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.
