Itheum is the first decentralized global data brokerage platform that converts users’ personal data into a highly tradable asset class. We aim to level the playing field by transforming the existing toxic model for collecting and trading personal data conducted by large corporations.
Thanks to Itheum, the commercial enterprise interested in your data and “you” (the data creator) can benefit equally from the trading of personal data.
Our platform delivers a suite of tools that allow data creators and consumers to “bridge” high-value personal data from web2 into web3 and trade it with a seamless UX built on decentralized governance and blockchain technology.
One of the unique tools we’ve created and will offer is the NFMe ID Personal Data-backed Avatar, a brand-new take on the NFT model and its technological application. Think of this as the next-generation Profile Picture NFT, but with a lot more utility and more open to everyone.
This article will throw light on what an NFMe ID is, how it works, and what you can do with it in the metaverse.
What is NFMe ID?
An NFMe (Non-Fungible Me) ID is a customized personal data-backed avatar for each user in the metaverse.
Each NFMe ID is made up of traits and accessories that personalize the user’s avatar so that it replicates the data owner’s real-life characteristics as accurate as possible. In a nutshell, it’s a representation of your personal data, now fully ingrained on the blockchain in the form of an NFT.
How it Works
Users who want to mint an NFMe ID must join the Itheum Data DEX and complete a “seed profiler job” after which the NFMe ID will appear in their wallet.
Each NFMe ID has “personal data categories” (PDC) linked to it, which feed data into the NFMe IDs where the data is securely stored in personal Data Vaults. Applications that are built on the Itheum CAT (data collection and analytics toolkit) feed users’ data into the PDCs.
When more data is added to the NFMe ID, the “data signature” changes, where more “evolution traits” and “accessories” are made available. This steady development of the product is similar to buying traits and gaming accessories to enrich in-game NFT characters.
An NFMe ID is organic and grows just like a human being when more data is added, making it a realistic avatar of the data owner in the metaverse.
Key features
The following are some of the key features of our NFMe ID:
Uniqueness
Every person in the world is unique and “non-fungible,” due to their specific and non-duplicable personal aspects, such as DNA and fingerprints.
Since an NFMe ID is built on real personal data and backed by dynamic NFT technology, it perfectly replicates the data owner’s real-world uniqueness in the web3 metaverse.
“Soulbound”
NFMe ID avatars will be Soulbound where the person who mints them (the NFMe ID Host) will not be able to sell it. This is because the NFMe ID is linked to your real identity and will serve as your “passport identity” in the web3 and metaverse worlds. To enable tradable utility for the NFMe ID, we’ve linked the NFMe ID NFT tech to our Data NFT tech, which allows you to “shave” off parts of your personal data, wrap it within a Data NFT, and trade that on primary and secondary NFT marketplaces.
True Ownership
As the “NFMe ID host” collects more data, it’s pushed into the NFMe ID itself, and more “accessories” can be minted and linked to it. These accessories represent the data creator’s features and characteristics in the virtual world.
Since an NFMe ID is essentially a collection of NFTs that hold real and valuable user data, its creator possesses true ownership over it and can therefore trade it freely.
Backed by Real Value
An NFMe ID is generated using the user’s real personal data, which is highly valuable to commercial organizations looking to develop quality datasets for their business analytics engines backed by machine learning.
The owner of the NFMe ID can wrap data segments directly from it into data NFTs and sell them to interested organizations. Therefore, the NFMe ID holds real value in its potential for earning through data trade.
Interoperability
NFMe IDs have been conceived as the next generation “Profile Picture NFT” or gaming avatars. Itheum plans to have the NFMe ID evolve into a universal avatar for every human being on earth — otherwise known as the aforementioned soulbound NFTs.
Since NFMe IDs are backed by personal data and powered by NFT technology, they will be portable in the real worldand eventually interoperable across all web2 and web3 metaverse platforms like Meta, Axie Infinity, The SandBox, Decentraland, and more.
Why is NFMe ID Useful in the Metaverse?
- An NFMe ID allows users to explore Itheum’s Virtual Data Metaverse (Greenroom Protocol), which is a digital metaverse data marketplace. Users’ NFMe ID avatars interact with each other in the metaverse and trade “evolution traits” and “accessories,” allowing users to upgrade and enhance their virtual presence accurately.
- The NFMe ID serves as an “authorization key” for third-party organizations to access data with consent and use it fairly in return for shared value.
- With an NFMe ID, users can stake and farm it with Data Coalition DAOs that exist to protect personal data and benefit the people. With access to a user’s NFMe ID, a Data Coalition DAO can provide data curation and quality assessment services, while also taking responsibility for trading data on behalf of the user as part of a bulk dataset.
Conclusion
Itheum’s creative NFMe ID works with our platform’s Data NFT technology and innovative Data Coalition DAOs (which bulk trade users’ data) to enable “viral adoption.”
As a customized personal avatar that also enables fair and seamless data trade, an NFMe ID will allow users to represent themselves realistically and participate actively in the metaverse.
We’re building the future of NFT technology, tying it into personal data to revolutionize the industry and set the new standard moving forward.
