Asset: id/ngmi
Mint: Feb 19th, 2022
This vault contains a Namecoin Identity id/ asset. Launched in May 2012, Namecoin Identities refer to the first-ever attempt at a Web3 decentralized identity service, which aimed to trustlessly verify identity securely and without relying on a central party. It is this particular purpose that makes them a precursor to the Ethereum Name Service (ENS).
One of the first examples of utility NFTs, meaning that these non-fungible tokens (NFTs) have a purpose apart from their art or aesthetic value.
This vault contains a modern example of an id/asset; the value of which is derived from the perceived uniqueness of the name rather than it's actual age.
note 1 - all Namecoin assets expire after 36,000 blocks (~8 months). Therefore, it's necessary to keep a small amount of NMC (around 1-2) in this vault so the asset can be renewed automatically.
note 2 - No rights to the artwork are conferred on the purchaser apart from the right to resell in it's original form.
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