Industry solutions

KYC for NFTs

Non-Fungible Tokens or 'NFTs' are an increasingly popular form of digital token can be thought of as complementary to cryptocurrencies.

A cryptocurrency is a fungible token - that is, a token which is functionally equivalent to another of its kind (e.g. one bitcoin fuctions the same and has the same value as any other bitcoin).

The reverse of this, ‘NFTs’ are non-fungible, which means that each is in some way unique and therefore can't be exchanged for another NFT in an equivalent manner (ie. there isno reason that one NFT will be worth or function the same as another NFT). The quality of non-fungibility lends a huge power to NFTs when considering their use in digital space. A good example of why this is can be understood by examining art. In the real world, art is unique (ignoring others copying an original work), and as such it has its own qualities and draws.

NFTS allow this sort of uniqueness and originality to exist in the digital world

NFTS rose to fame in art and art-centric blockchain projects but their potential uses extend far beyond artwork

NFTS can be used in enterprises focussed on such things as gaming, music, sport and many other areas

Anywhere where limited availability or ownership needs to be established, or where customisation, trade or sharing functionality needs to be enabled. Any time someone wants to interact with something that has any form of unique quality, an NFT will be the route to take.

Of course, the obvious issue with using NFTs is being able to prove ownership of them, or with proving the NFT represents what it claims to represent. Using the art world for another example, artist Damien Hurst recently made headlines by burning the originals of his work for those who preferred to purchase them as NFTs (perhaps missing an opportunity to simple use NFTs to show ownership of the originals) but

What is there to stop someone else from creating another NFT and fraudulently advertising it as a Damien Hurst NFT? Or, what is to stop someone selling an NFT they claim to own when in reality they are simply scamming the buyer in a ‘Brooklyn Bridge’ style con?

The answer to these questions is that the NFT ecosystem needs regulation. Just as crypto and blockchain are embracing regulatory measures, ensuring the safety and security of those who interact with NFTs is vital for the potential of the market to be fully realized and to thrive. By introducing KYC measures to the NFT space, the risk of encountering fraudsters and scam artists plummets, and users can interact with NFTs and each other to trade value and to develop further markets and businesses. This potential is on the verge of breaking out into something colossal as we hinge on the arrival of the metaverse - a development that will require both crypto and NFTs to fully enable the digital world to function. As this aims to become an everyday method for interaction and underpinning technology for life in the future, it has to be protected from bad actors.

To solve this nascent and growing issue, Blockpass has already developed regulatory solutions which not only mitigates the danger but does it in as fast, effective, efficient and user-friendly way as possible. By providing KYC and AML solutions for NFTs, Blockpass provides a much-needed service in removing those who seek to exploit the system by committing fraud, funding terrorism or engaging in any other illicit activity. With a verified identity, anyone involved in the system can establish proof of their ownership of NFTs and the legitimacy of the real or digital properties they own through NFTs. Blockpass provides a compliance solution that is in demand by businesses that are minting NFTs.

On-Chain KYC® - a pioneering zero-knowledge service enabling businesses to engage in identity verification and on-chain compliance checks without accessing data of their onboarding users. Crypto businesses that utilize On-Chain KYC® actually cannot access any KYC data on users, and instead just receive KYC value of a user via API.

Find out more about On-Chain KYC® here

The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks.

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Blockpass provides a compliant solution in the Blockpass Mobile App

A revolutionary app

Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity.

Instantaneous verification

With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.

KYC Connect^®
A Complete Solution Portfolio

Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.

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today through our online docs portal.

Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.