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This is one of the most advanced nfts to Date and if you understand this you are Ahead of everybody now I’m gonna be very Straight up with you guys there is not An opportunity to directly make money From this but I promise I’m not wasting Your time just give me five minutes and I promise you’ll be better for it so Let’s just get straight into it Guys South Korea is aiming to boost their Economy with digital IDs on the Blockchain Yes you heard that right South Korea is making all 52 million of Its citizens official IDs nfts which Makes sense for South Korea since They’re the number one in the world when It comes to the enthusiasm and ability To apply Tech in everyday life Businesses and government so I could not Be more excited about this it seems like More and more and more use cases of nfts And web3 Technology are just popping up And most people in the web through space Have been completely oblivious to it I Mean the fact that Reddit nfts popped Off and were the Talk of the Town three Months after they came out which which Is kind of a clear sign that we’re not Going to be able to keep up with all of These huge mass adoption onboarding Events but we can try so guys if you Want to try to keep up with as much as You can sign up to the WG my newsletter And we’re actually doing an exclusive
Video news update for anybody subscribed To the newsletter this week so click That first link in the description if You want this news directly into your Email but guys there is so much Happening in web3 right now and so many Big companies using this technology and That’s where the real opportunity lies I Really do think the best money making Opportunities flipping and trading nfts Will exist outside of the web 3 Community in the nft space and why I Think this is because if a company is Using this technology to deliver their Existing product via an nft they’re Going to have a customer base of Millions of people already and since you Understand nfts you understand how to Buy them and you see a big company You’re going to figure out that buying Process faster than the typical Consumers and on top of that you already Know they have millions of customers That want this product and now it’s in The form of an nft you’re going to be Able to buy it faster than anybody and Then there’s going to be an Arbitrage Opportunity so that’s a little side note I hope you guys are thinking that way Because I personally think that’s going To be the best opportunity to make money With nfts and that’s going to last Forever it’s not bull market or bear Market if there’s an existing audience
And they want this product already and They’re selling it in the form of nft That means you can make money so if You’re excited about that guys just Subscribe to the channel I’m going to be Making a lot of videos covering Businesses like this and their overall Nft strategies so if you’re excited About stuff like Reddit if you’re Excited about stuff like Starbucks guys I have a lot more videos like that Coming your way and I promise you there Will be a lot of opportunities for you But back to what the point of this video Is which is Korea using nfts as IDs for All of their citizens so right now Obviously guys they use what they call Resident registration cards which is Kind of similar to like a US social Security number and this is how they Identify themselves but this would Actually have an app embed these IDs Into mobile devices and the idea of Virtual IDs makes sense because right Now we have physical IDs and I mean if We lose the physical idea someone can Just walk around on the street they’re Gonna find it and now they can just go Around and act like they’re you just Because they found this little card on The floor which isn’t very safe and on Top of that most places that require ID Verification demand like you’re in Person so they can show you the physical
ID where this creates like a lot of Administrative work we have people that Their full-time job is to literally grab Your ID look if you match the person on That ID and if that information matches What the system says and that’s what They have to do all day every day and That doesn’t sound very fun and it Sounds like a lot of money wasted if This could be automated through virtual IDs and that’s what South Korea sees so I always understood the concept that Digital IDs would improve the process But I didn’t really realize just how Many use cases that this actually serves And how much easier it will make like 20 Different aspects of our life so I’m Going to go into that a little bit later But first I want to explain how the Digital blockchain backed IDs work so I’m assuming these are going to be Soul-bound nfts and if you’re unfamiliar With soul-bound nfts they are basically Nfcs that cannot be sold are transferred So you can’t list it on open C can’t Send it to your friend basically they’re Gonna stay in the wallet that they were Minted in Forever which is a cool Concept and that concept can apply to Many things like accomplishments like Your college degree maybe like a PO app To prove that you actually went to a Certain event like the Super Bowl or in This case IDs your driver’s license your
Passports can all be soul-bound nfts to Your wallet to prove you are who you are That you’ve accomplished what you said You’ve accomplished or that you attended Certain lucrative events these basically Serve a very specific purpose where There isn’t really monetary value it’s Not really an asset but it’s something That you want to tie to your personal Identity forever so there is no real Reason to sell it so in this case you’ll Basically have a wallet and the ID will Be locked into your wallet and will Never be transferable now Brett what if I lose access to my wallet well not to Worry my friend you can easily just Report that and they can actually Blacklist the token ID just like they Can with Bitcoin or ethereum that’s Stolen if you guys didn’t know that even Though Bitcoin is a decentralized Network or ethereum it’s a decentralized Network when there are big hacks of Hundreds of Millions to Dollars there Actually is a consensus protocol where People can come together vote and Actually ban those tokens so if you lose Access to your wallet the same process Will apply you can just report it to Your local government official it’ll Actually Blacklist that token ID this Way nobody can go around using your ID Selling your ID just committing fraud Under your name and so in most cases
