NFTBA as Decentralized Identity (DID)

Currently most decentralized identity protocols use the EOA wallet address as the main ID. Using wallet address as DID comes with its downsides.

  • Transferability - a wallet address cannot be fully transferred without revealing the secret recovery phrase. This is particularly problematic in situations such as when a DAO wants to transfer all of its assets, including potential future airdrops, to new owners.
  • User experience - with EOAs, a user has to confirm every transaction. This hurts the user experience of SocialFi applications, making them inferior to Web2 social applications in terms of convenience.

NFTBA as DID provides the benefits of ERC-4337 smart contract wallets, greatly improving the user experience of SocialFi applications. An NFTBA can be transferred easily to another owner just like transferring an ERC-721 NFT. All the assets within the NFTBA as well as the future benefits it may receive are transferred together to the new owner.

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