The new SBT project is expected to help crypto companies serve their users’ developing digital identities.
Digital identities of users in the web3 space are expected to get a makeover with a new Soulbound token (SBT) project announced by a collaboration between Cobo, Gnosis DAO and MetaMask Institutional. SBTs would get a solid footing in the crypto industry from this project, and industry leaders in crypto are reportedly going to benefit tremendously from the same. Digital identities of users in the crypto industry are evolving at a fast pace, and such a timely project in SBTs will enable crypto firms to keep up with their users’ identities and help users stay apprised of the latest developments in the industry.
A spokesperson from Cobo stated that SBTs could not be sold on the markets, and they could provide proof of identities to the users. The spokesperson said, “This provides assurance to the token provider and allows them to give exclusive access and benefits to their targeted users by giving them an identity.”
The project, titled ‘Evolution’, will enable its holders to get access to exclusive research reports, thus creating a layer of uniqueness. Though SBTs won’t replace NFTs, the spokesperson of Cobo also delved into the exclusivity of such SBTs, saying, “Although the tokens can be used to identify and reward certain users, they can also be used to limit and exclude users from certain projects or benefits.”