The Future of Web3 Wallets: NFID Founder Nick Siljeg on Decentralization & User Empowerment

Welcome to an insightful discussion with Nick Siljeg, the visionary behind NFID Wallet—a project that’s redefining digital wallets in Web3 today. We’re here to explore how NFID is tackling the core issues of decentralization, user empowerment, and community governance in the blockchain space. 

Let’s dive into the mind of NFID’s founder as they share the journey, philosophy, and innovations that aim to make NFID not just another wallet, but a revolution in how we interact with the decentralized world.

What inspired you to create NFID, and how do you see it addressing the challenges in the current Web3 wallet space?

Answer: 

When I first dove into Web3, I was captivated by its potential to empower individuals—giving people a voice in the digital systems they use and eliminating middlemen who profit merely by acting as gatekeepers to the flow of information. I immersed myself in the ecosystem, exploring browser extension wallets, seed phrases, DEXs, and buying a .eth address.

However, as I spent more time in the space, I began to notice the cracks in the narrative of decentralization. The emergence of centralized services within Web3 raised questions about whether everything truly needed to be decentralized. The tipping point for me came when I realized that the corporation behind MetaMask was generating hundreds of millions of dollars in profit from user activity—revenue that didn’t flow back to the users or the ecosystem itself.

This was the moment I knew something had to change. I envisioned a wallet that combined the seamless user experience of an Apple product with the ethos of decentralization—a wallet that abstracts away blockchain complexity while ensuring its governance and revenue are controlled by its stakeholders, not shareholders. That vision became NFID.

You’ve introduced the idea of a ‘fat wallet thesis’ with NFID. Can you explain what this means for users and how it differs from traditional wallets like MetaMask?

Answer:

The ‘fat wallet thesis’ suggests that the majority of value in Web3 will concentrate in the wallet layer rather than in the blockchain or application layers. Traditional wallets like MetaMask are built by corporations that prioritize generating profits for themselves. In contrast, NFID Wallet is designed to redistribute this value back to its users, stakeholders, and the broader ecosystem.

For users, this means they aren’t just participants—they can become stakeholders with a direct incentive to help NFID Wallet grow its swap volume and overall utility. With MetaMask, every swap a user makes only enriches the corporation behind it, making it wealthier and more powerful. With NFID Wallet, that same activity benefits the community, aligning incentives and ensuring value flows back to those who contribute to its success.

Transparency is a big focus for NFID as the only audited, open-source wallet on ICP. Why was this important to you, and how does the DAO model enhance trust and innovation?

Answer: 

Transparency is foundational to everything we’re building at NFID because trust is the cornerstone of Web3. By being the only audited, open-source wallet on ICP, we ensure that anyone—users, developers, or stakeholders—can verify how the wallet operates. Open source isn’t just a buzzword for us; it’s a commitment to accountability, security, and continuous improvement. Audits provide an additional layer of trust, showing that the technology has been thoroughly vetted by independent experts.

The DAO model amplifies this transparency by empowering the community to participate in the wallet’s evolution, from governance decisions to feature development. What makes this especially powerful is that NFID Wallet’s DAO operates on ICP, which uniquely enables the entire application to run entirely on-chain. This level of decentralization isn’t possible on other blockchains that still rely on centralized off-chain infrastructure for key components.

By building on ICP, NFID Wallet offers an experience where governance, execution, and upgrades happen transparently and trustlessly on-chain. This unlocks a new paradigm of user ownership and participation, ensuring that innovation and control stay in the hands of the community rather than being siphoned off to centralized entities. It’s a model that fosters trust, fuels collaboration, and exemplifies what Web3 can achieve.

Your team has also built NFID IdentityKit along with your flagship NFID Wallet and multi-sig NFID Vaults: How does IdentityKit work, and how does it accelerate development and innovation on ICP?

Answer:

NFID IdentityKit is the result of over a year of R&D aimed at solving one of ICP’s biggest challenges: the lack of ecosystem standards. This lack of standards makes it difficult for developers to build applications that authenticate a user’s wallet address. Without this foundational capability, Web3’s most proven use case—tokens—becomes almost impossible to implement effectively.

Wallet addresses are the key to unlocking applications that leverage a user’s ecosystem-wide reputation, such as asset ownership or other on-chain activities. Without a way to build for these use cases, developer innovation is severely limited. That’s why our team prioritized creating IdentityKit: to establish these much-needed standards and remove barriers to building.

IdentityKit allows developers to easily authenticate any ecosystem wallet—current or future—and start building applications for a user’s ecosystem-wide wallet address. By providing this essential infrastructure, we’re paving the way for a new wave of innovative applications on ICP. With IdentityKit, developers can focus on creating, not troubleshooting foundational issues.

The Path Forward

As we wrap up this enlightening conversation, it’s evident that under Nick Siljeg’s leadership, NFID is not merely innovating but pioneering a new era for digital wallets. 

By prioritizing user sovereignty, fostering a transparent and collaborative community through open-source development, and equipping developers with tools like IdentityKit, NFID is setting the stage for a more democratized, accessible, and secure Web3. The vision of NFID extends beyond just transactions; it’s about redefining what it means to own and govern digital assets. We’re grateful for your insights, Nick, and eagerly await the next steps in NFID’s journey to reshape the digital landscape.