GameSpace invests $3 million in the permanently free DID application KEY3.id
As a rapidly emerging new track, where DID will go in the future remains to be seen.Author: KEY3.id
On November 7, the GameFi Future Fund, under the first GameFi as a Service (GaaS) platform, announced a $3 million investment in the DID application KEY3.id, which has a valuation of $50 million. KEY3.id is a free claim, permanently owned, multi-chain supported inclusive DID project dedicated to providing every user entering Web3 with a free and usable decentralized identity.
KEY3.id will officially launch the first ID-supported .did on November 10 at 20:00 (UTC+8) and will airdrop .did domain names for free to all ENS holders. Users can use .did to store all addresses and receive any cryptocurrency, tokens, or non-fungible tokens.
In the early stages of the launch, users can participate in the Early Bird event through the official Twitter, claim badges, and claim the same .did domain name based on their ENS Domain. ENS users can participate in free claims at the beginning of the launch. Later, all addresses can publicly claim any .did domain name. During the claim period, all users can only claim one .did domain name. Users with multiple ENS Domains can invite friends to claim, increasing their chances of claiming.
Why Launch KEY3.id
- Committed to providing every user entering Web3 with a permanently free identity
DID is the foundation of the metaverse and Web3, and it is highly likely that DID will become the entry point to Web3 in the form of "smart contract accounts." With the support of Web3's composability and financial attributes, DID is rapidly iterating and will change the digital world. In the future, everyone will have their own series of DIDs that can be used throughout Web3.
Existing domain applications as entry points to Web3 are completely insufficient in demand. Most DIDs require payment for purchase, gas fees, and holders must pay a significant renewal fee each year. DIDs cannot truly belong to users, which contradicts the core concept of Web3. Web3 is still a niche market, and when the masses with low barriers to entry flood in, a free and comprehensive identity identification is needed. KEY3.id aims to provide every user entering Web3 with a free, fully self-controlled, and renewal-free DID, maximizing the possibility for anyone in need to establish and use a digital identity.
- Free to own is an important part of the DID application explosion
KEY3.id hopes to provide users with a free-to-own DID Web3 experience to attract everyone to join. Users do not need to pay any upfront fees for DID identities, starting from free to build and owning them for free.
Since DID controls the keys for users to enter various sectors (such as NFT, GameFi, DeFi, etc.), it is easy to form entry-level applications for Web3, similar to search engines and social networks in the Web2 era. The customer acquisition mechanism that attracts users to enter for free, combined with a reasonably incentivized economic model, is an important part of the future explosion of Web3 super applications.
- Neutral, inclusive, and cross-chain
Currently, the development of DID is in its early stages, with each chain having its own DID and naming conventions, such as .eth, .sol, etc., forming factions. Most do not support cross-chain or multi-chain use, resulting in each DID being an isolated island.
KEY3.id CEO Kory Pak stated that choosing .did as a neutral term is based on the idea of inclusivity and not taking sides among major ecosystems. Web3 is a unified world and should not show differentiation or factionalism at the entry level. Kory Pak mentioned that the first phase of .did will be deployed on ETH because Ethereum has the largest user base. Subsequent support for multi-chain deployment and applications will help build a more inclusive Web3 world.
Current Status of the DID Industry and the Future of KEY3.id
Although there are many projects related to DID, the DID track is still in its very early stages. Data shows that there are currently about 550,000 users holding Ethereum Name Service, while the monthly active users of Metamask are around 30 million, and the internet now has nearly 4 billion users.
Kory Pak stated that the composability of technology in Web3 and the flywheel effect of crypto finance will accelerate the popularization of Web3 and the explosion of DID applications.
The existence of DID primarily solves the difficulty of user identity identification, using memorable short numbers or English names, such as 8899.did or tommy.did, to replace the garbled wallet addresses starting with 0x, which undoubtedly has high application value. Data shows that there are over 100,000 accounts on Twitter using DID as usernames. Especially in scenarios of transferring between users, using DID for transfers can greatly avoid asset losses caused by address misidentification.
Therefore, KEY3.id hopes to attract users to use DID applications with a low barrier through a permanently free claiming method, and will subsequently increase user engagement through specific application scenarios such as GameFi and social interactions, accumulating a certain network effect.
On the other hand, the demand for DID in the digital domain name scenario is still primarily speculative. Data shows that transactions of pure numeric ENS domain names contributed 44% of the transaction volume and 65% of the transaction value; in this niche of digital domain names, 97% of transactions are for short numeric domain names of 3-5 digits.
In response to the situation of digital domain names, KEY3.id has reserved short numeric domain names of fewer than 4 digits and will issue them through fair methods such as airdrops and auctions, with the auction proceeds going into the DAO treasury to support project development.
Kory Pak stated that they have currently reached cooperation with dozens of DAPPs, including well-known wallets, DeFi, and exchanges, which will successively support the resolution of KEY3.id in the coming months.
As a rapidly emerging new track, the future direction of DID remains to be seen.
