• Soulbound tokens (SBTs) are the latest trend in the crypto arena, with many people showing interest in them due to the benefits they offer.
• Top NFT collection Pudgy Penguins has been at the forefront of SBT implementations and exploration, being one of the first projects to have a real use case for SBTs.
• Last month, Pudgy Penguins announced their auction at Sotheby’s, one of the world’s oldest and most recognized auction houses, with an SBT that featured an ironclad authentication certificate.
The use of soulbound tokens (SBTs) has been on the rise in the crypto arena, and with good reason. These tokens offer a unique way to tie ownership of an asset to an address and are publicly verifiable and non-transferable. This ensures that no one can falsify these tokens, making them a great tool for Web3 projects that don’t want to become cash bags.
Leading the charge in exploring and implementing SBTs is the top NFT collection, Pudgy Penguins. This project has made headlines in the crypto world, generating over 60,000 ETH in transaction volume and witnessing individual sales as large as 400 ETH. Some of the notable holders of Pudgy Penguins are Tory Lanez, Lil Baby, and Stephen Curry. This year, Pudgy Penguins have had an eventful year, launching their first SBT, reaching 250k+ on Instagram, announcing their toyline, and garnering over 1 billion views on GIPHY.
Last month, Pudgy Penguins announced their auction at Sotheby’s, one of the world’s oldest and most recognized auction houses. The SBT that came with the auctioned item featured an ironclad authentication certificate, recorded in the NFT’s metadata with ownership and a lifetime guarantee. This was a major milestone for the project, and a testament to the potential of SBTs.
The use of SBTs is still in its infancy and there is much to explore. As projects like Pudgy Penguins continue to lead the charge, we are sure to see more implementations of SBTs and the possibilities they offer.