WHAT ARE SOULBOUND TOKENS, AND HOW DO THEY WORK?
Gamers will never forget the countless hours of effort it took to eventually obtain the rare Soulbound goods in World of Warcraft. These items are referred to as "Soulbound" since only the players are the sole owners of them and they are not exchangeable with any other players. This specifically inspired Vitalik Buterin, the inventor of Ethereum, to consider the possibility of NFTs being Soulbound. This video game feature has a lot of potential applications in the real world, which makes it highly exciting for Vitalik to integrate in the web3 ecosystem. As a result, he and his other partners developed the idea of Soulbound tokens, which are digital identity tokens that identify a person or an organisation. These distinctive qualities, traits, or backgrounds that make up the individual or the group are represented by these tokens. What are Soulbound tokens (SBTs)? SBTs, also known as soulbound tokens , are digital identity tokens that represent a person's or an entity...