The new soulbound NFT project from Cobo, MetaMask Institutional, and Gnosis Safe brings exclusivity and a new way of identifying users.
Soulbound token (SBT) is a hot name in the Web3 field in recent times, a way for users and projects to define themselves in the digital world.
According to Cointelegraph, Cobo, the custodian and developer of blockchain technology, is partnering with MetaMask Institutional and Gnosis DAO to launch the SBT "Evolution" project.
Cobo representatives said that SBT cannot be traded on the market, but will serve as a bridge between Web2 and Web3 for user identity.
While SBTs may be the new trend, they will not replace NFTs and the accompanying utilities inherent in tradable asset classes. However, SBT will create a level of exclusivity that standard NFTs cannot obtain.
Recently in Japan, financial giant Sumitomo Mitsui is also experimenting with SBT to meet local social needs. Binance also fired the first shot for BNB Chain, which issued its BAB identity verification token on March 8.
Late last month, as soon as he protested against governance token speculation, Ethereum founder Vitalik Buterin re-emphasized the role of the Soulbound Token, which he considers to have governance functions and cannot be transferred between one person and another.