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New ERC-7231 NFT Standard Enters The Space

CARV, an AI-powered gaming app and self-sovereign identity oracle, recently made headlines with the final approval of a groundbreaking ERC-7231 NFT standard, designed to represent identity-aggregated non-fungible tokens (NFTs).

In a recent press release, CARV highlighted Ethereum’s endorsement of their vision for data self-sovereignty through this standard.

According to CARV, this milestone marks a significant advancement in connecting disparate digital identities and empowering users to assert ownership over their online history, relationships, and experiences across various platforms.

Victor Yu, Co-Founder of CARV, expressed excitement about reaching this crucial juncture, emphasizing the journey it took to get here in an interview with Cryptonews.

The genesis of ERC-7231 traces back to CARV’s proposal submission in June 2023. Through successive drafts and revisions, the Ethereum Foundation gave the green light to the proposal, culminating in its final acceptance at the outset of February.

Furthermore, ERC-7231 is now publicly accessible, heralding a new era of data ownership and control.

Yu expressed the team’s anticipation for wider adoption within the ecosystem, foreseeing a future where users actively participate in the value creation process of their information.

Merging Multiple Identities Into One

The announcement clarified that ERC-7231 consolidates multiple identities from both Web2 and Web3 into a single NFT. Additionally, it facilitates encrypted aggregation of identity data across various domains.

According to CARV,

“This creates an ‘identity of identities,’ facilitating self-authentication, social convergence, and the generation of commercial value from targeted user data.”

Yu remarked, “This solution dismantles identity silos and redefines data ownership rules.”

He added that the new standard ushers in a “data-to-earn” era within blockchain gaming and beyond. “Data self-sovereignty is now achievable across Ethereum and the possibilities are endless,” noted Yu.

The standard offers three key advantages:

1. Integration with account abstraction wallets streamlines the onboarding process for both Web2 and Web3, thereby facilitating easier adoption.
2. Consolidating multiple identities into a single entity enhances interoperability across various platforms and services.
3. Users retain control over their data, enabling them to determine its usage. They can selectively share on-chain and off-chain identity information and passively earn rewards when brands utilize it.

Additionally, CARV ID seamlessly integrates with this standard.

According to the announcement, over 800,000 users are actively engaged in gaming and earning rewards through CARV’s comprehensive solution, spanning from its foundational data stack to its gaming-focused application layer.

In essence, ERC-7231 serves as the linchpin, connecting all the components together.

Seeing High Numbers

Yu, speaking to Cryptonews, emphasized the significant integration and utilization of the standard within CARV.

CARV ID, compliant with ERC-7231, has garnered adoption from over 900,000 users worldwide, spanning regions such as Southeast Asia, Japan, CIS, US, UK, and Latin America.

The daily active user count nears 500,000 across various games and ecosystems.

Yu highlighted the challenges faced in comprehending gamers before the introduction of this standard. Users’ growing inclination to opt out of app tracking, exemplified by the IDFA, coupled with evolving privacy regulations like the CCPA, posed hurdles in effective data collection.

ERC7231 empowers users to aggregate, own, and manage their reputation, identities, and behavior seamlessly across both Web2 and Web3. This high-quality zero- and first-party data not only serves individuals but also provides invaluable support for games and artificial intelligence (AI) companies in crafting personalized experiences.

Looking ahead, CARV’s future endeavors involve collaborating with additional Web2 and Web3 studios. The team is committed to facilitating seamless interoperability for users across various platforms.

On the technological front, Yu expressed openness to all user identity solutions embracing ERC-7231, envisioning a transformative era of identity-aggregated NFTs.

ERC-7231 and ERC-404: Key Differences

ERC-404 made a notable entrance in early February, just before the launch of ERC-7231, quickly gaining popularity. The NFT collection Pandora, based on ERC-404, although no longer holding the top position, remains among the top 10 NFT collections in terms of sales volume, as reported by CryptoSlam.

According to information on GitHub, ERC-404 represents an experimental implementation combining aspects of both ERC-20 (token standard) and ERC-721 (NFT standard), featuring native liquidity and fractionalization.

In contrast, CARV introduced ERC-7231 in the latter half of February.

Yu clarified to Cryptonews, “Primarily, ERC-404 remains an experimental standard and has yet to be formally proposed for inclusion in Ethereum Improvement Proposals (EIPs).” Conversely, ERC-7231 stands as a fully finalized and approved ERC standard.

However, Yu emphasized, “It’s worth noting that both 7231 and 404 contribute to democratizing asset ownership and value creation, which is a positive development. Yet, each standard operates in a distinct manner.”

ERC-404 introduces the concept of semi-fungible tokens, allowing multiple wallets to possess a single NFT. Conversely, ERC-7231 binds multiple identities from both Web2 and Web3 to a singular NFT holder.

Through this NFT holder, users can streamline their identities, adjust the NFT based on behavior (data aggregation), and participate in value creation through user-targeted engagements, whether on-chain or off-chain.

Yu remarked, “This culminates in an ‘identity of identities’ that achieves encrypted aggregation of identity data across various domains, offering benefits to both games and gamers. It’s a data win-win.”

While CARV initially focuses on gaming applications, the potential applications for this technology are vast.

“Imagine AI-driven healthcare solutions achieving groundbreaking breakthroughs with access to clean and encrypted user data, subsequently rewarding these users with the monetary value generated by such advancements, facilitated by smart contracts,” Yu elaborated.

Notably, in mid-February, another developer team announced the launch of the ‘Divisible NFT’ standard (DN404), which they describe as a hybrid ERC20/721 token.

Their approach involves two contracts: a foundational ERC-20 alongside a mirrored ERC-721. Further details can be found here.

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