In 2017, a CryptoPunk NFT was worth $73.
5 years later, a CryptoPunk was sold for $23,700,000.
In 2 years (2024), according to @VitalikButerin, SBTs will be the next "big thing".
Here are 8 things you MUST know about SBTs to avoid missing this opportunity:
๐งต๐
5 years later, a CryptoPunk was sold for $23,700,000.
In 2 years (2024), according to @VitalikButerin, SBTs will be the next "big thing".
Here are 8 things you MUST know about SBTs to avoid missing this opportunity:
๐งต๐
1) SBT stands for "Soul Bound Token".
An SBT belongs to the "real you", not to a crypto wallet.
That's why you can't transfer an SBT.
What can non-transferable tokens be used for?
โข University degrees
โข Driver's licenses
โข Certifications
Pretty obvious,
But there's more...
An SBT belongs to the "real you", not to a crypto wallet.
That's why you can't transfer an SBT.
What can non-transferable tokens be used for?
โข University degrees
โข Driver's licenses
โข Certifications
Pretty obvious,
But there's more...
2) SBTs will take NFT marketshare.
Important use cases:
โข DAO: if you want to "hand-pick" your DAO members you can simply give them an SBT.
โข Votes: when 1 NFT equals 1 vote, whales that own many NFTs have unlimited "voting power".
SBTs will solve that (sorry @pranksy).
Important use cases:
โข DAO: if you want to "hand-pick" your DAO members you can simply give them an SBT.
โข Votes: when 1 NFT equals 1 vote, whales that own many NFTs have unlimited "voting power".
SBTs will solve that (sorry @pranksy).
3) SBT: identity starting point.
An NFT can't be your identity.
Why?
Because your identity is NOT for sale.
Let's say @punk6529 needs some liquidity.
He decides to sell his CryptoPunk to me:
โข Who is 6529 after the sale?
Not trivial, right?
SBTs are superior for identity.
An NFT can't be your identity.
Why?
Because your identity is NOT for sale.
Let's say @punk6529 needs some liquidity.
He decides to sell his CryptoPunk to me:
โข Who is 6529 after the sale?
Not trivial, right?
SBTs are superior for identity.
4) An SBT is worth $
You've been "selected" for the BAYC DAO after completing a 6-month course.
Congrats,
You now own a "BAYC DAO SBT".
But why would you care if you can't sell it?
2 weeks later the DAO decides:
@BoredApeYC airdrop to all SBT holders
See the potential? ๐คฏ
You've been "selected" for the BAYC DAO after completing a 6-month course.
Congrats,
You now own a "BAYC DAO SBT".
But why would you care if you can't sell it?
2 weeks later the DAO decides:
@BoredApeYC airdrop to all SBT holders
See the potential? ๐คฏ
5) SBT > NFT
Owning an SBT that you can NOT sell can be more valuable than an NFT you can sell.
An SBT can be your "key" to unlock almost everything:
โข Airdrops (NFTs, erc-20).
โข Voting Rights.
โข IRL events.
โข ...
Owning an SBT that you can NOT sell can be more valuable than an NFT you can sell.
An SBT can be your "key" to unlock almost everything:
โข Airdrops (NFTs, erc-20).
โข Voting Rights.
โข IRL events.
โข ...
6) SBTs are like NFTs but different.
Here are some differences:
โข you can't transfer your SBT.
โข you don't mint an SBT - you "attest" it.
โข an SBT is "attested" (minted) by an issuer.
โข your SBT can be "revoked" (burned) by the issuer.
Here are some differences:
โข you can't transfer your SBT.
โข you don't mint an SBT - you "attest" it.
โข an SBT is "attested" (minted) by an issuer.
โข your SBT can be "revoked" (burned) by the issuer.
7) SBT is bounded to YOU.
SBTs were called ABTs - "account bound token".
But what happens if you lose your account (wallet)?
SBTs should belong to the "real you"...
This means that losing SBTs can't be an option...
This is a problem @VitalikButerin is trying solve.
How?
SBTs were called ABTs - "account bound token".
But what happens if you lose your account (wallet)?
SBTs should belong to the "real you"...
This means that losing SBTs can't be an option...
This is a problem @VitalikButerin is trying solve.
How?
8) Solving the SBT problem:
A Sole Bound Token isn't really "Sole Bound" if it's lost when you lose your wallet.
If this issue will be solved, SBTs will become mainstream.
Think you have a solution? This is your time to shine ;)
Now, you're all caught-up!
A Sole Bound Token isn't really "Sole Bound" if it's lost when you lose your wallet.
If this issue will be solved, SBTs will become mainstream.
Think you have a solution? This is your time to shine ;)
Now, you're all caught-up!
TL;DR:
The points you MUST know about SBTs before they go mainstream:
SBTs 101:
โข They stand for "Soul Bound Tokens".
โข They're like a non-transferable NFT.
โข They'll take marketshare from NFTs.
โข They bring HUGE financial opportunities (even though you can't "sell" them).
The points you MUST know about SBTs before they go mainstream:
SBTs 101:
โข They stand for "Soul Bound Tokens".
โข They're like a non-transferable NFT.
โข They'll take marketshare from NFTs.
โข They bring HUGE financial opportunities (even though you can't "sell" them).
If you enjoyed this thread:
โข Follow me @tweezers0xffff for more content like this.
โข A RT would be much appreciated ๐๐
โข Follow me @tweezers0xffff for more content like this.
โข A RT would be much appreciated ๐๐
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