As the NFT industry continues to mature, a number of token ‘sub-species’ have begun to materialize. The latest, seeing the mighty Binance launch its first ever Soulbound Token (SBT) on the BNB chain.

In essence, an SBT represents a non-fungible token that is tied to a single wallet for eternity, and cannot be bought, sold or transferred through regular means. These tokens can then potentially form the backbone for a world of identity-related transactions, including passports, driving licenses and even tokenized voting rights.

Through its own SBT which it has dubbed the ‘Binance Account Bound (BAB),’ Binance aims to store the credentials of its customers, which will then grant them access to a range of gated Dapps tied to its KCY protocol. It will also provide NFT minting access, airdrop entitlement and exclusive content, all while negating the pesky scourge of bots!

The first-ever Soulbound Token, Binance Account Bound (BAB), will be built on #BNBChain

The innovation could pave the way for a flourishing Decentralized Society on BNB Chain.

Find out more about the exciting development here

— BNB Chain (@BNBCHAIN) August 1, 2022

Binance launched a pilot of its intriguing new scheme to KYC’d users of its native Binance Mobile App. However, a successful trial run could see it rolled out across the board in the near future. Upon minting, users can designate a wallet to deploy the token, where it will remain forever.

“We foresee numerous use cases for the BAB token, and we will actively collaborate with the community to develop this revolutionary vision of decentralized society,” – Changpeng Zhao – Binance CEO

Find out more >> Here

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Binance Deploys Soulbound Token for Immutable KYC Validation appeared first on NFT Plazas.