Realistically a certain level of Centralization is in fact better for Most customers I know that’s not very Popular in the web 3 space but we have To understand that guard rails and Making a little bit of a cushion for the Everyday person who might not be that Tech savvy or be able to handle Self-custody I think that’s a good thing At the end of the day you need some sort Of power entity to verify that these are The real IDs and the fact that the Government is doing this with IDs Embedded into an official app I feel Like that’s the only way really to do it But not only is it more secure but South Korea actually thinks this could have The economic value of around three Percent of their GDP and so that sounds Really weird how does making IDs digital Actually save them three percent of Their GDP but they could yield huge Economic benefits and finance Health Care taxes transportation and other Areas and this is probably going to Catch on very quickly because of how Convenient it is they genuinely believe This could increase their gross domestic Product by 13 and cut business costs by Trillions of dollars by Saving Time in Administrative work reducing payroll Fraud expanding Consumer Credit Facilitating trade and literally Spawning new markets now Guys these are
Not light words these are huge markets And all of this can be done with one Simple transition taking your ID from Physical to digital on a blockchain so Think about it this way if they make IDs Digital pretty much any business will be Able to fully transition online so think About it like this most businesses are Online but there still are some critical Fields that you have to go in person to Show your ID verify you are who you are Some examples are like a pharmaceutical Prescription if you’ve got a drug Prescription from a doctor you typically Have to go into the pharmacy show your ID and then get it or even like Verifying age-restricted substances like Alcohol or even gambling now there are a Lot more examples but those are two that Should make sense to most people so Think about that if your ID is in your Wallet and your doctor prescribes it to Your wallet you could then just go to a Pharmacy’s website and order it to be Delivered to your house same thing with Alcohol and gambling websites can just Create a token gated website and you Have to have an ID that shows that You’re over the age of 21 to get access To that website think about how many Doors that opens and how many Opportunities there are for Innovation And disruption so guys I’m Entrepreneurial I’m an opportunist and
So in this case if these IDs become Digital nfts you could be the nft agency That helps the gambling companies helps The alcohol companies helps the Pharmaceutical companies create token Gated websites to restrict anybody under This certain age even a car rental Website anybody under the age of 25 Cannot rent a car in America and that’s Just the truth and so if you can make a Tokengated website life for that you can Make Thirty fifty hundred thousand Dollars by closing that deal and helping That company change their business model So it’s safe to say this has huge Potential Korea thinks they could reap About 40 billion dollars or three Percent of their GDP like I said earlier In economic value within a decade so Imagine being that agency that leads the Digital ID nft for your country bro Make a country 40 billion dollars you Could probably pocket a few billion for Yourself so guys I can’t stress it Enough nft agencies web 3 agencies are Going to be the most high in demand Business model and probably less than Three years it’s already happening right Now every huge agency that I’ve talked To at some of these networking events Are starting to think about offering This as a service but they’re not even That confident because they’re not Experienced if you’ve been in the space
The last year and you’ve seen all these Different Mechanics for nft projects the Last year like staking breeding utility Tokens claim functions token gating if You knew all those words you are more Qualified than 99.99 of the population To help these companies enter the right Way and if that does not wake you up to The opportunity right in front of you The biggest opportunity of Our Generation I don’t know what will but if It did send this to a friend right now Share this video with the people around You the people that you care about Because we do not want them to get left Behind this is the biggest opportunity This is the internet innovation of Our Generation and these things don’t come Around often so guys please please Please do the ones around you a favor And send them this video so I’ve got a Lot of the excitement out and there’s a Lot of really cool Concepts going Through my head right now but at the Same time I am kind of worried about Data and privacy because at the end of The day that’s a core function of web 3 And it’s something that’s very important To me I don’t like the fact that if I do TSA pre-check or clear that they have my Information they’re going to see where I’m going all the time I’ve never Downloaded Tick Tock for the reason they Just collect your data they can read
