Decentralization, Metaverse and NFT

Decentralized Identity and the difference between NFTs and the Metaverse

Recently, there has been hype about the Internet 3.0 revolution or Web3. People believe that concepts like NFT and Metaverse will fundamentally change the future of the Internet. Before diving into deep, let’s define the main concepts first… ✍

What Is Decentralized Identity?

A decentralized identity is a self-owned, independent identity that enables trusted data exchange. Decentralized identity is an emerging Web3 concept based on a trust framework for identity management. Such decentralized identity management includes an approach to identity and access administration that allows people to generate, manage and control their personally identifiable information (PII) without a centralized third party like a registry, identity provider, or certification authority.

Considered to be private and sensitive data, PII refers to the body of information about specific individuals that directly or indirectly identifies them. Usually, it combines name, age, address, biometrics, citizenship, employment, credit card accounts, credit history, et cetera. In addition to PII, information that forms a decentralized digital identity includes data from online electronic devices, such as…