{"id":5122,"date":"2022-09-21T12:09:26","date_gmt":"2022-09-21T12:09:26","guid":{"rendered":"https:\/\/www.bsetec.com\/blog\/?p=5122"},"modified":"2022-10-07T12:11:43","modified_gmt":"2022-10-07T12:11:43","slug":"what-are-soulbound-tokens-the-nontransferable-nfts","status":"publish","type":"post","link":"https:\/\/www.bsetec.com\/blog\/what-are-soulbound-tokens-the-nontransferable-nfts\/","title":{"rendered":"What are SoulBound Tokens &#8211; The Nontransferable NFTs"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-5123\" src=\"https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs.png\" alt=\"\" width=\"891\" height=\"453\" srcset=\"https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs.png 891w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-150x76.png 150w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-300x153.png 300w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-768x390.png 768w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-290x147.png 290w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-82x42.png 82w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-65x33.png 65w, https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs-510x259.png 510w\" sizes=\"(max-width: 891px) 100vw, 891px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Web3 is growing day by day. But now SBTs are the hot topic in the Web3 sector. SBT stands for <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>SoulBound Tokens<\/b><\/a><span style=\"font-weight: 400;\">. SBT is still a new concept that has the potential to be a game changer for web3 and a truly <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>decentralized society<\/b><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Origin of Soulbound Tokens:<\/b><span style=\"font-weight: 400;\"> The popular online game World of Warcraft serves as the inspiration for soulbound&#8217;s logic. Soulbound items cannot be transferred or sold by players. Soulbound items are permanently &#8220;bound&#8221; to the player&#8217;s &#8220;soul&#8221; once they are picked up. The idea of Soulbound Tokens (SBT) was put forth in May 2022 by E. Glen Weyl, an economist, and Vitalik Buterin, the co-founder of Ethereum.<\/span><\/p>\n<p><b>Soulbound Tokens:<\/b><span style=\"font-weight: 400;\"> Soulbound tokens (SBTs)\u00a0 are Non-transferrable digital tokens (NFTs) that represent a user&#8217;s identity and connection to society without having any monetary value using blockchain technology. The concept is that a user&#8217;s <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>crypto wallet<\/b><\/a><span style=\"font-weight: 400;\">, which may include different SBTs, will be referred to as a Soul.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on the record classification, Owners may have multiple Souls. People could have numerous wallets (or souls) representing various aspects of their lives. For example, someone could have a \u201ccredential soul\u201d for their work history and a \u201cMedical soul\u201d for their medical records. Souls, on the other hand, can represent an entity that distributes SBTs. Companies, for example, can be Souls, issuing SBTs to each employee. SBTs could be issued by a digital country club to verify membership status.<\/span><\/p>\n<p><b>How Soulbound Tokens Are Different From Nonfungible Tokens:<\/b><span style=\"font-weight: 400;\"> In most NFTs today such as Bored Yacht Club, People will buy, trade, or display NFTs as a symbol of status and wealth. SBTs seeks to expand the NFT concept beyond money and bragging rights by creating a token that is both unique and Non-transferable. An SBT represents a person\u2019s or entity\u2019s reputation whereas NFT represents their assets and digital collectibles. In addition, unlike NFTs, SBTs have no monetary value and cannot be traded once issued to a wallet.<\/span><\/p>\n<p><b>Use Cases of SoulBound Tokens:<\/b><span style=\"font-weight: 400;\"> The core idea behind Soulbound Tokens is to separate monetary value from interpersonal relationships and to advance a new paradigm of social trust. SBTs have numerous potential applications. Here are some examples that could be useful in everyday life.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Educational Background: <\/b><span style=\"font-weight: 400;\">When a person graduates from a university they are awarded a course completion certificate upon successfully completing. In this case, the university is a soul that issues SBTs and students are the souls receiving them. Thus said SBT will keep the student\u2019s credentials n order to authorize that he or she is a member of the university and possess the educational qualifications from the university.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Job Applications or Work History:<\/b><span style=\"font-weight: 400;\"> Job applicants could use official SBTs issued by previous companies and institutions to submit all of their prior work history and professional certificates. The SBTs would serve as certificates of proficiency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Health Records:<\/b><span style=\"font-weight: 400;\"> Using an SBT that stores a person&#8217;s medical records, switching doctors or healthcare providers could be sped up. The SBT, in theory, would replace the time-consuming process of filling out paperwork, verifying your medical history, and speaking with someone on the phone.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The unique features of soulbound NFT, demonstrate that nontransferable, nonfungible tokens, will be important n the web3. SBTs practical prototypes can be highly anticipated because it may take some time before they are used widely. However, the idea behind the SoulBound token project&#8217;s design is encouraging.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To develop a blockchain-based solution like NFT, <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>NFT marketplace<\/b><\/a><span style=\"font-weight: 400;\">, or token development, Contact <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>BSEtec<\/b><\/a><span style=\"font-weight: 400;\">. As one of the <\/span><a href=\"https:\/\/www.bsetec.com\/\"><b>Blockchain technology<\/b><\/a><span style=\"font-weight: 400;\"> pioneers, our high-end NFT solutions are not only feature-rich but also platform-independent. With our cutting-edge NFT solutions and services, you can experience the future firsthand.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Web3 is growing day by day. But now SBTs are the hot topic in the Web3 sector. SBT stands for SoulBound Tokens. SBT is still a new concept that has the potential to be a game changer for web3 and a truly decentralized society. Origin of Soulbound Tokens: The popular online game World of Warcraft [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[814,1947],"tags":[1955,1954,1931,1956,1948,1953,1950,1952,1949,1957,1951],"class_list":["post-5122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-nft","tag-aboutnft","tag-cryptonftart","tag-nft","tag-nftandblockchain","tag-nftart","tag-nftmarket","tag-nftmarketplace","tag-nftsale","tag-nftspace","tag-nonfungibletokenmarket","tag-superrarenft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are SoulBound Tokens - The Nontransferable NFTs | BSEtec<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bsetec.com\/blog\/what-are-soulbound-tokens-the-nontransferable-nfts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are SoulBound Tokens - The Nontransferable NFTs | BSEtec\" \/>\n<meta property=\"og:description\" content=\"Web3 is growing day by day. But now SBTs are the hot topic in the Web3 sector. SBT stands for SoulBound Tokens. SBT is still a new concept that has the potential to be a game changer for web3 and a truly decentralized society. Origin of Soulbound Tokens: The popular online game World of Warcraft [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bsetec.com\/blog\/what-are-soulbound-tokens-the-nontransferable-nfts\/\" \/>\n<meta property=\"og:site_name\" content=\"BSEtec\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bsetec\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-21T12:09:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-07T12:11:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bsetec.com\/blog\/wp-content\/uploads\/2022\/10\/What-is-SoulBound-Tokens-The-Non-transferable-NFTs.png\" \/>\n\t<meta property=\"og:image:width\" content=\"891\" \/>\n\t<meta property=\"og:image:height\" content=\"453\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"BSEtec\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BSEtech\" \/>\n<meta name=\"twitter:site\" content=\"@BSEtech\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"BSEtec\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bsetec.com\/blog\/what-are-soulbound-tokens-the-nontransferable-nfts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bsetec.com\/blog\/what-are-soulbound-tokens-the-nontransferable-nfts\/\"},\"author\":{\"name\":\"BSEtec\",\"@id\":\"https:\/\/www.bsetec.com\/blog\/#\/schema\/person\/24a8ed4eefa5e9bf112e896653ca21c4\"},\"headline\":\"What are SoulBound Tokens &#8211; 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