The Soul Bound Token or SBT – NFT v2.0
The Soul Bound Token or SBT – NFT v2.0
An Examination of the SBT and How the NFT is Becoming an Increasingly Practical and Necessary Tool for Online Business and the Potential for the SBT
The Soul Bound Token is arguably comparable to NFT 2.0 in the modern vernacular of the digital netizen. The Non Fungible Token and the NFT Marketplace are still seen by a great many people as something of a novelty item.
Some may even see the NFT as just the latest get-rich-quick scheme. Both of these outlooks may be somewhat justified in the current era, but they lack vision.
The individual who sold their NFT for nearly seventy million dollars may have literally gotten rich overnight. Your chances of accomplishing the same feat are limited, though certainly not impossible. There will always be people who see the NFT as little more than a scam and something to be avoided.
For those who are willing to look at the full potential of the NFT, the reality is much more complex. The NFT is already being used by major international retailers to verify their products are genuine. An increasing number of companies are currently using the NFT to facilitate corporate record-keeping and to track and manage remote workers.
In truth, the NFT has already advanced beyond the world of digital art and artists. The many practical applications for the NFT have only recently come under scrutiny regarding their full potential. Despite this relatively recent leap in technology, their form and function seems ideally suited for the digital age, the golden era as it were, of the technological revolution.
NFT Speculation and Trading – A Shortcoming?
Oddly enough, one of the more troubling, if not limiting realities of the NFT, was its ability to be traded. The ability to trade the Non-Fungible Tokens works well for speculators, traders, and others who are looking solely at the financial potential of the NFT. This includes using the NFT as a means to verify authentic goods.
NFT Trading may be fine for collectors of high-end sneakers such as Nike and Adidas.
These two companies use the NFT as a means to verify the sneakers being bought, sold, and collected, are in fact the real deal and genuine products. In such cases, it is imperative that the NFT is transferrable so that when the physical items are sold, the verification of authenticity can be transferred to the new owner at the same time.
The recent decline in the NFT Digital Art markets has seemingly stumped many investors. Still, this has not stopped the NFT from becoming a valuable commodity in terms of sales. What of the more practical applications for the NFT?
Companies that are using the NFT to track everything from corporate financial records to production to employee tracking should probably not be trading that information, and sharing it on the open NFT marketplaces. This has given rise to the birth of the Soul Bound Token, or SBT as it is more commonly referred to in the modern parlance.
What Is The Soul Bound Token
The Soul Bound Token is effectively little more than a non-transferable Non-Fungible Token. As such, it is much safer and more secure for things like corporate records, educational histories, medical data, and many other data-sets that do not need to be made available for trade. This includes the safe and secure storage of personal and professional data, and even proprietary intellectual property and IP rights.
As a side-note for those who may believe that the technological revolution is infringing upon or even just perilously close to the religious or spiritual systems of faith, rest easy. The “Soul” of the Soul Bound Token is nothing more than a different way of saying the wallet, or the means by which the token is registered on the blockchain.
The wallet is known as a soul because much like the human soul, each one is unique, and once it is in place, it is there for the life of whatever houses it throughout its existence. The SBT can no more be transferred to a new owner than the human soul.
No matter what your beliefs are about your soul, you cannot just transfer your conscious self into a new body. Somehow or another though, the idea of a Unique Existence Similar to the Conscious Self Serving as a Non-Transferable Non-Fungible Token just does not sound quite so concise as Soul Bound Token.
Practical Application and the Soul Bound Token
So much of what you know about history is just wrong. The Wright Brothers were not by any stretch the first in flight, not even in a contraption we have come to know as an airplane. The Wright Brothers were merely the first ones to get their powered flight on film and to successfully market it to their advantage.
Thomas Edison was not the first person to invent the light bulb. He was the first to successfully market himself and gain the investors necessary to put it out in front of the public. The same types of examples can be found throughout virtually every aspect of the Great Industrial Revolution.
There are similar claims about the automobile, television, radio, and even the telegraph and the telephone. The key to successfully selling any product, or to protecting your data, all boils down to your ability to ensure that you retain ownership and control of your items until they have been successfully sold.
Imagine how much the history books would be changed if the very first person to create the next great innovation had the capacity to forever own and protect that invention? How many well known names would disappear and how many new names would appear in the annals of history?
On a different note altogether, how many of those disruptive technologies that were buried would still be available today? Many of the original cars were electric, some ran on a combination of diesel and water, or gas and water, using water injectors in the carburetors to increase efficiency.
What if the complete works of Nikola Tesla were recorded for eternity in a safe and secure fashion, on a decentralized platform where they could not be censored? Is it not at least possible that we may live in something of a better world? The Soul Bound Token or SBT may in fact be just the tool necessary for taking the world quite literally into the next generation of innovation and progress.