VITALIK BUTERIN SUGGESTS NFT SHOULD HAVE SOULBOUND FEATURE LIKE WORLD OF WARCRAFT GAME ITEM

The NFT market will explode in 2021 thanks to the ability to transfer and trade. However, according to Vitalik Buterin, this feature also has its downsides.

 

In a recent blog post, Ethereum co-founder Vitalik Buterin shared the idea of ​​creating soulbound NFTs like World of Warcraft (WoW) in-game items.

 

In WoW, items with the soulbound feature are no longer tradable, tied to the owner.

 

According to Vitalik, NFTs with a soulbound feature will help that NFT “lock” to the owner, proving that the holder obtained this NFT through a recognized activity, not buying “hands-on” from someone else.

 

To make it easier to understand, we can take for example NFTs that represent college degrees, certificates or driver's licenses. These NFTs need to have a soulbound feature to prove that the owner is "passing" to get a certificate, not "buying a degree" from someone else.

 

This is also one of the shortcomings of the current NFT. The ease of buying and selling, "hand-to-hand" from one person to another is appropriate only for commercial NFT collections, but not for NFTs that need to uniquely represent the owner.

 

However, it is clear that soulbound will limit the "buy and sell", "buy low sell high" that has led to the hype of NFT in 2021 . Therefore, this "hard-locking" property should only occur in NFTs that demonstrate a unique operation, and not in commercial NFTs.