Animoca Brands Corporation Ltd has highlighted the potential of its Moca ID, a novel digital identity system poised to revolutionise the Web3 landscape.
Moca ID's inception is rooted in the transformation of digital content into a composable and ownable asset.
This innovation marks a significant leap towards a future where individuals can exercise complete sovereignty over their digital identities and the value they create online.
Stemming from a visionary concept in 2018, Moca ID is the culmination of ideas about digital content as a platform, now realised through the advancements in decentralized technology.
Inspired by the automobile industry
This approach, inspired by the automobile industry's evolution, views content ownership, especially through Non-Fungible Tokens (NFTs), as a platform for further innovation and value creation.
The automobile analogy aptly illustrates how widespread ownership can lead to a myriad of related services and entrepreneurial activities, adding value to the larger ecosystem.
Personal Profile Picture (PFP) NFTs, like those of the Bored Ape Yacht Club, are perfect examples of this concept in action.
The club's extensive licensing program has allowed NFT owners to initiate various businesses and services, contributing to the overall value of the platform.
Challenges 'digital feudalism'
Yet, the current digital landscape often resembles a form of digital feudalism, with platforms reaping most of the value created by users.
Moca ID challenges this paradigm, promising a shift towards a more equitable digital economy where individuals gain from their digital endeavours.
"But now the rise of decentralization carries the potential to uplift the serfs: we, as individuals, will become the platforms.
"We will own our fair share of the value and benefits we generate in our digital lives," said Animoca Brands CEO and executive chairman Yat Siu.
"I think that this is not only likely but inevitable as more and more valuable products and services are built on top of the virtual things that we can genuinely own thanks to the spread of digital ownership."
About Moca ID
Moca ID, part of the Mocaverse ecosystem, is a non-transferable, soul-bound digital identity that embodies self-sovereignty.
It is designed to enable users to retain the benefits generated from their digital interactions, aligning with the philosophies of John Locke on the right to own one's labour and creations.
Siu added: "The vision we set out for Animoca Brands is to enable true digital property rights for all. This includes the ownership not only of virtual items but also of the value that we create by spending time on platforms and thus generating valuable data – value that until now we have simply given away to the platforms on which we generate the data."