5 Reasons Why Our NFMe ID is a Game Changer
An NFMe ID (Non-Fungible Me) is a unique digital avatar built on NFT technology that serves as a representation of an individual’s personal data on the blockchain.
Anyone can mint their NFMe ID on the Itheum platform and truly own it as an NFT. Additionally, it’s built in such a way that it allows for users to add or create data subsets within itself to ensure it’s as unique to the owner as possible.
Simply put, our team believes that each human is unique — the NFMe ID “digital avatar” idea and theme are a new way to take personal data ownership to the next level within the metaverse.
Key NFMe ID Features & Capabilities
1. NFT Capabilities
The NFMe ID is based on the concept of non-fungible tokens, but on a different scale. But how exactly is this?
While NFTs can be exchanged fully, NFMe IDs can only be “leased out” to other parties while still always belonging to the owner. For this reason, they are considered ‘soulbound’ tokens.
When “leased out”, the other party can access your personal data — in this manner, the NFMe ID acts as an “authorization key” that allows third parties to use your data in a fair way to generate a shared value between the third party and the owner of the data.
2. Exploring the Itheum Data Metaverse
With Itheum being the world’s first decentralized data brokerage, exploring our data metaverse opens up various opportunities for interaction and exchanging data with other NFMe avatars. Additionally, users can trade various accessories and evolution traits to immerse themselves in an even more personalized experience.
3. Participation in Data Coalition DAOs
Our NFMe ID allows participants to participate in the governance of data through Data Coalition DAOs (Decentralized Autonomous Organizations). These DAOs allow for bulk control, curation, trade, and protection of personal data.
Additionally, users can delegate access rights to “subsets of data” (Data NFTs) linked to their NFMe IDs to the Data Coalition DAOs, which can then be exchanged on their behalf. This allows for the Data Coalition DAOs to fully leverage the user’s data as part of a group dataset, as grouped data tends to be more valuable compared to an individual dataset.
4. Data NFTs
Data NFTs, which are subsets of NFMe IDs, allow users to segregate data from a specific application. Therefore, these Data NFTs are linked to the individual NFMe ID and can be traded in other secondary NFT marketplaces, such as Opensea.
In essence, this is an extension of utility across different blockchain platforms and ecosystems, presenting a much more powerful use case across the board.
Itheum’s NFMe IDs will be built in such a way that they are interoperable with other blockchains making them suitable for use in other metaverses, ecosystems, and virtual worlds. This means that in the future, you will be able to port your NFMe ID to other metaverse applications, both in the Web2 and Web3 worlds — examples include Meta, Decentraland, and The Sandbox, among others.
This interoperability of NFMe IDs ensures that they can interact with various digital assets, hence solidly positioning Itheum (and more specifically NFMe IDs) at the center of the metaverse’s future.
NFMe IDs are at the core of transforming data ownership and exchange, both on and off-chain. With the aforementioned capabilities and components, NFMe IDs open up a world of opportunities for users to participate in the metaverse using a personalized avatar that accurately represents their data.
The end goal of these NFMe IDs is to have them grow to a point where they are the digital avatars for every human on earth across various metaverse platforms — we’re unlocking real-world value in the digital realm, one step at a time.
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that enable high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer sales. It allows for “viral adoption” via our creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and our innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly and cross-chain; making it the most comprehensive core blockchain data infrastructure available in the market with use-cases in both the enterprise and retail space.