Soulbound tokens are the latest trend in the crypto arena, with many people showing interest in them. This surge in popularity has been linked to the many benefits of soulbound tokens and the fact that different projects have embraced soulbound tokens (SBTs). Soulbound tokens extend the world of possibilities created by NFTs by offering something that can be uniquely tied to an address.
SBTs are publicly verifiable and non-transferable NFTs and represent an individual’s credentials, affiliations, and commitments. This means no one can falsify SBTs. Soulbound tokens also restrict Web3 projects from becoming cash bags. As the hype around SBTs continues to grow, 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 SBT’s.
Pudgy Penguins has made headlines , generating over 60,000 ETH in transaction volume and witnessing individual sales as large as 400 ETH. Some of Pudgy Penguins’ holders include Tory Lanez, Lil Baby, and Stephen Curry. This year, Pudgy Penguins have gone all out, launching their first SBT, reaching 250k+ on Instagram, announcing their toyline, garnering over 1 billion views on GIPHY and more.
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 an auctioned item features an ironclad authentication certificate, recorded in the NFT’s metadata with ownership and auction details. Pudgy Penguins has rolled out and activated one of the first use cases for SBT tokens in Web3. They created truePengu, a non-tradable token that categorizes a holder based on different tiers. truePengu is based on learnings found in Vitalik’s White Paper and has a modification that removes transferability. Their unique approach has helped them cement their spot in a new market, garnering $128,898 during the auction.
Pudgy Penguins are pushing the Web3 space forward by helping others find their way. They are creating more opportunities for their holders as they bring a twist to the traditional auction market. As a community-centered project, Pudgy Penguins is also focused on giving back to the community.
They will be donating money from the sale (auction) to The Cozy Horizon Fund to support community-focused initiatives for Pudgy Penguins NFT holders. The remainder of the funds will be allocated to Oceanites as part of Pudgy Penguin’s first charitable initiative supporting science-based conservation efforts in Antarctica. Oceanites is a nonprofit that embeds itself within the Antarctic penguin populations, studying how those populations adapt to our rapidly changing environment.
While SBTs have not been in the market for long, their potential is undeniable, and with projects like Pudgy Penguins joining in, the future looks promising. SBTs give you the means to store information in a way that you don’t have to dig through hundreds of files looking for that one document. They also create more opportunities for holders by revolutionizing NFTs, which is something Pudgy Penguins strives to do.
“We will continue to learn more about soulbound tokens and their implications in the real world. We are so ecstatic that Sotheby’s was willing to take that step with us,”
says the Pudgy Penguins team.
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