All you need to know about soulbound NFTs

The entry of Soulbound NFTs has signaled the potential introduction of really non-transferable Non-fungible tokens. Any discussion of NFTs implies that they are assets that can be traded between two digital wallets.

What are SoulBound NFTs (SBTs), and how do they impact the growth of web3?

In simple words, they are NFTs that are non-transferrable. It is not odd that people might be perplexed by the reasoning for utilizing a non-transferable token. Especially considering that NFTs have various uses because a big part of them is due to their transferable nature.

SBTs are new non-transferable, publicly verified digital tokens that can indicate social status on Web 3.0. This acts like a digital CV for a person. SBTs would contain all details about a person’s affiliations, memberships, and all related credentials.

Read our blog in detail to understand and know better about SBTs!

For more interesting updates on the latest NFT trends, follow bitsCrunch!

Originally published at https://bitscrunch.com on July 20, 2022.

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