nft passports

At one of the largest crypto events of the year, Harmony announced one of their newest NFT utilities. Available now, the BAYC passport is an early version of Harmony NFT Passports.

BAYC holders and players of the massively popular DefiKingdoms can set their pfp as their Ape. The first 100 to do this received 50 $JEWEL as a reward. On the surface, this seems like a simple visual change. But, when we look a little deeper, this is a sign of the cross-chain internet future.

In a true cross-chain move, these NFTs stored and tracked on the ETH blockchain will now be available to use on the ONE chain. Most importantly, users do not have to bridge their NFT from ETH to ONE. This means that BAYC holders can securely identify themselves on a blockchain other than Ethereum.

Why are the Harmony NFT Passports Important?

Simply put, NFT passports are going to be the way to identify yourself on the internet in the future. We first mentioned this concept when we took a look at POAPs a few months ago.

Since each NFT is unique you could in theory group a set of NFTs to a particular wallet. No other wallet could have this exact combination of NFTs. And since every collection is unique, down to the transactions needed to acquire this collection, each wallet can be linked to a unique individual. This is also completely pseudonymous (which, keep in mind, is very, very different than \anonymous’) as it does not require KYC.

This concept gets even more legs when we introduce the idea of Non-Transferable Tokens. In the case of NTTs, tokens are tied to experiences as opposed to monetary value/gain. Instead of buying these NFTs and selling them, you receive them after you have an experience. These proof of experience (or attendance in the case of POAP), tokens have no monetary value. They can’t be sold or transferred. Instead, they serve as immutable proof that you experienced what you experienced. And since everyone’s experiences are unique to themselves, in theory, you can use this as a way to securely identify yourself.

Web 1 was email and password as identification. Next, Web 2 was social accounts. Web 3 is an asset-backed digital wallet, unique to each individual.

Soon enough, all you will have to do to buy an item you like in the ‘metaverse’, or securely log into your favourite websites, is connect your MetaMask or similar non-custodial wallet to the platform. Harmony and POAP are just touching the surface of the future of Web3 security and identification.

Harmony Token Price

Currently, $ONE is priced at $0.1519 on CoinGecko, a 0.3% decrease from 24 hours ago. Additionally, $ONE has seen $148,652,690 in volume over this time, an 8.5% increase.

NOTERemember always to do your research, make your own decisions, and invest in projects that interest you!

Follow our new Altcoin Buzz Public NFT Wallet to keep an eye on collections we’re buying, selling, and holding! Use this as a jumping-off point for your research.

Also, Join us on Telegram to receive free trading signals.

Finally, For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.