New ERC-7231 NFT Standard Revolutionizes Digital Identity Ownership
CARV, an innovative self-sovereign identity oracle and AI-powered gaming app, has recently announced the final approval of a groundbreaking NFT standard known as ERC-7231. This standard, representing identity-aggregated non-fungible tokens (NFTs), has received strong support from Ethereum, marking a significant milestone in the pursuit of data self-sovereignty.
CARV Co-Founder Victor Yu expressed his excitement about this achievement, stating, “It’s been an exciting journey to get to this point.” The ERC-7231 standard was initially proposed by CARV in June 2023 and underwent several drafts and revisions before receiving the Ethereum Foundation’s approval in February.
The primary objective of ERC-7231 is to merge multiple Web2 and Web3 identities into a single, encrypted NFT. This innovative solution breaks down identity silos and redefines the rules of data ownership. Yu emphasized that this standard ushers in a new era of data-to-earn opportunities, particularly in the realm of blockchain gaming. With data self-sovereignty now a reality, the possibilities are limitless within the Ethereum ecosystem.
The ERC-7231 standard offers three key benefits. First, its integration with account abstraction wallets simplifies the onboarding process for both Web2 and Web3 platforms, thus promoting widespread adoption. Second, by uniting multiple identities into a single NFT, greater interoperability between different platforms and services is achieved. Finally, users gain control over their data and have the power to determine how it is utilized.
Users can choose to selectively share their on-chain and off-chain identity information and passively earn rewards when brands leverage this data. The CARV ID, which is seamlessly integrated with the ERC-7231 standard, has already garnered significant traction. More than 900,000 users globally, across regions such as Southeast Asia, Japan, CIS, US, UK, and Latin America, have embraced CARV ID. The daily active user count is nearing 500,000, proving the high demand for this technology.
CARV has plans to collaborate with more Web2 and Web3 studios to enable seamless platform transitions for users. Additionally, the team encourages all user identity solutions to adopt the ERC-7231 standard, as it ushers in a new era of identity-aggregated NFTs.
It’s important to distinguish ERC-7231 from another notable standard, ERC-404. While ERC-404 has gained popularity since its launch, it remains an experimental standard yet to be formally proposed for inclusion in Ethereum Improvement Proposals (EIPs). In contrast, ERC-7231 is a fully finalized and approved ERC standard.
Yu explained that ERC-404 allows multiple wallets to own an NFT, making it a semi-fungible token. On the other hand, ERC-7231 binds multiple Web2 and Web3 identities to a single NFT holder. This “identity of identities” enables users to standardize their identities, aggregate data based on behavior, and share in the value generated by user targeting.
The potential applications for this technology extend beyond gaming. Yu highlighted the possibility of AI-based healthcare solutions leveraging clean and encrypted user data to make groundbreaking breakthroughs. In return, users would be rewarded with the monetary value created by these breakthroughs through smart contracts.
The launch of the ERC-7231 standard marks a significant milestone in the pursuit of data self-sovereignty and revolutionizes the way digital identities are owned and utilized. With CARV at the forefront of this innovation, the future of identity-aggregated NFTs looks promising.
