NFTs Weekly News #75 - Ecosystem: Brazil ID Cards integrated on Blockchain

Are you ready for some NFTs news?

We've prepared a new article that covers the latest news and updates in the world of Web3 and NFTs. Read them below!

💰 Investments

IYK, a startup providing NFC chips that can be embedded in clothing and other products, as well as the infrastructure to connect them to blockchain or NFTs, has raised $16.8M in a seed funding round led by Andreessen Horowitz.
IYK's technology allows brands to launch digital items linked to physical products via NFC chips, and allows users to verify product authenticity and unlock exclusive content and experiences or access to communities.
IYK has already collaborated with well-known brands both traditional (Billionaire Boys Club, Johnnie Walker) and in the Web3 space (Coinbase, MNTGE, Pudgy Penguins, 9dcc) offering versatile solutions for integrating NFC chips into products.
For example, Adidas used IYK technology to launch a collection of limited edition tokenized t-shirts at this year's NFT NYC event, and each shirt was linked to an NFT "Alter Ego".
IYK also launched a self-service platform that allows companies to join their ecosystem and create their desired NFC chips.
Even though IYK's technology is in the early stages of development, it has huge potential to revolutionize the fashion industry and create new experiences for consumers.

DFINITY Foundation is stepping up its Web3 efforts with the launch of The Internet Computer Protocol (ICP) Asia Alliance and a $20M grant to develop Web3 and AI in Asia.
The Alliance brings together diverse industry players from government organisations, investors, technology entrepreneurs, universities, developers and community members. Its mission is to help individuals and businesses take advantage of AI and Web3 technologies through education, collaboration and innovation. The Asia KPI Alliance will thus benefit from the network of KPI Innovation Centres spread across the region, including Hong Kong, India, Malaysia, Philippines, South Korea, Indonesia and Singapore.

⚖️ Legal

The news of the moment in the web3 world! ID cards in Brazil will be integrated on blockchain!

By 6 November, digital ID documents should be issued nationwide via blockchain technology, which means it will be used by over 214 million Brazilians! Now that's adoption. Rio de Janeiro, Goiás and Paraná will be the first states to issue ID documents on-chain via a proprietary blockchain developed by Serpro, Brazil's national data processing service.

According to Alexandre Amorim, president of Serpro, the immutability and decentralisation of the blockchain made it an ideal technology for the country's digital identification project:

"Blockchain technology plays a key role in protecting personal data and preventing fraud, providing a more secure digital experience for Brazilian citizens. The use of the b-Cadastros blockchain platform significantly increases the security and reliability of the National Identity Card project."

According to the local government, the National Identity Card project is crucial in the fight against organised crime, allowing government sectors to collaborate, providing an easier way to access services and simplifying administrative records. The city of Buenos Aires, Argentina, recently unveiled a similar initiative, allowing residents to access identity documents via a digital wallet.

Over the past few years, Brazil has been working to unify the issuance of identity documents across its nearly 30 states. The newly adopted technology will allow for more secure data exchange between the federal tax office and government departments, the release said.

My colleague, Av. Marius Stanciu, Partner, Buju, Stanciu & Asociații, comes with a very interesting opinion on this subject:

"This digital ID has been a blockchain desideratum since its conception, and the Brazilian jurisdiction has a completely different approach to personal data than Europe. We in Europe generally have a different standard of protection for personal data, including the data that is in an ID document, which is among the most important, alongside biometric data. In Brazil, let's say the approach is a bit more relaxed. It will achieve centralisation through blockchain; although the purpose of blockchain is decentralisation, all the nodes of the blockchain on which this data will be held will be controlled by the Brazilian government, through various entities. Now, the question arises: who will have access to these nodes and what will the Brazilian government do with all this data? Because we have to keep in mind that everything on the blockchain is transparent to all the network nodes, but if all these network nodes, in fact, reach the same central structure, we can talk about a much better tracking of their own citizens. The road to hell really can be paved with good intentions. In other words, in order to have easier access to the assets of traffickers, Amazon loggers and so on, the Brazilian government says: look, I need this tool so that I can better fight organised crime. But when the state can freeze assets so quickly, something like this is problematic - what are the guarantees that at some point there won't be abuses?". I can only agree.

Another significant development is a forthcoming central bank digital currency (the vaunted CBDC). The government published more information about this project in August, renaming the digital currency to Drex (Digital Brazilian Real). When you consider that we only got rid of the rail file three months ago...

⚙️ NFTility

We wrote in previous posts about the latest funding attracted by Animoca Brands. The capital is to be used for the development of Mocaverse, a different universe.

Access to this environment is through the Mocaverse NFT collection, which contains 8,888 characters called Moca, divided into 5 tribes: Angels, Builders, Dreamers, Enablers and Neo - Capitalists. Their role is to unify their individual qualities in a common space to define the standards of what can become a Metaverse accessible to all, where creators and consumers can safely interact in the most enjoyable way.

The immediate utilities that owners can benefit from are divided into 4 "realms":

Learn - space where members can access educational material and exchange ideas.
Play - a playground where users can earn unique or limited edition "in-game assets", exclusive access to certain games or even air drops.
Do Good - This is the place where voluntary contributions from each individual or group of individuals are encouraged to create actions with direct social impact, IRL or digital, for a more sustainable future.
Build - This is the realm where everyone who likes to roll up their sleeves comes together to build, from idea to product.

The real utility that the Moca universe provides is the support it offers to all those who want to create; both financially and in terms of exposure to the web 3 influencer network.

Animoca Brands knows that every strong company is, in fact, the sum of the qualities and determination of its people. This is why they are convinced that the real benefits that the project will offer will be created by the community and will have a scope that even they cannot imagine at present.

In addition, they are very good at keeping the community active, which is vital in tough market times. And they do it in a way that is beneficial to the entire web 3 space as well:

Internally, they've launched initiatives like Moca XP, which can be earned through NFT soft staking, attending events that include brand partners, contributing directly to Moca Dao, or simply through social interaction in the community.
Externally, it offers a range of benefits that bring value to all stakeholders. A good example is the integration of Moca NFT into the Phaver profile to benefit from a multiplier for all points earned in the app.

Until next time, find your tribe. And if you feel like you don't belong anywhere, keep looking, periods of loneliness on the journey to identity are absolutely normal and require a large dose of courage and resilience.

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Creative Tim

Metaventis