The next big buzzword in #ENS is:
The next wave of institutional adopters wont come to ENS for the sake of Cryptopayments, but rather for digital provenance.
ENS’s primary and most obvious application is to turn wallet addresses into human-readable names,
in order to facilitate cryptopayments. However, in my opinion, digital provenance is what will make ENS stick.
What to I mean by digital provenance?
A digital item’s creation info and metadata, in addition to chain of custody.
While NFTs alone can mostly transmit that information, they rely on web2 endpoint providers and other web2 chokepoints.
Thus ENS becomes the last arbiter of truth. The only viable method of establishing provenance.
The origin of a digital object becomes far more important than the item itself.
Moreover, in this scenario, an item only has value if its origin can be established.
If all of this is true, a University’s
wallet address chain of custody is the ultimate source of truth for any NFT diploma issued by the institution.
Any property deed NFT can only be validated in case a chain of custody between buyer and seller - perhaps mediated by an OFFICIAL land registry government body.
And so on and so forth.
But how about out-of-the-box examples, such as:
If you are doxxed, you would mint an nft out of a regular pic from your wallet, in order to verify your identity on a Dating app.
No more catfish tinder dates for you anon.
All in all,
The adoption of crypto and web3, is fast moving, even in a bear market.
More and more players from traditional industries are coming into the fold.
The only way to prove that virtual items, physical items and identities both virtually and physically is to be able to establish provenance.