Web3 startup SELF plans to change how users interact with cryptocurrencies through a new utility NFT project. The company will utilise an @username feature that will simplify transactions by doing away with cumbersome address strings.
“Wouldn’t it be great if you didn’t need extensive explanations to understand a crypto project fully,” states SELF’s website. According to the startup, this new tech can integrate with Defi and CEX wallets and has features that can potentially enhance the user experience on DEX platforms. SELF describes itself as a fully decentralised project that will allow users to create their web3 identity.
“Combining ease of use with avatars through our NFT technology, we eliminate the need for complicated address strings and connect everything across the web from your wallet, emails and official documents to loyalty cards and much more,” says SELF.
The startup’s SELF-identities are NFTs following the ERC721 standard. These identities let users transfer or sell their registered identities. The company will offer a staking platform, bridge, virtual wallet and @username registration upon launch and plans to add AI features and avatars at a later date.
According to the startup, SELF will not be able to modify data within an NFT or transfer it to another address. “Once a user purchases a SELF-identity and the NFT is minted, it becomes their exclusive property to hold, use, sell or transfer as they wish,” says SELF. “The team behind SELF has designed this technology with user autonomy and security as their top priority.”
The Risks of Crypto
While cryptocurrencies have their benefits, there are also risks. Last year the number of crypto losses due to hacking went up. Perhaps more concerning, however, is the seizure of the crypto-focused Silicon Valley Bank by New York Regulators. Similarly, crypto bank, Silvergate, is voluntarily liquidating as it shuts down operations.