Ethereum’s co-founder, Vitalik Buterin, characterises soulbound tokens as NFTs that are inherently non-transferable.
These tokens have the potential to effectively symbolize an individual’s identity and accomplishments within the Web3 framework.
The concept of “Soulbound items” found in the widely known fantasy game World of Warcraft. These special in-game items, once acquired, are rendered non-transferable and cannot be sold to other players.
Each NFT possesses distinct characteristics and cannot be duplicated. Typically, ownership of NFTs can be exchanged through purchases and sales.
10 PROJECTS ON SOULBOUND NFTs
LENS PROTOCOL
Lens Protocol functions as a decentralised social graph, where users have ownership, and any app can easily integrate.
When creators move from Web2 to Web3 social apps, they worry about rebuilding their audience from scratch.
By using Soulbound NFTs, creators can carry their past achievements, like millions of Instagram followers or extensive engagement on YouTube, to establish and nurture their identity and community right from where they left off.
Lens Protocol stands as an open-source technological framework that empowers developers to construct social media applications. Numerous apps, including Lenster—a substitute for Twitter—have been introduced on the Lens platform.
DeQUEST
Dequest is using special NFTs in gaming to change how Gamefi works.They’re making a reputation system with these NFTs, so players can show off their skills and achievements.
These NFTs will also help Web3 games create unique experiences based on how experienced players are.
DIGITAL CV
Talking about educational achievements, the SoulBound token has an interesting role to play. It can be used to create a unique digital CV.
This can speed up the hiring process, especially when evaluating candidates for specific roles. Often, it’s tough to verify a candidate’s claims about their work experience or education.
Here, SBTs come in handy.They can help validate an individual’s job-related skills.
These NFTs cannot be transferred, which ensures that professionals across various fields have a CV that’s easily checked by the public.
This way, employers can make better hiring decisions based on the SBTs a candidate holds from previous jobs or educational institutions.
THE SANDBOX
The Sandbox is a virtual world platform that empowers users to design, own, and generate income from their unique virtual creations and assets.Within this decentralised metaverse, individuals can construct immersive 3D environments, offering a space for exploration and interaction.
In The Sandbox platform, users can acquire virtual land by owning Soulbound NFTs.
This virtual land serves as a blank canvas, enabling users to craft their individual experiences, ranging from games and art displays to virtual stores.
Users have the freedom to personalise their land using various in-game items and assets, each of which is also in the form of a Soulbound NFT.
The Sandbox provides a user-friendly game maker tool that allows people to create games and interactive experiences without needing coding expertise.This empowers users to express their creativity and construct virtual worlds within The Sandbox metaverse.
NBA TOP SHOT
NBA Top Shot functions as a blockchain-powered platform that enables individuals to gather, trade, and possess officially licensed NBA digital collectibles referred to as “moments.”
These moments are essentially brief video clips showcasing highlights from NBA games, including dunks, three-pointers, and buzzer-beaters.
Within the NBA Top Shot marketplace, users can make purchases of either packs of moments or individual moments.These packs come in limited quantities and offer a collection of moments chosen at random, creating a sense of excitement and unpredictability for collectors.The value and rarity of specific moments vary, influenced by factors such as the player showcased, the significance of the highlight, and the edition’s size.
The rising popularity of NBA Top Shot can be credited to its innovative approach to sports collectibles and the growing interest in NFTs.
It provides a novel means for fans to interact with their favourite NBA players and moments in a digital format. Users can proudly display their collections, trade items with other collectors, and even engage in challenges and tournaments within the platform.
SUPER RARE
SuperRare functions as a digital art marketplace and platform that emphasises the value of rare and distinctive digital artworks, which are represented as soulbound NFTs. The platform serves as a space for artists to exhibit and market their limited edition digital artworks directly to collectors.
SuperRare employs a bidding system that allows collectors to place bids on artworks they wish to acquire. The artwork is awarded to the highest bidder at the conclusion of the auction period, creating a competitive environment that can escalate the value of highly coveted pieces.
SuperRare incorporates an auction-style bidding system where collectors can place bids on artworks they’re interested in purchasing. At the close of the auction period, the highest bidder secures ownership of the artwork. This setup fosters competitiveness and has the potential to drive up the value of artworks that are particularly in demand.
Apart from facilitating art transactions, SuperRare offers collectors the ability to exhibit their digital art collections within virtual galleries and engage with fellow users in the SuperRare community. This introduces a social dimension to the process of collecting and enjoying digital art.
Ethernity Chain
Ethernity Chain stands as a blockchain-powered platform with a primary emphasis on producing and exchanging NFTs (Non-Fungible Tokens) of limited edition nature. These NFTs serve as distinct digital possessions, capable of verifying ownership and ensuring the authenticity of a wide array of digital or physical items.
Ethernity Chain places particular emphasis on creating NFTs that capture the essence of iconic events and individuals spanning sports, music, art, and entertainment.
These NFTs are versatile in nature, capable of representing a diverse array of subjects, including renowned sports highlights, legendary musical performances, iconic artworks, and memorable scenes from the world of cinema.
Ethernity Chain is driven by a core mission: to provide artists, creators, and collectors in the digital realm with a robust platform. This platform aims to establish a secure and transparent marketplace exclusively for genuine digital art and collectibles.
By harnessing the capabilities of blockchain technology and Non-Fungible Tokens (NFTs), Ethernity Chain guarantees the uniqueness, proof of ownership, and inherent value of digital assets. Moreover, the platform nurtures a community-driven environment that facilitates interaction and transactions between artists and their supporters.
WhiteBit
The launch of WB Soul has been officially announced by the WhiteBIT team on their blog. This event underscores the crypto exchange‘s consistent efforts to bring about user satisfaction through a wide array of updates.
Among these updates are various activities that offer users the chance to acquire NFTs, showcasing WhiteBIT’s dedication to delivering a range of options for its user’s participation and enjoyment.
Every soul possesses distinctive attributes categorised into two groups:
“Soul Attributes:” These represent changeable aspects of the soul, such as the level of WBT Holdings on the exchange.
“Soulbound Tokens (SBT):”These signify unalterable qualities, manifesting as non-transferable tokens serving various purposes, such as recognizing achievements, distributing rewards, granting event access, and more.
Pudgy Penguins
Pudgy Penguins stands as a highly popular NFT collection featuring 8,888 adorable and pleasantly plump penguins who inhabit the Ethereum blockchain. Each penguin boasts a distinctive blend of traits encompassing colours, attire, and accessories.
Incorporating an innovative approach, Pudgy Penguins has introduced a duo of soulbound tokens known as truePengu and penguPins. These soulbound tokens serve as unique non-transferable NFTs, functioning to embody aspects like identity, membership, or rewards.
truePengu, one of the soulbound tokens, is bestowed upon the initial owner of a Pudgy Penguin. This exclusive token opens the gateway to a plethora of advantages, including early access to novel features, markdowns on merchandise, and the privilege to partake in voting processes.
Complementing this, penguPins represents another soulbound token tailored for the members affiliated with distinct Pudgy Penguin sub-communities like clubs or guilds. By virtue of possessing penguPins, these members gain the opportunity to actively engage in an array of undertakings such as quests, games, and social gatherings.
Conclusion
The world of NFTs is a constantly shifting landscape, introducing fresh and imaginative ideas that attract the interest of users. Even though NFTs have gained remarkable popularity, the concept of Soulbound Tokens (SBTs) remains relatively unexplored by many.
As the NFT revolution unfolds, we can foresee the emergence of more innovative projects that will continue to reshape how we perceive ownership, legitimacy, and engagement within the digital sphere.
