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Understanding Soulbound Tokens: The Future of Cryptocurrency

soulbound tokens

As blockchain technology continues to evolve, new concepts and innovations are emerging to revolutionize the world of cryptocurrency. One of these new concepts are the soulbound tokens (also known as SBT token), which have the potential to improve use cases of digital assets. In this article, we will explore what soulbound tokens are, how they work, and what they can be used for.

What are Soulbound Tokens?

Soulbound tokens are a special kind of digital asset that is linked to a user or  wallet and cannot be moved or exchanged. They are unique non-fungible tokens (NFTs) that are created on a blockchain network and are designed to be permanently associated with the user that mints this token.

SBT vs NFT –

As you can see, NFTs can be resold in secondary markets or transferred between addresses while soulbound tokens will stay in the minted address. As soulbound tokens cannot be transferred or traded to other users, they are highly secure and immutable.

How do Soulbound Tokens Work?

Soulbound tokens are created on a blockchain network using smart contracts, these smart contracts contain the logic that determines the ownership and usage rights of the soulbound token. Once a soulbound token is created, it is linked to a specific user or account and will belong to that user forever.

What Can Soulbound Tokens (SBT token) be Used For?

SBT token have a wide range of potential use cases due to their unique properties. 

Lets see some real examples of their uses:

Gaming: SBT token can be used in the gaming industry as in-game assets or to represent the actual player’s gaming identity. We are in an early stage but there are platforms developing this concept of gamers identity such as Dequest or Soulbound. This kind of platform provides you two major benefits, in one hand, it awards you NFTs and levels up your soulbound token while you complete quests in different games. On the other hand, it lets you build a reputation as a gamer across different games. I believe that players will have the ability to identify fellow individuals who share similar gaming experiences and proficiency levels.

Digital Identity: Soulbound tokens can be used as a form of digital identity, where each user has a unique token that represents their identity on a blockchain network. This can help prevent identity theft and fraud by providing a secure and verifiable way to prove ownership of digital assets. Binance use this concept for users who finished their KYC process:

Read the full article here

There are plenty of more use cases that are still under development, for example:

The common factor between all these examples is that a user needs legitimate proof of an event or ownership that they have and cannot be transferred.


Soulbound tokens are a groundbreaking innovation in the world of blockchain technology and have the potential to transform various industries by providing unique and secure ways to represent ownership and control over digital assets. 

We mention some real use cases that are in their first stages and many others that still need development. In my opinion, to see soulbound tokens in our daily lives, we still need time and development for the technology to evolve so it’s more user friendly and the masses can adopt them.

During my recent interaction with the Dequest dApp, I had the opportunity to utilize soulbound tokens and it was really easy to do the account setup process and receive my initial soulbound token. I did some initial quests but since the app is still in beta I didn’t have the opportunity to play a game, win a quest and see some in-game rewards but for sure, when a first release is available I will give it a try. 

I have high expectations for the integration of this technology with other web3 concepts, such as zero knowledge proof, as I believe they will complement each other exceptionally well.

Uniswap V3 To Be Deployed On Avalanche

Mighty Block NTF

Move Comes Ahead Of Imminent License Expiration

Uniswap, the leading decentralized exchange by trading volume, is set to launch its V3 iteration on Avalanche, an Ethereum-compatible Layer-1 blockchain with over $1.5B in total value locked.

LayerZero has been chosen as the bridge for the Avalanche deployment as it supports both the Ethereum and Avalanche networks. LayerZero investors include Uniswap Labs, a16z, and Coinbase.

“The primary urgency behind this proposal is the upcoming BSL expiration on April 1st.” the proposal reads.

Two years after the launch of Uniswap V3, its Business Source License (BSL) is set to expire on April 1, after which developers will be free to copy the codebase. Under BSL, the V3 codebase is closed-source, and can only be used with Uniswap’s permission.

It can be surmised that Uniswap is looking to deploy V3 across the DeFi ecosystem before any potential forks establish themselves. 

Uniswap V3 was launched in March 2021, and its concentrated liquidity feature has been hailed as a breakthrough for automated market makers (AMMs), as it offers far improved capital efficiency.

After the Avalanche deployment is complete, the Uniswap protocol will be available across seven chains, including Ethereum.

Contentious BNB Deployment

Last week, Uniswap was deployed on the BNB Smart Chain, with Wormhole being chosen as the bridging solution.

However, venture capital heavyweight a16z voted against the deployment.

