NFTs. What’s the story? (Part 3)
–– 22 Sep 2021
This is the final part in a three-part blogpost series that looks at the rise and adoption of NFTs. It will help you understand what they’re about, why they matter and how Tapmydata will be using them. To know is to grow…
Part 1: A colourful intro to NFTs
Part 2: NFTs beyond art and collecting
Part 3: How Tapmydata are using NFTs
And now the end is near and so we face the final curtain… (That could work in a song or something.) Anyway, you’ve had two small servings of NFT knowledge, but this one – if you don’t mind – is all about us!
In this blogpost, we’ll explain how Tapmydata’s systems are helping users take back control of their data and where NFTs fit into this. Sounds exciting? You bet. This is a revolution that benefits the individual, rather than mad, bad billionaires intent on wringing every last dollar out of your data.
Tapping into NFT energy
So, you have data. You’re creating it right now. There are servers filled with this stuff. All about you, you and YOU.
And here’s the thing. It’s super-valuable. You can earn from it. The likes of Google and Facebook (and others) have been doing very-nicely-thank-you from your data. They probably haven’t mentioned this to you.
We say the rewards of your data should go to you. You decide who can use it, what they can use and, as a result, you create an income for yourself.
Ultimately, you could say our role is to connect you with organisations who understand the relationship between you and them and the digital gold you possess.
And NFTs? What’s the deal?
Essentially, we’ll be using NFTs to ensure that consent between users and websites is verified. And, that there’s a recorded artifact as proof. Your data’s unique. So too the NFT it sits upon. And thanks to blockchain technology, what is documented is fact rather than fiction.
In return, you’re rewarded with TAP tokens. Happy days!
All this will happen in the TAP Locker of version 2 of our app. The locker acts as a hub for user-controlled personal data. Think of it as secure storage. Users will be able to mint their information on NFTs. This means identity can be verified in a faster, more seamless way.
Every NFT will be user data specific and hold valuable information. Glitch contracts (inspired by our visual brand identity) will be discoverable, but won’t allow trading of these NFTs. In other words, they can’t be swapped, sold on and used for spoofing or other shifty practices involving identity theft.
How can we prove each ID minted is legitimate?
Good question. Admittedly, it’s easy as there are a lot of bots out there. However, we believe charging a fee to mint each Glitch ID on the Polygon Network, alongside having users verify their Twitter accounts, will lead to legitimate and compliant data from which all parties can benefit.
Each user who downloads the Tapmydata V2 app, mints their Glitch ID, and populates their app locker with their identity data can earn TAP for doing so. These steps exist to incentivise users to get involved and start providing the essential data that ultimately powers the app.
How does it work?
When a user visits a website, the destination will determine if you have Tapmydata’s Glitch plugged in. Once you’ve connected your wallet, the site will be able to say it wants to license your data, then you’ll be able to earn TAP for agreeing to the terms.
It works by sending a request through the blockchain for licensing that specific user data.
For example Wallet A will request data from Wallet B which is logged as a transaction. Then the Tapmydata app will pick up on these transactions and make sure both parties consent.
All this allows an exchange of value to occur (in TAP tokens). IPFS (the grandly titled InterPlanetary File System) will be used to store data as it is encrypted and cryptographically secure.
This would be a different shift from the current SSI/SSO models as it offers more freedom and flexibility to connect actions and reward.
Imagine a world where user data is secure and private, and all the while you’re earning a passive income from visiting Web-3-enabled websites.
Sounds fanciful, but the reality is, as Web 3 sashays into the mainstream, it will happen.
The glitch creation process is simple and involves creating a visual avatar (the Glitch) for yourself along with a statement of the data elements you’re prepared to grant consent for. This can be a variety of options that can help you earn a Universal Data Income.
Once you’ve given your consent, it can then be transmitted to organisations, businesses and brands.
The process works like this:
- Click connect your wallet in app
- Go to The Glitch portal in a browser
- Connect to your Tapmydata account
- Add Metamask wallet if not already set in personal data locker
- Approve spending of TAP to The Glitch
- Create Glitch avatar using a webcam
- Set the data elements you want to allow consent over
- Mint your unique NFT
- Receive TAP tokens as a reward
Using the Tapmydata app, you can already supply details for your personal data store, such as your name, email and so on to request data from a variety of different companies.
This is a good starting point but the goal is ultimately to be able to mint unique NFTs using this information which can be used to verify your identity in a much faster, cleaner, easier way.
Using the Tapmydata app users will be able to directly and safely input their data to verify their credentials.
Get started today! You can download the Tapmydata App right now at your favourite app store and prepare for the launch of Version 2. It’ll be here before you can say “Non-Fungible Tokens rock my world”.
If you’d like to know more about NFTs and how they’re changing the world fast, do let us know. There are a thousand amazing stories to tell.