Soulbound Token (SBT)
A Soulbound Token (SBT), or non-transferable token, is a type of NFT asset that is issued in a single copy and is permanently bound to a single blockchain address. An SBT token cannot be transferred, sold, or sent to another blockchain address. SBT NFT can only be issued once and to a single address. Soulbound token gives users special privileges in the blockchain infrastructure.
History and Use
The idea to create SBT belongs to Vitalik Buterin, co-founder of the Ethereum project. He first outlined it on his blog in 2022. The idea behind SBT is that an NFT asset is forever owned by only one person, without the right to transfer or sell it.
Soulbound Token can be obtained by completing certain tasks. This NFT asset can be used as:
- proof of an educational diploma or course certificate;
- reward for completing quests;
- confirmation of participation in staking;
- confirmation of the pre-purchase of tokens or ownership of any property.
«Is SBT the NFT?»
NFT is a non fungible, cryptographic, unique token that cannot be replaced by another similar token. It can be transferred to another address or sold on a specialized marketplace. NFT confirms ownership of digital assets and the right to use them. Soulbound token is a type of NFT asset, but unlike regular NFTs, SBT cannot be transferred to another address, it is permanently tied to one owner. This concept has been widely used in various blockchains. SBT NFTs are coming up with new and different functionality. TON blockchain is no exception.
Using SBT based on TON Blockchain
- ARKENSTON NFT was issued for staking STON coins on the STON.fi platform. This SBT NFT proves ownership of the staked tokens, and only with its help it is possible to return the assets to the wallet when their blocking period expires.
- Proof-of-Learn Diploma. This SBT confirms that the holder has completed the basic course of one semester at Tonstarter Learn. The diploma can be used to receive bonuses at Tonstarter events.
- JVT bond SBT. This NFT could be obtained for purchasing tokens on the IDO of the JVault project. It proves ownership of a certain amount of JVTs purchased on JVault.app.
The Open League (TOL) is a competition between projects and users of TON Ecosystem. Projects attract new active users for TON and users are rewarded for their activity in the form of SBT NFT.
- SBT for attending conferences, meetups, breakfasts and AMA sessions organized by TON Society. Having these SBTs entitles you to participate in the weekly lottery of Season 2, which will award experience points (XP). XP can then be exchanged for Toncoin.