It later came to light that a16z would have voted for the proposal if LayerZero, one of its portfolio companies, had been picked as the bridging solution.

In response to the infighting, Uniswap created the Uniswap Bridge Assessment Committee, tasked with selecting bridges for future deployments of the protocol. The committee is currently assessing 8 bridges and three bridge-agnostic solutions.

Uniswap’s UNI token is down 8% in the past 30 days, according to The Defiant Terminal.

2023 will be the year that blockchain games deliver quality and fun | Polygon

gaming web3

There are a lot of people who want blockchain games to stand and deliver. And 2023 is likely to be the year when we get some answers about whether high-quality games will show up using the technology.

Urvit Goel, vice president of games at Polygon, recently talked to games beat about how the blockchain protocol company is trying hard to make that happen.

“Specifically in gaming, 2023 will be the year that blockchain and gaming will be judged heavily on all of the promises that are being made about great games,” Goel said. “We need to start seeing some of those games. There will be enough to start making a determination about quality. A lot of these builders in stealth mode haven’t launched a product yet.”

He notes that Polygon has been at the forefront of Web3 gaming with its recent integration of the popular NFT marketplace Magic Eden as well as top games in the industry such as The Sandbox, Dencentral Games, and more.

While the collapse of FTX set the industry back, DappRadar reported that the Web3 blockchain gaming sector has seen continued investment north of $500 million between October and November, even after the FTX debacle.

“Our focus will be on helping these builders come to market, whether that is with broad tooling to make it easier to launch or new technology for scaling,” Goel said.

Goel joined Polygon about a year ago, diving into Web3 for the first time after a decade of service at Amazon in game-related roles. He serves as the head of games at Polygon, with the goal of driving the adoption of blockchain technology by game developers. He reports to Ryan Wyatt, who previously headed YouTube Gaming and now oversees all of the vertical industries at Polygon.

A $100 million fund

Goel’s job is to connect developers to technology and marketplaces to build better products. Polygon set up a $100 million fund to invest in Web3 gaming and other verticals, using a lot of its own money from when it raised a $450 million funding round.

Goel believes that the blockchain game industry is getting closer to being an adult. In its early years, during the bull run for blockchain and cryptocurrencies, people brought out very simple experiences that took advantage of the financial opportunity but were viewed as a bunch of noise by gamers.

With the bear market, Goel believes the “true builders” who have been working for multiple years are pushing through and removing a lot of the noise.

“What’s left is the high-quality builders in the space who are committed to building great and fun experiences for customers,” Goel said. “These are well-funded teams that have the runway to build great games. Or it’s large Web2 developers who have Web3 initiatives and can continue to build. I’m not seeing a slowdown.”

As for the competition among blockchains, he believes we’ll see many successful blockchains. He doesn’t view others as competition. Rather, the main task is to evangelize the tech so that more people are willing to adopt Web3 gaming. Different blockchains are trying different experiments.

“A rising tide lifts all boats because we are in this phase of the mission where there are a lot of trials,” he said. “We’ve seen what hasn’t worked quite clearly. And if we continue to go through the trials, we can find what it is that will work. It’s similar to how mobile games took off. We’ve only seen the first iteration. The number of chains out there is actually helpful.”

Recovery mode

Fractal and Polygon launch partners.
Fractal and Polygon launch partners.

The FTX crash is definitely a negative event that is hanging over the industry, Goel said. He said it’s worth noting there is a difference between a centralized exchange versus true blockchain technology enablement. The fallout from FTX will take months to unfold, he said.

The $100 million fund is an ecosystem fund that focuses on multiple verticals including gaming, where the company deploys capital to game builders. The fund is still operational and the company is looking at the builders applying to it. Goel said the fund has made hundreds of investments so far.

“The thought behind it is there are a lot of Web3 native builders, and they need support and they need capital,” he said. “We are in a lucky position to deploy part of our treasury to help the ecosystem. It gives builders confidence to see we support them.”

Goel said blockchain games are already strong, as the number of active wallets has been consistently going back up in recent months. And games are accounting for a large part of all blockchain transactions, according to DappRadar.

“The sector is down, but it has held quite strong,” he said. “The thesis is that players are going to play games whether we are in a bull market or a bear market. The other piece is there are a lot of free digital collectibles ready to drive the top of the funnel.”

It reminds him of the early day of free-to-play games where players eventually started making premium purchases.

“We’re still in the early early stages of blockchain gaming. So if you zoom out a little bit, it’s like making predictions about mobile games back in 2000 [before the iPhone came along] That was hard,” he said. “The focus is on helping developers get to the market. Consumers will tell us what they like.”

