What Are Soulbound Tokens? | SBTs Explained

Crypto Marketing with Ty Smith | A Coinbound Podcast

English - June 02, 2022 21:36 - 6 minutes - 6.2 MB - ★★★★★ - 6 ratings
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Previous Episode: Crypto Marketing Agencies Explained| Ep 68

Next Episode: Ultimate Web3 Networking Hack for 2022 | Ep 70

The world of NFTs can get complicated to navigate, especially when it’s an ever-changing industry that continues to grow in complexity. Today, Ty breaks down soulbound tokens, also known as SBTs.

Vitalik Buterin, the co-founder of Ethereum, describes SBTs as “the future” of Web3. This is because SBTs can’t be transferred once received. They are held in a wallet indefinitely.

The non-transferability factor is what seems to throw a lot of people off, however, in this episode Ty will not only use real-world examples to help you better understand the concept of SBTs, but he’s answering the most common questions people currently have around SBTs. From what they truly are, how they differ from NFTs, and the true applicability and need for soulbound tokens!

Key Takeaways:

0:06 Episode Overview

0:25 Episode Sponsor: Zoop Cards!

0:47 What are SBTs?

1:29 How are they different from NFTs?

2:01 How can SBTs be utilized?

3:30 Why were SBTs created and needed?

3:46 Three Main Reasons For SBT Creation from Vitalik Buterin’s Recent Article

5:04 Ty’s 4th Reason For SBT Creation

Resources:

►Check out Zoop!: https://bit.ly/ZoopCards

► Vitalik Buterin et al SBT Article: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4105763