If you’ve been keeping up with the crypto news you might have seen a headline that went something along the lines of turning your soul into an NFT 🤔
This is obviously a click baited version of a very credible idea that was discussed in a recent crypto paper that was penned by 3 people, one of which is Ethereum creator Vitalik Buterin.
The NFTs the paper discusses are called ‘Soulbound NFTs’, and they’re basically non-transferrable NFTs that can represent anything from real world credentials to membership in a crypto community.
The potential of Soulbound NFTs seems to be taking the crypto world by storm, with NFT artist Beeple recently making an image in their honor.
What makes Soulbound NFTs so powerful you ask? The short answer is that they make it possible to unlock a series of use cases that can take cryptocurrency to the next level, particularly in the realm of governance. If you ask me, they set the stage for systems that could replace politicians and governments in the not so distant future.
If you want the long answer you’ll have to watch today’s video until the end, and though the content is admittedly dense, it is well worth it.
My mind was blown the whole time when covering this paper, and I bet many of you will feel the same when you listen to me explain it in simple terms.
⛓️ 🔗 Useful Links 🔗 ⛓️
► Soulbound Blog Post by Vitalik Buterin: https://vitalik.ca/general/2022/01/26…
► About Radical x Change: https://www.radicalxchange.org/about/
► About Flashbots: https://github.com/flashbots/pm#:~:te….
► Full PDF Of The Soulbound NFT Paper: https://papers.ssrn.com/sol3/papers.c…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.