The Soulbound tokens (SBTs) have recently started to garner a great amount of attraction in the crypto-verse.
They have become a major attraction for users who need more money to interact with the metaverse.
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With SBTs tokens growing a lot of reputation, their projects have emerged in quite an abundance. Several companies have begun collaborating to develop significant projects targeting the SBT communities.
Their existence is being accepted with an outstanding level of interest in Web3 and the metaverse. Therefore, more companies must come up with these projects.
Three Companies Join Hands for an SBT Project
On December 13, a blockchain technology developer and a digital asset custodian, Cobo, made an announcement. The company revealed they are working on a new project targeting SBT.
They want to bring more and more giants from the cryptocurrency industry to work on developing SBTs. They will work together to develop digital identities and have already found two partners.
Cobo has announced that they have partnered with Gnosis DAO and MetaMask Institutional. The company has announced that they have collaborated to create a new SBT project called “Evolution”.
Evolution is a tool that the users will be able to use while they are interacting with the metaverse platforms. In digital reality, users can use the tool to define themselves.
Using the tool, the users will be able to keep themselves up-to-date with the latest trends in the industry. The SBTs exist as tokens that cannot be sold or traded in the market.
Their creation aims to form a bridge between the Web3 and the Web2 platforms. The bridges are to be formed between the technologies regarding their identities.
The benefit of the Platform
With the help of the new project, the users can access multiple kinds of benefits about the identities on the platforms.
In the future, users can use the SBTs for marketing their persona in the digital world. However, the SBTs will not change or impact the non-fungible tokens (NFTs).
The users can rest assured that the SBTs will not replace the non-fungible tokens. Similarly, the SBTs will not make or replace the tradeable assets inherent in the utilities offered by the respective platforms.
Exclusivity of SBTs
A spokesperson from Cobo talked about the significance of the SBTs. He stated that when it comes to exclusivity, no other asset or method can match the likes of SBTs.
This is something that the standard non-fungible tokens need to be able to offer their users or projects. While discussing the exclusive benefits of the SBTs, the spokesperson talked about Evolution.
As per him, Evolution is a tool that will benefit users of the SBTs. They can only benefit from the particular tool if they are part of the project.
The SBT members will have access to the quarterly research data from the DeFi segment, which would be exclusive. No one outside of the ecosystem offered by the SBT segment will have access to such data.
The spokesperson further added the advantages of the SBT tokens. Per him, the particular tokens can be used to identify the users and rewarded accordingly.
However, the programs or systems can identify which users will not be granted rewards or benefits using the same method. The system would decide if the users are separate from the SBT ecosystem.
The SBT tokens are now being considered the future of the metaverse. They are expected to play a critical role in the metaverse, creating exclusivity and uniqueness in the entire ecosystem.