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joel saidman
In Blockchain, Blog, Metaverse, NFTs

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 ( 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 different soulbound token implementations.

What are Soulbound Tokens?

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

SBT vs NFT
SBT vs NFT –  https://tokensgratis.com/que-son-los-soulbound-tokens-sbt-y-ntst/

You can resold NFTs in secondary markets or transfer them between addresses while these type of tokens will stay in the minted address.

Because of that, soulbound tokens nft are highly secure and immutable.

So, soulbound token meaning refers to something that is permanently connected or linked to a character or account, often in a way that cannot be undone.

How do Soulbound Tokens Work?

You create Soulbound tokens on a blockchain network using smart contracts. These soulbound token contracts contain the logic that determines the ownership and usage rights of the soulbound token.

Once the soulbound token is created, it is linked to a specific user or account and will belong to that user forever.

Soulbound Tokens Use Cases

SBTs are non transferable and have a wide range of potential use cases due to their unique properties. 

Lets see some real examples of their uses:

Gaming

You can find SBT soulbound tokens 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.
SBT NFT
https://ntst.dequest.io/
  • Digital Identity Token: They are a form of digital identity too, 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:
Binance soulbound
Read the full article here

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

sbt cases of use

For example; imagine a University degree. A university could provide a graduate with their certificate as an SBT. Currently, if a university was to give out a degree as a standard NFT, the graduate would theoretically be able to sell it due to the nature of the technology. On the other hand, if it was a Soulbound token, they would be unable to sell it or transfer it. This characteristic is specially valuable for an educational institution.

Another great example is using SBTs as event tickets. Event organizers could make sure a person truly went to a conference or event as they would have an SBT to prove it.

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.

Conclusion

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.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions

irinaotero
In Blockchain, Blockchain Games, Blog, Dapps, NFTs

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.

Blockchain gamers surge as users attempt ‘stacking crypto

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.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
irinaotero
In Blog, NFTs

Flybondi partners with TravelX and now offers NFTickets

Flybondi NTF tickets

Flybondi has become the first airline to join the Travel.xyz 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.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
Franco Breciano
In NFTs

Just did it: Nike enters the metaverse game following RTFKT acquisition

Nike NFT

Sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT. Nike becomes the biggest United States-based athletic products manufacturer through this partnership to join the metaverse bandwagon. 

A Cointelegraph report from Nov. 2 highlighted Nike’s submission of requests for patenting its namesake, swoosh logo and slogan “just do it” for use online and in online virtual worlds. The filing was accompanied by two new job postings for virtual material designers, signaling the company’s intent to enter the metaverse.

However, the new RTFKT acquisition confirms Nike’s interest in delving into the metaverse ecosystem:

According to Nike, acquiring RTFKT will help the company “deliver next-generation collectibles that merge culture and gaming.” John Donahoe, president and CEO of Nike, believes that the move helps accelerate Nike’s digital transformation efforts:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

Benoit Pagotto

Supporting this vision, RTFKT co-founder Benoit Pagotto said, “We’re excited to grow our brand which was fully formed in the metaverse.”

Related: Adidas enters the metaverse with NFT partnerships

On the other side of the world, German sportswear manufacturer Adidas announced entering the metaverse after partnering with nonfungible token (NFT) companies, including Bored Ape Yacht Club, Gmoney NFT and Punks Comic.

As Cointelegraph pointed out, an article on the Adidas mobile app said:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

Meta, which has recently rebranded itself from Facebook, welcomed Adidas’ entry as it said, “We can’t wait to see Adidas in the metaverse.”

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link 👇

View our open positions
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