Validators make properties interoperable
Validators have several duties related to an NFT:
- they inspect the NFT and validate that the claim is (in their opinion) valid, typically by cross checking the proof of title provided by the minter with local land registries.
- they maintain the NFT in good standing, ensuring the link between the real property and its digital representation is protected and valid over time and operations and facilitating any reporting requirement.
- they generate the metadata that is used to represent the property within marketplaces and other applications, using data provided by the user (e.g:. pictures, description) or coming from external sources (e.g.: title plants, county data, maps, GIS).
Validators also have the ability to approve or reject transactions and operations on the token, to protect the legal value of NFTs by adhering to regulations.
Last but not least, validators will also provide tools to mint NFTs on behalf of their user, making the on ramp process as friendly as possible.
Validator can coexist (and compete) in a region, using different strategies to validate NFTs and providing additional services. Different validators can also have different opinions on the same NFT as well as provide different levels of guarantees, assurances or insurance.
Updated about 1 year ago