Technology has indeed proved that it was invented to help people make lives easier. This is why various industries have been promoting the digitalization of almost everything. But no matter how convenient this is, some will still find face-to-face transactions more trustworthy.
However, in 2020, a highly contagious virus started spreading across the globe. In an attempt to stop the spread of the deadly virus, people were forced to stay inside their homes, and contactless transactions have been more encouraged. The pandemic has further pressed the conversion of everything into digital.
In connection, the technological developments that were not so familiar with the majority before became more popular. One example of this is the NFT or Non-fungible Tokens.
NFT is a blockchain-based means to assert ownership of a specific digital asset. NFTs can be applied to various categories such as art, music, video game items, trading cards and collectibles, sports highlights, memes and GIFs, domain names, virtual fashion, and online pop culture items such as famous tweets and FB posts. But these are not the limit of NFTs as they can also be used for COVID-19 vaccine passport, just like they did in San Marino.
Aside from art, which is by far the most popular NFT application, NFTs have also been widely used for online games such as Axie Infinity.
Axie is an NFT-based online game that uses Ethereum-based cryptocurrency. Vietnamese studio Sky Mavis developed the game. Axie transacts exclusively in Axies, which are Pokemon-like digital pets. Users can earn money by farming and selling an in-game item called SLP or Smooth Love Potions. Players are required to set up a Ronin Wallet, which will serve as their cryptocurrency digital wallet.
NFT is indeed a great innovation. However, just like any other technological advancement, NFT also has some vulnerabilities. Since NFT is a digital asset, it is often targeted by hackers. Exchanges and digital wallets can be a gold mine for anyone who can gain access to them. Fortunately, there is FIDO2 to help in preventing these cyberattacks from occurring.
FIDO2 aims to create a more robust authentication system for the web. The FIDO2 protocols use standard public key cryptography techniques to ensure a more secure verification for its users. Also, through FIDO2, businesses that have to follow protocols such as eKYC can guarantee their customers a safer and more seamless online transaction experience.
If you want to read more on this secure, private authentication for the future – LoginID, you may continue reading through this article created by LoginID.
