Day 8 was a tough day to try and focus, actually actioning the habit forming Atomic changes that I am trying to do repeatedly didn`t want to happen. Sometimes days are just tough when you are trying to change! But I have noticed that my focus is starting to improve, albeit slightly. So forget yesterday, trip back one day, following on from the Halloween thread, in the realm of celebrating life through death at Halloween and linking it to Cryptocurrency, block chain and NFTs I have found the somewhat tenuous connection of Soul Bound NFTs…
Your Soul bound to an NFT…
“What does that even mean? Nobody knows what it means, but its provocative” to quote Will Ferrell from Blades of Glory I think kind of sums up what you first think when you hear this! Its not your real soul though, these NFTs are not made by Do Kwon. No these are bound to your wallet. In marketing, names are hugely important and “Soul Bound” does conjure up a number of images of longevity, infinity and also I think fits well with the art of NFTs…
Non Transferable, Non Fungible, Your social status on Web3…
A Visionary, a Lawyer and a Social Technologist Economist walk into a bar, not a joke, but what sprung to mind when I read who had proposed the Soul Bound Token (SBT) NFT. Quite the mix of people for an interesting new class of NFT. They are a “non-transferable, public-verifiable digital token project which can serve as a representative of the social status of an individual on web3. SBTs can serve as a type of digital CV of an individual on the web3 landscape. The new non-transferable NFTs would include all information about memberships, affiliations, and credentials of an individual” according to the 101Blockchains website. Their really unique highlight though, they are permanently bound to a wallet for eternity. Now can you transfer the wallet? and ergo the NFT? Well the project is really about trust and reputation in my eyes, if you are a person of word and this is true Web3 verification, then why would you transfer the wallet? It just ruins your credibility.
Trust is not a matter of technique, tricks, or tools but of character…*
Given all the innovations and speed of Web3 as it careers forward, Trust has yet to be solved. “It`s Ponzi Scheme”, “why would you pay for a jpeg when you can just copy it” we have all heard these as we look forward to this brave new world. So if SBT NFTs could aid or even solve this view, then this use case alone would prove their worth. There are other factors of course to consider, but these are still being worked out and the actual tech behind SBTs is as ever complicated, and there is a long way to go before we see them in general use. But have a look in to the Soul, it`s a very interesting place…
Thank you for your time…
*Inc