The evolution of NFTs and Soul Bound Tokens
The world is now familiar with the word Non-Fungible Tokens NFTs after its boom in 2021. The popularity of NFTs was so enormous that they were appreciated by famous celebrities. The easy minting process in top NFT marketplaces made it easy for the independent content creator community to monetize their work in a wink. This helped not only those digital creators but also people who are interested in digital collectibles. Non-Fungible Tokens, with its concept of giving tradeable ownership to digital files, made people take this tech up and running. The overwhelming response for the NFTs worldwide made blockchain enthusiasts come up with advancements on the primary NFTs we currently use.
NFTs to SBTs
You know Non-Fungible Tokens on the blockchain offer tradeable ownership of digital files. When NFTs are minted on the blockchain on the ERC721 standard( the most commonly used minting standard to mint NFTs on Ethereum Blockchain), they have a creator and an owner of that NFT. That is, the creator of the NFT can sell it to anyone, and the one who buys it will become the owner. There are also standards of NFTs that will help people to rent their NFTs, Mortgage their NFTs, and earn money through them. If you think NFTs are all about buying Digital files on the blockchain and trading them on the top NFT marketplace platforms, then you are wrong. NFTs are much more than what you think today. People criticized it long back, describing it as a bubble that will burst. Yet governments are using NFTs to mint documentation of land records and birth certificates on the blockchain.
Soul Bound Tokens are something that has a single owner, and it is non-tradeable. That is, when you own an SBT, you will be the owner forever, and only you can verify the details or metadata of the token, and no one can access it without your permission. This is the most valuable invention that is getting ready to be adopted by the masses with government documentation, medical records, and more.
The Bottom Line
The future relies on blockchain, and Non-Fungible Tokens will take up a crucial role in forming the future digital world. NFT trading platforms will become the hotspot and the day of mass adoption of NFTs and blockchain is not so far.
