MOVE ID - safe transfers and authentication
Sending crypto is error-prone and difficult. In the traditional finance world, hard to remember account numbers have long been superseded by easy-to-use identifiers, like phone numbers or usernames. A user sending crypto to an address can irrecoverably lose their funds by:
- Sending to a wrong address belonging to nobody,
- Accidentally sending to someone else with no way of retrieving the funds,
- Sending funds correctly, but using a wrong chain (e.g. sending USDC to a BEP-20 address instead of ERC-20 address supported by the recipient).
MOVE NFT ID is a proposition of an enhancement of a traditional Ethereum address. You can think of it as a "wrapper" for an Ethereum address, which can be tied to a single or multiple networks, with an assigned address (and even an owner!) that can be updated if necessary. It can even be used to authenticate in various MarketMove services and beyond.
While it is not required (at least initially) to use MOVE NFT ID for using most of the MOVE X services, it will make it simpler for users to transfer funds.
MOVE NFT ID is your unique, minted NFT-based identifier that uniquely identifies your crypto account. With MOVE NFT ID you can easily transfer any assets you’d like without remembering crypto addresses. In order to be able to claim your NFT ID you’ll have to mint it and pay for it with MOVE (and a small gas fee in BNB).
Using MOVE NFT ID, a user can send tokens using someone’s ID as opposed to an address, while making sure also the receiver is on the right network (MOVE NFT ID will only work on accepted networks by the receiver). Since it’s a regular NFT, the ownership can be easily transferred, gifted, or even resold - top NFT IDs will be regularly sold on auctions using MOVE.
To prevent abuse, the MarketMove team reserves rights to cancel certain NFT IDs, if we find them to be used in a fraudulent/misleading way (e.g. impersonating someone, using deliberate misspelling, e.g. @marketm0ve.0fficial.team).
Note: MOVE NFT ID is not synonymous with doxxing - your ID does not have to match with any of your real credentials.