NFTs that will change the world – That collectibles are bank balanceand especially those quirks called Soulbound Tokens. This NFT (non-fungible tokens) non-transferrable could soon become the perfect digital presentation of our certificates, diplomas, passports… In short, the ideal vectors for transporting our identity on the Web3. And this, the Japanese banking giant Sumitomo Mitsui Financial Group (SMFG) seems to have understood this well. Here are all the details!
A soulbound mark that reveals everything about a person
through his communicatesSMFG Bank discloses a partnership advertising with the group HashPort. And the challenge behind this collaboration is none other than the development of Soulbound Tokens (or SBT) within the process this important player in Japanese finance. The goal is clear: make a break-in this web3 that looks so promising. Thanks to HashPort Group’s technical support, the bank should be able to launch its first applications in March 2023.
But what is the purpose of using these famous Soulbound tokens? Why take a dip in the unknown Web3 ocean? Simply because these new technologies, powered by the blockchain, enable things that until then remained impossible, specifically using these SBTs as immutable proof. These digital certificates from the blockchain can serve as proof of skills, careers. Total of digital resume. Impossible to lie or embellish the truth on the blockchain.
Think back to how many times you have lost your papers, your identity card… With their digital representation in yours wallet, it is now impossible to misplace this precious sesame. Diplomas, Permits: All your documents and receipts collected in one place and blockchain certified. This is probably one of the use cases that is of great interest to our institutions, banking or not. In the digital age, walking around with pockets full of papers may seem archaic. A habit that could come close to a major upheavalCreation of soul-bound characters.
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NFTs: our multiple digital identities?
Therefore, the goal for SMFG bank is to develop this token business in Japan. The bank wants to be an integral part of this tokenization of the world which is fast approaching. your thesis? That eventually it became common for individuals to fill multiple roles within society.
We take on different personalities and different functions, depending on whether we are at work, with friends, in the family, in a club or in a sports Club. We could then choose to only reveal the desired identity. Only the necessary information. These different “souls” are an integral part of the word “Soul” Bound Token.
For example, imagine an engineer who loves music. In the professional world, he would have a soulbound token that would chart his career, skills, and diplomas. He could share all this information and his identity with his employer with one click from his wallet.
On the other hand, as a music fan, he might have a different SBT, a different digital soul. In it, he proudly displayed his fan activity within his favorite artist’s community, the number of concerts he attended, the number of hours he spent listening to the artist’s albums, remain anonymous within this community.
So soulbound tokens could be brought together The best from both worlds within a web3 blockchainized. On the one hand, an entire career history, certificates and identification papers carved in stone. On the other hand, to be able to preserve and unequivocally assert the traces of our commitment in the areas that fascinate us. So, do these Web3 Soulbound Tokens look worthwhile for you or on the contrary, they seem too intrusive ?
For you, blockchain technology and cryptocurrencies will soon become the focus of everyday life for each of us. You can expose yourself to bitcoin, ethereum and other tokens in the rising stock market. Sign up with eToro now and begin to familiarize yourself with this world (commercial link).