Your messages listen to your microphone Look at your photos whenever they want And so if nft IDs are on a blockchain And the government controls it that kind Of brings up the concerns of like big Brother could control and know where You’re at at all times but the Government in Korea actually addressed This I really do appreciate the Proactiveness of that because the great Thing about the blockchain is that it’s A public Ledger everybody can see who Owns what but at the same time there’s Certain transactions or certain aspects Of a day-to-day life that you don’t just Want everybody to see and so the Government did actually announce that They will have no access to information Stored on individual phones including The details of whose digital IDs are Used and how they are used or where Because their system is going to rely on What they’re calling decentralized Identity and this is probably one of the Most advanced strands of blockchain Technology so obviously people are going To be a little hesitant on that fact but I do think that this is the evolution of IDs and our whole world is going to be Digital and so I think it’s just normal For humans to be skeptical and to resist Change which I think most people should Be skeptical about most things in life But realistically I think most people
Will choose the convenience over the Possible privacy risks so this is really Cool probably the most advanced use case Of nfts to date on top of probably the Biggest use case of nft today if 52 Million South Koreans get onboarded That’s 52 million new wallet users new T Users and on the track to mass adoption For this beautiful beautiful technology That we call web3 if you’re excited Please click a like button on the video We want to make sure as many people get Exposed to this as early as possible Because this is better for the world Straight up there’s no other way to put It but guys there’s endless ways that Digital nft these will actually make our Day-to-day life better some more Examples would be like facilitating Online medical services without visiting Doctors in person if you could just Connect your wallet to a Hospital’s Website you can get on the zoom link With the doctor and they know exactly Who you are and could prescribe you a Video over Zoom you could even enter Hotel rooms just by scanning your Smartphone over kiosks like right now Every Hotel you still have to go up There show them your ID they match it With your credit card and it lets you Into your room if your ID was on your Wallet you could just scan a QR code They know for a fact it’s you and then
Voila you get a card and you get access To your hotel room even then when you Walk into your room they can put your Nfts on the screen and give you a Personalized welcome which is just a Better experience like I said this is Going to prevent ID forgery and theft It’s going to be impossible to forge an ID that’s on a blockchain in a specific Collection and of course if the wallet Gets stolen you could just cancel that Out so theft is pretty much not a Problem so a really big one is actually Going to be approving contracts remotely Without the need to sign them so it’s Kind of like DocuSign if you guys know What that is it’s what we use to sign All of our contracts but but really Anybody can just type in my name and Sign it for me so it’s not bulletproof But if you can actually just connect Your wallet and sign a contract for a Business deal that you have so you have Three million dollars for doing X Service and you sign that with your Wallet with your ID in it say the person That you did the work for didn’t live up To it but they signed with their wallet There is no debate that that was the Person that signed there’s no debate That you’re the person that signed and That is just a much better way to verify Contractual agreements so that’s another Huge one in and of itself and guys think
About it if this technology gets made if South Korea makes the online nft ID now You can be the person that makes the new DocuSign but with digital nft IDs so There’s so much opportunity here guys Think about what the world looks like in Four or five years I feel like I’m Living in 2027 but this stuff is Happening way faster another example Probably the last example I’ll say is it Can kind of enhance Fast Track boarding Processes at airports because if you’re At an airport you have to show your ID To get your ticket you have to show your ID to get into security and you have to Show your ID to get on the plane and so If you just had your online digital Wallet ID you can just scan that and you Should be able to get right through all These processes much more quicker and Guys just think about all of the money This would save different businesses Save the country and administrative fees There are so many people’s jobs who are Just to sit there and verify you match Your ID and that alone will save Hundreds of millions of dollars and that Is a beautiful thing just another crazy Use case of nfts guys the future is here Mass adoption is in process right now I Cannot be more excited I hope this video Was worth your time because if you have A deep fundamental understanding of this Technology you’re going to benefit as
These opportunities pop up a lot of People think that nfts are just pictures Of animals and a way to make money calm Investments but these are going to Impact every aspect of our day-to-day Life and the more educated you are the Better off you are the more Understanding you have the more you’re Going to be able to see how this will Evolve in the future and if you can see The future you’re going to be ahead You’re going to be able to make a Million dollar business like that so Guys I hope you enjoyed this video if it Was inside delightful I would love to Hear your feedback on this type of Content leave it down in the comment Section below I have a ton a ton a ton Of video ideas coming out so again like I said earlier just subscribe to the Channel if you like videos like this but Other than that I hope you have a Wonderful day and I will see you in the Next one [Music]
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