Goel said he doesn’t think of various segments of the blockchain gaming population yet because the industry is still so small. There is a contingent of crypto-savvy blockchain enthusiasts, and there aren’t enough blockchain games on the market yet. Goel believes the game startups and indie studios will lead the way in blockchain games, as they’re the ones who aren’t afraid to adopt new technology.

And coming up with new kinds of games is better than launching the blockchain equivalent of a Call of Duty game, he said.

“I think you will continue to see a disproportionate amount of funding go into blockchain games,” he said. “I’m bullish for blockchain games. There are more shots on goal at the end of the day.”

Big challenges


Of course, not everything is going swimming. Yosuke Matsuda, CEO of Square Enix, announced he will step aside and promote a younger executive to the top role in June. He was a big advocate of blockchain games and sold off the company’s Western studios to focus on new technologies. (It’s not clear if the new CEO will also focus on blockchain games). The number of active wallets in the blockchain is still pretty small. And the funding could dry up if the economic downturn starts to hurt companies even more.

The blockchain companies are also competing with each other for gaming customers, with ImmutableX poaching studios from both Solana and Polygon and so on.

Goel noted that some of the largest companies in South Korea and some of the largest gaming companies in Japan are still taking their intellectual properties into the blockchain space.

“We’re starting to see some of those dominoes fall. And then what’s that mean for Western game developers? I think that remains to be seen. But this industry is very global,” Goel said.

Meanwhile, the industry needs to improve its infrastructure, whether that is marketplaces, data analytics, wallets, or payment solutions. Game companies shouldn’t have to dedicate their internal staff to do that kind of work.

“We want to partner more closely with developers and help them,” he said.

Yuga Labs Announces Skill-Based NFT Mint

Games NFT

The gamified expansion of its Bored Ape Yacht Club ecosystem involves minting a free Sewer Pass to play a game called Dookey Dash.

Introduction to the Expansion and Free Sewer Pass Mi

Yuga Labs, the creative studio behind Bored Ape Yacht Club (BAYC), has announced an expansion to its non-fungible token (NFT) ecosystem that starts with a free mint and a skill-based game.

The unique drop, which involves multiple steps, begins on Jan. 17 with a free mint for existing Bored Ape Yacht Club/Mutant Ape Yacht Club holders called Sewer Passes. These tokens are the key to unlocking a skill-based game called Dookey Dash, which opens for gameplay on Jan. 18.

Gameplay and Rewards for Sewer Pass Holders

Dookey Dash will be playable to anyone who holds a Sewer Pass, including those purchased on the secondary marketplace. Holders are able to play the game an unlimited amount of times, with the goal of receiving a score higher than 0 to validate their Sewer Passes and “transform them into a mysterious power source.”

The results of this wacky process will reveal itself on Feb. 15 when Dookey Dash gameplay ends.

“Sewer Pass holders will compete for the highest score and earn their new power source,” BAYC wrote in a series of tweets on Wednesday. “The highest single-run score on your specific Sewer Pass and accompanying wallet that achieved the run will determine what it reveals.”

The team also hinted that whatever is revealed will “evolve throughout 2023” and will be used in future “battles.” You can read a long explanation of the mechanics of the game here.

The Otherside and the Narrative Experience

It’s clear that this new NFT mint, which began with a silly and NSFW animated video on Dec. 21 called “The Trial of Jimmy the Monkey,” is part of Yuga’s broader plans to develop an interoperable metaverse experience called “The Otherside.” The platform will allow players to own land and turn their existing NFTs into playable characters.

“All of the projects that we have are deeply important to us,” Wylie Aronow, one of the co-founders of Yuga Labs, told CoinDesk in an interview last month. “Where we see the Otherside is at that intersection.”

According to the road map of Yuga Labs’ latest project, NFTs created from this month-long experiment will be part of a narrative experience called “Chapter 1” at a later date.

Forte Makes $5M Strategic Investment in SuperLayer to Expand Beyond Web3 Gaming

Forte Gaming

The blockchain gaming platform will serve as SuperLayer’s preferred liquidity service provider for projects.

Quick take: 

  • Forte has teamed up with SuperLayer to expand its ecosystem beyond web3 gaming.
  • The blockchain game developer also invested $5 million in the venture studio.
  • The funds will be used to incubate startups in SuperLayer’s $25M fund announced in August.

