New ERC-7231 NFT Standard Enters The Space

cryptonews.com:

CARV, a self-sovereign identity oracle and AI-powered gaming app, recently announced the final approval of a new ERC-7231 NFT standard representing identity-aggregated non-fungible tokens (NFT).

According to the press release,through the standard, Ethereum has backed CARV’s plan for data self-sovereignty.

CARV stated that this is “a major step in bridging disparate digital identities and enabling users to own their online history, relationships, and experiences across platforms.”

“It’s been an exciting journey to get to this point,” CARV Co-Founder Victor Yu told Cryptonews.

ERC-7231 was initiated by CARV with a proposal submission in June 2023.

Following drafts and revisions, the Ethereum Foundation “greenlit” the proposal with a last call and final acceptance at the start of February.

Moreover, ERC-7231 is publicly available.

Yu stated that the team looks forward to the ecosystem adopting it and bringing users in on the value generation of their information.

The announcement explained that ERC-7231 binds multiple Web2 and Web3 identities to one NFT. It also achieves encrypted aggregation of multi-domain identity data.

Per CARV,

“The result is an “identity of identities” that enables self-authentication, social overlapping, and commercial value generation from targeted user data.”

Yu commented that “this solution breaks down identity silos and rewrites the rules of data ownership.”

The new standard, he said, enables a “new era of data-to-earn” in and beyond blockchain gaming. “Data self-sovereignty is now a reality across Ethereum and the sky’s the limit,” said Yu.

The standard offers three benefits:

Users can opt to share certain on-chain and off-chain identity information and then passively earn whenever brands leverage it.

CARV's