Soulbound Tokens Development
“Soul” is kind of a word that we would associate with the world of spirituality and faith in the first thought or the work of art or an artistic performance at most. But Web3 is a space where new trends and innovations are emerging on a regular basis and one of the latest phenomena in this world is the concept of Souls and Soulbound Tokens (or SBTs)
What is a Soul and Soulbound Token?
Proposed in May 2022 through a whitepaper by the co-founder of Ethereum Vitalik Buterin, lawyer Puja Ohlhaver, and E. Glen Weyl, an economist and social technologist, Soulbound Tokens (SBTs) is a concept of non-transferrable tokens on the blockchain.
The idea behind SBTs originated from the popular online game World of Warcraft. In the game, Soulbound assets once picked cannot be transferred or sold to other players and are bound to the original players’ account (Soul) for its entire lifespan.
In the Web3 context, SBTs could be termed as an extension of NFTs as they can be an image, video, audio, music or animated GIF. But unlike NFTs and Crypto tokens which can be traded or moved to different wallets, SBTs cannot be transferred to anyone.
In the terms of utility and potential real-life use cases, these tokens could represent different parts of a person or entity’s life such as their achievements, performance, academic records, medical history, credentials and reputation in society. These tokens could also function as proof of membership in your city’s golf club or employment in a company.
On the other hand, people can have multiple souls (wallets) and use them to store different aspects of their lives.
Sounds interesting and want to buidl SBTs?
At AuroBlocks, we are excited to provide various blockchain services to projects needing assistance to launch and navigate their ways to success in the web3 ecosystem.