Metatag Cross-Chain NFT Platform Changes Narrative in Digital Identity Management
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Metatag is a novel cross-chain mechanism that mints one-for-all usernames for Web3 applications as non-fungible tokens.
Digital ID management in 2022: challenges and issues
As digital identification instruments are evolving into a popular concept for fintech, social media and e-sports, a number of crucial issues in terms of security and data integrity have become obvious.
These problems were amplified by the increased popularity of biometric technologies and remote working in 2020-2022. At the same time, as per UN estimations, only 71% of countries globally developed adequate law enforcement frameworks for data protection and privacy.
Meanwhile, some developed countries (USA, EU, New Zealand, Australia and so on) started using digital IDs as convenient alternatives to traditional ones. Estonia and the U.K. adopted blockchain technologies for state-backed digital ID initiatives.
Even outside state programs, digital identification modules like Apple ID or Google accounts are utilized here and there.
Metatag offers one-for-all NFT solution for digital IDs
However, these solutions lack security and privacy protection mechanisms. Moving digital ID management to blockchain-based platforms will make them attack-resistant and easy to access.
That is why MetaTag, a new-gen ID management start-up, releases its multi-blockchain platform for minting ID “badges” as non-fungible tokens. The procedure is quite straightforward and newbie-friendly: the user should just connect his/her Metamask (or other EVM-compatible wallet), type in the username, authorize minting and get his/her name as a digital token on OpenSea, the largest NFT marketplace.
These NFTs can be used in e-sports as “gamertags” or on social media as “tokenized nicknames.” In the Web3 segment, such solutions can be used in GameFi, SocialFi and Metaverse products.
Since its initial releases in Q1, 2022, MetaTag solutions are multi-chain: usernames minted as NFTs are available on Ethereum (ETH) and Solana (SOL), two leading smart contracts platforms. The next developments will make the seamless integration of MetaTag’s NFTs onto top-tier on-chain games like Axie Infinity, Splinterlands, CryptoKitties and so on.
Then, MetaTag holders will have the priority whitelisting for various gaming ecosystems, including immediately upon launch. Also, a number of limited perks will be available to MetaTag clients as its array of partnerships expands further.
Alex Dovbnya
Dan Burgin