IAMX & NMKR Introduces vNFT - The World's First Decentralized Way of verifying NFT Authenticity

November 2022 - (Zug, Switzerland) - IAMX in collaboration with NMKR have created a novel, NFT Identity Metadata Standard, and Self-Sovereign, Decentralized way to verify NFT Authenticity on Cardano's Largest NFT Platform. IAMX is at the forefront of the Web3 revolution, bringing the world's most secure, decentralized, and user-friendly Self-Sovereign Identity (SSI) solution to the Internet. Adding the layer of identity and authentication to the Internet, with IAMX you can treat the Internet like you are always logged in.

IAMX builds upon the foundations of SSI, blockchain, and Decentralised Identifiers (DIDs), enabling individuals, organizations, or any entity to prove their identity independent of external parties or centralized authorities. This way, the authenticity of anything tied to an IAMX DID can be independently confirmed by the entity holding the DID.

Until recently, the authenticity verification process for NFT projects and artists was a centralized effort, relying entirely on NFT platforms. The NFT authenticity data were stored solely in centralized databases, where each created platform-specific rules for verification, resulting in inconsistency and non-universal access. With the implementation of vNFT, also known as NFT Identity, DIDs can be used to independently verify the authenticity of NFT projects and artists, creating a universal pathway to transparently prove authenticity without the need for any manual processes.

NMKR, Cardano's largest NFT platform, in partnership with IAMX, has deployed a novel NFT Identity Metadata Standard based on the solution the two companies created as a Cardano Improvement Proposal in CIP-066 that allows creators to issue and attach their digital identities to NFTs. This way, creators can prove their identity and the authenticity of their NFTs, without having to rely on centralized entities. Due to the decentralized nature of DIDs, any IAMX identity tied to an NFT on the NMKR platform cannot be duplicated, revoked, or destroyed by any party other than the holder, making it an ideal, trustless and censorship resistant solution to NFT authenticity. Currently the verification process includes social accounts but in an upcoming IAMX update, artists and projects will be able to achieve the highest level of verification through KYC. Although first implemented on the Cardano Blockchain, the solution is Blockchain agnostic and can work for any NFT Creator or NFT Platform.

Already in the first week after the implementation of this novel metadata standard on NMKR, 57 projects have already created an NFT-identity. Together, NMKR and IAMX are bringing identity, commercial rights, buyouts, and anchoring to any NFT, creating the basis for legally enforceable creator rights and royalty returns. Beyond creator verification and value protection, this collaboration and NFT identity solution prevents fraud, is visible in any wallet, and on any NFT platform.

NMKR is a Web3 infrastructure Start-up, which has built an ecosystem around blockchain products such as NFT minting & payment to empower NFT mass-market adoption for real-world use cases. Since its genesis in 2021, NMKR has become the biggest NFT brand on Cardano, with $50M in revenue for projects, 1.2M NFTs minted, 700K transactions, 35K unique users, and 50 industry partners. NMKR continues to develop tools to help artists, developers, and brands to leverage the benefits of blockchain and NFT technologies.

IAMX AG
Dammstrasse 16
6300 Zug
Switzerland

Press Contact:
Lise Wessel
mkt@iamx.id

IAMX is a token-based SSI and authentication protocol that empowers individuals with the means to own their identity. Adhering to the strictest of regulatory standards for identity protection, IAMX builds on the foundational principles of SSI to provide a robust and secure system where individuals are able to take control and manage their identity. Users of IAMX will realise significant time and cost savings through novel approaches to identity management and ecommerce transactions, like 1-click fulfillment, which are legally binding and maintain local regulatory compliance. With users in control of their identity data, time-consuming processes like KYC and KYB become near instant, highly secure transactions.

IAMX builds upon the foundations of SSI, blockchain, and decentralised identifiers (DIDs), enabling individuals, organisations, or any entity to prove their identity independent of external parties or centralised authorities. This way, the authenticity of anything tied to an IAMX DID can be independently confirmed by the entity holding the DID.

IAMX is at the forefront of the Web3 revolution, bringing the world's most secure, decentralised, and user-friendly SSI solution to the Internet. Adding the layer of identity and authentication to the Internet, with IAMX you can treat the Internet like you are always logged in. Pursuant to their mission and vision, IAMX is working to solve the problem of providing an identity to the billions of people who do not currently have a state-recognised, legal identity. Using a Biometric Identity Gateway, users with or without state-level identification can create their own identity for use online, one that relies on their unique physical attributes, including their face, iris, and fingerprints.

This release was published on openPR.