can now be combined into an Estate, which the user owns. Estates can be transferred or broken apart by the Estate owner. Congrats to the Decentraland team for not needing a new standard in order to accomplish this 👏
5. NFTY Reads of the Week 📚
If you are working on creative use cases, or working on trying to get more people into crypto and reaching end users using non-fungible tokens, I would love to talk about how I can help. Reach out to me on twitter @flynnjamm, my DMs are always open.