Search Inside Bitcoins

Vitalik Buterin wants NFTs to have a “soulbound” feature that removes transferability

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

Vitalik Buterin, the co-founder of Ethereum, has published a blog post stating his wishes regarding the future of non-fungible tokens (NFTs). Buterin noted that he would like NFTs to be soulbound.

The soulbound feature is in the MMORPG World of Warcraft (WoW) game. Having this feature in NFTs can help boost their authenticity.

Buterin’s NFT plans

In WoW, the soulbound feature ensures items in the game are not traded, mailed or sold to other players via the in-game Auction House. Through this feature, developers ensure that gear cannot be transferred from a high-level character to a low-level one. This ensures low-level characters will not have an easier process rising up the ranks; rather, they will gain experience.

Buterin noted that the current NFT market lacks such a feature. He explained that if someone said they owned an NFT after attending an auction, there is no way to prove that the person actually attended the auction or obtained the NFT through the secondary market.

The other unique feature of WoW that Buterin wants to tap into is that players must demonstrate their achievement. The character can only earn an item after completing a challenge.

Buterin noted a discrepancy in using on-chain protocols to store vital documents such as university degrees and driver’s licenses. To acquire such documents, a person has to meet the set requirements. However, having these documents on-chain would allow a person who hasn’t met the required conditions to buy them easily.

Buterin supports POAP

Buterin also hailed the proof of attendance protocol (POAP). This project stores the details of a person’s life on-chain. A user receives a unique badge, with the records being supported by cryptographic technology.

The POAP project focuses on enabling developers concerned about their work to see their items’ current and original owners.

However, the NFT secondary market records major revenues. Having the soulbound feature on NFTs would have a major effect on this. The feature will take away the commercial aspect of NFTs, which could deal a major blow to the trading volumes recorded in NFT marketplaces such as OpenSea.

Your capital is at risk.

Read more:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next