Forte has announced a partnership with SuperLayer in a strategic deal that seeks to expand its ecosystem beyond web3 gaming. The company also revealed a $5 million investment in the venture studio’s $25 million fundraising announced in August. 

The venture studio wants to use the partnership in a strategic move that will see it expand its ecosystem to other web3 segments.

According to CoinDesk, Linda Chew, Chief Development Officer at Forte said: “The core tenets of blockchain are applicable much more broadly than just games, whether it’s e-commerce or loyalty systems or social. There’s really a number of different verticals where we see enormous potential.”

A Closer Look at SuperLayer and its Backers

SuperLayer was founded by blockchain gaming pioneers Kevin Chou and Mahesh Vellanki, who also co-founded Forte. The San Fransisco-based studio is backed by some of the leading web3 companies including Polygon, which anchored the $25 million round in August.

On the other hand, Forte reached Unicorn status in 2021 after raising more than $910 million across two funding rounds.

Forte’s Role as SuperLayer’s Preferred Provider

Forte is a web3 platform that enables game makers to easily integrate blockchain gaming elements and NFTs into their titles. A non-fungible token (NFT) is a blockchain-based representation of a digital collectible, digital art, or JPEG. The NFT technology can also be used to turn regular gaming assets like character avatars, weapons and skins into tradable items on the blockchain. 

Forte wants to expand its ecosystem to other aspects of web3 through its partnership with SuperLayer. According to the announcement, Forte will become SuperLayer’s ‘preferred crypto payment and liquidity services provider for projects, with the venture studio providing the infrastructure that Forte requires to expand to other verticals of web3.

The investment also gives Forte access to exciting web3 projects in SuperLayer’s incubator program.

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Blockchain gamers surge as users attempt ‘stacking crypto’ — DappRadar

Mighty Block

Despite the FUD, blockchain games surged in active users in September, while God’s Unchained cracked the top 10 in terms of total NFT sales volume of all projects (Cointelgarph).

User activity on blockchain gaming decentralized applications (DApps) surged in September, with a host of games posting significant increases in the number of active users.

According to data from DappRadar, seven out of the top 10 games in terms of the number of “unique wallet addresses interacting with dapp’s smart contracts” increased over the past 30 days, with all of the top five games being in the green during that time frame.

At the time of writing, the DApps registering growth in the period include Web3 gaming platform Gameta, and blockchain-based games Alien Worlds, Solitaire Blitz, Benji Bananas and Splinterlands, Farmers World and Arc8 by GAMEE. 

In a Sept. 27 blog post, DappRadar noted that eight of the current top 10 blockchain games are mobile-first, which could eventually “bring millions of users to the blockchain,” noting: 

“Dapp games like Gameta, Benji Bananas, Upland, and Trickshot Blitz let anyone with a mobile device earn crypto with little prior knowledge, investment, or risk.”

“Using daily activities like hyper-casual mobile games as a hook ensures users find fun once they interact, while solid tokenomics can encourage everyday use and retention,” it added. 

DappRadar said one of the possible reasons for a rise in popularity of blockchain games despite the bear market, is the idea of “bleed in the bear and run in the bull:”

The biggest uptick in users came from Animoca Brands’ Benji Bananas (Polygon), which saw a 2016.54% increase over the past 30 days. Notably, this game was a Web2 mobile app until March this year. Animoca then introduced play-to-earn (P2E) elements via the Bored Ape Yacht Club-affiliated Ape Coin (APE).

While it is unclear what specifically saw the number of Benji Bananas users increase by so much, it did host a P2E gaming event this month that offered a series of valuable in-game NFTs to the winners.

Out of the top 10 games, only Axie Infinity, Trickshot Blitz and Upland saw decreases over the past 30-days.

The increase of blockchain gamers this month comes as publications such as Bloomberg note in a Sept. 28 article that the highly correlated NFT market trading “frenzy is almost dead.” It points to overall NFT trading volumes dropping 97% since January as evidence of such.

As Animoca Brands co-founder Yat Siu pointed out via Twitter on Sept. 30, purely looking at the metric of NFT sales volume doesn’t necessarily paint the whole picture in NFTs or gaming.

Siu highlighted that NFT prices have generally declined in accordance with the price of their paired assets such as Ether (ETH), while many games — that don’t often grab the headlines — require NFTs that are relatively cheap. He instead emphasized that user activity and the number of people entering Web3 is where the focus should be.

Gods Unchained breaks 10 top NFT sales

Meanwhile, NFT-based card battle game Gods Unchained has seen its NFT sales volume creep into the top 10 in NFT sales volume over the past 30 days, according to Cryptoslam.

