This article was first published on OntologyNetwork - Medium
Ontology partners with ROCKI, a next-generation music streaming service and music NFT platform built on Binance Smart Chain, to provide decentralized identity (DID) solutions to its users.
Ontology is proud to collaborate with ROCKI, a next-generation music streaming service and music NFT platform built on Binance Smart Chain. We aim to provide decentralized identity (DID) solutions to ROCKI’s music creators and users to ensure they are authentic and secure.
Why the NFT Market Needs DID
The market for non-fungible tokens (NFTs) exploded in 2021. According to Forbes, since the start of the year, ‘the combined market cap of major NFT projects has increased by 1,785%.’ These projects, which specialise in the creation and sale of tokenized images, songs, virtual real estate, and other artistic creations, are now valued at over $400 million.
NFTs offer creators a novel way to monetize their creations. Unfortunately, there have been reports of artists having their artwork sold by impersonators. This is, in part, due to popular NFT platforms lacking a robust verification process for determining a creator’s identity.
The potential for fraud in the growing NFT market recently attracted the attention of the Financial Action Task Force (FATF), the inter-governmental watchdog that establishes standards for anti-money laundering (AML) and know-your-customer (KYC) requirements, which is currently drafting new guidance proposals for both DeFi and NFT markets.
How Ontology Empowers ROCKI’s Userbase
Ontology’s Decentralized Identity (DID) Registration Management SDK will enable ROCKI to prevent bad actors from impersonating artists and help buyers avoid purchasing inauthentic NFTs. Ontology’s DID technology relies on global trust anchors to verify user credentials that can then be used to establish a digital identity across multiple blockchains (e.g. Ontology, BSC, Ethereum, OKExChain).
ROCKI intends to have all creators on the platform go through an initial KYC/AML process to verify their identity. Upon completion of ...
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