Non fungible tokens (NFTs) started as what are essentially tamper-proof ledgers to verify authenticity and guarantee collectors’ ownership rights over artworks. However, since their emergence several years ago, NFTs have become much more than that. Now, many projects claim to seek to deliver new forms of value and utility. So far, many have centered around community building and intellectual property. As of yet though, no notable projects have tried to center their build around the potential of the core technology that is blockchain.
Simultaneously, growing traction of the Metaverse concept and Web3 culture have led to many enthusiasts identifying themselves by way of NFTs as profile images (frequently called PFPs as short-hand). While this has proven an interesting way for holders to represent their growing collection and involvement in the Web3 space, there seems to be potential for something more meaningful. Namely, NFTs are often static unless the creators, and not holders, choose to push updated or adjusted designs to the chain. In turn, PFPs represent only what we hold, not what we are nor how we have really evolved as digital natives and Web3 participants. This is somewhat ironic given the constantly changing nature of the Web3 space.
Enter Project Arcana, a Web3 project which aims to invigorate blockchain use cases through dynamic, comprehensive, and lasting virtual profiles which grow with their users’ real and virtual world identity. If successful, they might just redefine the integration between real life, Web2, and Web3, and even reshape how NFTs can be used as digital identities.
These dynamic avatars will be able to represent the various gaming and social achievements of holders. Moreover, the web2 gaming experiences of players will also be captured as their build solidifies, via a partnership with Clique’s identity oracles. These will be simultaneously coupled with Arcana’s proprietary technology to pull web3 gaming experiences. The end result is a comprehensive record of users’ online gaming and social experiences.
Gaming reshaped thanks to soulbound tokens
At the core, project Arcana believes that more needs to be done to legitimize and bring real value to the space. That is why they are building a digital identity platform which allows users to customize their NFTs. Such customization will be achieved with asset traits that reflect real and virtual world activities and accomplishments.
A mix of advanced data crawling algorithms, and Soulbound Tokens (SBTs) will enable this vision. These SBTs represent gamers’ accomplishments and serve to unlock augments for base Avatars. In turn, the base NFT becomes dynamic and truly tailored to the person’s digital native identity. Project Arcana aims to first build gaming related data streams before expanding their identity and customization services to social media in general.
For those curious to learn more, Soulbound Tokens are a relatively new concept, stemming from NFT technology. Of note, SBTs have the potential to introduce new use case paradigms to the Web3 space. After all, in the digital realm, every action we take leaves a trace. Take gaming as an example: anything ranging from high scores to the one too many times we unintentionally clicked a skill at the wrong time all have a digital record. Some of these records are used by game creators to reward you with in-game achievements.
However, most if not all of these achievements bear no real world world benefits, or even digital ones outside of the game they originate from. Moreover, many of these records are not used at all. Project Arcana sees such underutilized data pools and lack of integration outside of specific games as an opportunity, and SBTs are what might enable them to bridge these gaps.
As SBTs take NFT application to the next level, digital natives will be able to capture their identity and achievements in games (and social media come later build iterations). These data points can then be stored and showcased on immutable and verifiable virtual portfolios. Not only that, Arcana aims to take this dynamic identity concept a step further by allowing gamers to connect based on similar achievements, interests and goals, all enabled by SBTs issued on the blockchain. What cascades is the transformation of underutilized data, to captured memories, to meaningful achievements one can be proud of.
ArcanaHQ’s vision of identity legacy
As a starting point for its ambitious dynamic virtual identity project, Arcana will release a collection of unique NFTs. These avatars are designed to serve as the foundation of the larger Arcana ecosystem.
Taking inspiration from various games and virtual worlds, the Arcana collection consists of eight distinct character classes defined by lore elements including personality traits and equipment. The split of classes seeks to reflect the variety of amazing people who populate the world, and the multitude of talent sets each one of us innately possess.
Arcana is built by Promisphere, a web3 company seeking to evolve the intersection between social, gaming, and NFTs for the better. Thanks to the support of their investors, the upcoming NFT collection will lay the foundation for a much larger identity-building effort that will span both Web2 and 3 gaming communities before eventual expansion to cover digital natives at large.
Dynamic NFTs will usher in a new era of Web3 communication. Aside from purely gaming-based use cases, SBTs have the potential to reshape the Web3 space completely. Serving as dynamic identification characteristics, these tokens can help communities come together in much more productive ways.
Bringing Digital Identities into Real Life
As part of the ambition to elevate digital identities, Project Arcana is also partnering with ChapterX, which designs and produces accessories powered by Web3 technologies. ChapterX’s flagship Web3 networking card uses decentralized identity technology to bridge the gap between offline and online worlds. Users can showcase their blockchain-verified identities in physical settings by tapping the card on a mobile phone, and then efficiently engage with and manage all connections made.
Arcana and ChapterX will introduce a new form of gaming identity by bridging the realms with the Arcana Card. With it, holders and gamers will be able to showcase their online achievements and connect with anyone through one easy tap.
Project Arcana is pioneering this concept in the context of the blockchain gaming ecosystem. Yet, the potential for further implementation is virtually limitless. Those who believe in the true potential of blockchain can check out the platform's official website and follow Arcana’s Twitter to keep updated.
“We believe that going far in Web3 requires the collaboration and support of the entire ecosystem. Projects, founders, communities and content creators all play an essential part. With such foundations, we hope to introduce new technology use cases to legitimize the potential of blockchain and instill greater togetherness in our ecosystem.”
Stanley (CEO Promisphere)
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