If you thought Soulbound was just a concept in World Of Warcraft, you’re wrong. It is not on the verge of becoming a permanent and integral part of the Web 3.0 interface. How then? Let’s find out:
- Vitalik Buterin, co-founder of Ethereum, recently wrote an essay on SoulBound Tokens. They are now commonly known as SBT Token.
- The first line of SBT Token is forecast to be available by the end of 2022 for early access.
- SBT could become an international phenomenon in 2024.
Soulbound Tokens are a type of NFTs that users can acquire. However, once you have acquired them, you can not transfer them to another person or wallet. It will be stuck with you forever.
The idea for the Soulbound symbol is inspired by the popular game of all time, The World Of Warcraft.
The development of Soulbound tokens will also encourage the development of Soulbound Wallets or Soul Wallets. These will be unique wallets that allow users to store these SBTs.
For security reasons, Vitalik Buterin’s idea is to assign roles to trusted parties. These people will be guardians and have the power to access and change individuals’ wallets.
Soulbound Tokens will also launch the new concept of decentralized society, also known as DeSoc.
There are many ways in which SBT can become very valuable. The Web 3.0 era will cross the boundaries of the digital and physical realms. It will mix the two worlds. So, the best example is the achievements or medals you get in the games.
In Web 2.0 or offline games, you have certain characters. After completing certain tasks or achieving certain achievements, you gain badges, medals or achievements. They stick to your character. A good example of this is in Call of Duty Warzone or Players Unknown Battlegrounds.
Now let’s look at the use cases of SBT:
- Proof of eligibility for a specialized or professional course. Universities, colleges and other institutions could offer it as proof of eligibility for an individual. Digital counterpart diplomas, degrees, etc.
- Digital analogue ID number, ID card, driver’s license, etc.
The above use cases are something that almost everyone suggests for SBT. But, there could be more to it.
Distributed finance and decentralized administration are not Web 3.0 tops. Soulbound Tokens are intended to enable a decentralized community. That’s why they’re called the ‘Soul’ web 3.0 interface. What does this mean for you?
- SBTs can be the digital inscription of your data. Perfect achievement, database and more person.
- It can help you achieve a better governance system than DAOs. By merging DAO, we are looking at an incredible achievement.
However, there are some rarer cases of SBTs:
- Loyalty programs where a member of a particular company or service receives SBT for the first time. As they evolve, their SBTs evolve and allow them access to certain benefits. However, it never disappears and retains value.
- Like loyalty programs, it can be a great way for celebrities, artists, and creators to meet their fans and spend their most loyal or oldest fans at concerts, live shows, and other events.
- SBTs could come as a sign or pass for certain affiliations and factions. This could help members get to know each other and more.
The main misconception about SBT (Soulbound Tokens) is that they are not transferable, so you can not take care of them. You can not turn them around, support them or sell them during increased demands. But that’s the beauty of SBTs. They add more “exclusivity” to owning them. Ergo, they might be available for a higher price initially.
Web 3.0 is not all about making money. This is another big misconception. So far, everything in Web 3.0 has been about revenue. Play2Earn, Run2Earn and many other initiatives are popular in the NFT and blockchain world. But that’s not what Web 3.0 is all about.
SBT focuses on social aspects and turning digital life into reality. It’s another great step in blending digital dimension and reality into one domain.
As you can see, SBTs can be a good example of how Web 3.0 is not all about investing and making money. It is also about offering a quality of life and a very qualitative experience. With new protocols such as a dispersed society, we could be looking at other massive developments and revolutions in the world.
If Facebook were the biggest innovation in Web 2.0 for social aspects, SBTs could be a similar success story for the Web 3.0 era.
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