Gods Unchained has seen a 373.25% increase over the past 30 days to sit at $10.8 million at the time of writing. This marks the first time the game has seen NFT sales top $10 million since January, and after a very slow February to August period.

Reasons behind this could be due to discussions of a “Season 2” upgrade to improve the game and lore in the works and GameStop offering free NFT packs to Pro members this month. Meanwhile, an esports tournament with a $70,000 prize pool was also announced at the start of this week.

Gods Unchained has also seen a significant increase in active users over the past 30 days, gaining 28.50% to sit at around 14,180 according to DappRadar. The game still has a long way to catch up to the top 10, however, as its user count places it at twenty-eighth.

Flybondi partners with TravelX and now offers NFTickets

Flybondi NTF tickets

Flybondi has become the first airline to join the platform and convert all its tickets into tokens. Through its partnership with TravelX, a blockchain-based travel distribution start-up, it now offers NFT (non-fungible token) airline tickets, known as NFTickets.

As of yesterday, 21 September, customers can log on to the platform and get their airline tickets in this way. Users can purchase «tokenised» tickets using Binance Pay cryptocurrency payment technology, the only means available so far. However, TravelX announced that traditional options such as credit and debit cards, as well as other virtual wallets, will be added soon.

NFT Tickets

Non-fungible tokens (NFT) represent all kinds of unique real objects. Therefore, they are not identically exchangeable. They are bought and sold online, often with cryptocurrencies. In this case, they are the «tokenisation» of traditional airline tickets, thanks to blockchain technology. For that reason, they represent a decentralised and fast digital alternative for trading tickets.

In other words, it is a digital asset that offers travellers greater flexibility in their bookings. The system implies a disruptive change compared to traditional air ticketing, as the purchaser of a NFTicket can transfer it, resell it at a fixed price, or auction it if unable to travel.

Thus, a person can purchase a ticket offered for sale by an airline, but also one offered by someone who decides not to use it. NFTickets allow the passenger’s name to be reassigned and speed up the process.

«Flybondi’s DNA is to give people the freedom to fly and to achieve this we have always embraced change, innovation and technology», said Mauricio Sana, the airline’s CEO. «Through this partnership with TravelX, we are once again pioneering innovation and are excited to use blockchain technology to give the greatest freedom to our customers», he added.

«We are very pleased to announce this partnership, which ushers in a new era of flexibility and freedom for travellers», said Juan Pablo Lafosse, co-founder and CEO of TravelX. «Flybondi paves the way for a new era in the distribution and marketing of airline tickets as NFTickets, in which we will soon see many other airlines follow suit», he assured.

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Iconic brands including Nike, Gucci have made $260M off NFT sales

NTF Mighty Block

Nonfungible tokens give major and iconic brands new ways of interacting with their consumers spanning art, fashion and gaming.

The hype surrounding nonfungible tokens (NFTs) has allowed some of the world’s most iconic brands to rake in hundreds of millions of dollars in additional revenue, underscoring the mass consumer appeal of digital collectibles. 

Leading brands including Nike, Gucci, Dolce & Gabbana, Adidas and Tiffany have amassed a combined $260 million worth of sales from NFTs, according to data from Dune Analytics that was first reported by NFTGators. Nike’s NFT drops have amassed $185.3 million in revenue, with volumes in secondary markets approaching $1.3 billion.

Dolce & Gabbana has generated $25.6 million worth of NFT revenue. Tiffany, which only recently launched its NFTiff token allowing CryptoPunk holders to mint customized pendants, has amassed $12.6 million in NFT-related sales. Total NFT revenue for Gucci and Adidas was $11.6 million
and $10.9 million, respectively.

NFTs burst onto the mainstream in 2021, with collections such as the Bored Ape Yacht Club and CryptoPunks generating billions in lifetime sales. The hype surrounding digital collectibles eventually garnered the attention of major brands, which began experimenting with the technology to better connect with their customers. Although the NFT craze has died off in recent months, the impact of the new technology is expected to leave a lasting mark. Companies like Nike and Addidas plan to take their NFT ambitions into the Metaverse — moves designed to extend the ubiquity of their brands into the virtual worlds.

While estimates vary, investors and technologists believe the NFT market has a very bright future. According to a recent survey by market aggregator CoinGecko, respondents believe the NFT market could be worth more than $800 billion over the next two years. More conventional research put the value of the global NFT market at around $230 billion by the end of the decade.