A variety of token "sub-species" have started to take shape as the NFT industry develops. The most recent saw the formidable Binance introduce Soulbound Token (SBT) for the first time ever on the BNB network.
In essence, an SBT is a non-fungible token that can never be bought, sold, or transferred using conventional channels and is permanently bound to a single wallet. These tokens might then serve as the foundation for a variety of identity-related transactions, such as those involving passports, licenses to drive, and even tokenized voting rights.
By means of its own SBT, known as the "Binance Account Bound (BAB)," Customers' login information will be stored by Binance in order to give them access to a number of gated Dapps connected to its KCY protocol. In addition, it will eliminate the bothersome bot scourge while giving NFT minting access, airdrop entitlement, and access to special content!
With KYC'd customers of its native Binance Mobile App, Binance launched a pilot of its intriguing new program. Though it might soon be used universally if a trial run is successful. Users can choose a wallet when the token is created, and that wallet will be the one where it stays there forever.
We anticipate many applications for the BAB coin, and we'll work closely with the neighborhood to create this ground-breaking idea of a decentralized society. CEO of Binance Changpeng Zhao
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