7 Ways to Innovate With Soulbound Tokens

We all know that NFTs are unique tokens which can’t be replicated, and can be bought and sold, both to prove ownership over an item and often to make money for its owner through trading.

Now, as Web3 becomes a closer prospect and our idea of what it will look like becomes clearer, so too can NFT-type blockchain technology go on to facilitate a decentralized internet even further - and enhance our lives as a result.

More specifically, while NFTs are ideal for trading - what if blockchain tech could be used for the opposite? That is, a non-transferrable token, which can be tied to your identity for life - also known as a Soulbound Token.

Before they were called Soulbound Tokens, idexo created the first one, the idexo Early Adopter NFTs. These are non-transferable NFTs that were created in April 2021 by users in the idexo Telegram group minting them with a bot command and having them indelibly tied to their TG username. Even their NFT image had their username superimposed on it, creating a bond in the community. Also, our community grew rapidly from 200 to over 5400 in 2 days as a result of this. 

Ethereum co-founder Vitalik Buterin has said this year in the whitepaper that named these Soulbound Tokens that he believes these are the future of blockchain technology. They could, for example, allow people to verify all of their information, such as their medical history, professional qualifications, credit score and more - all in one, decentralized place.

It’s no exaggeration to say that Soulbound Tokens could change your life.

They aren’t just about personal reputation, either. Soulbound Tokens have incredible potential in an enterprise context, for industries of all kinds. Idexo is already leveraging this game-changing tech to help companies build communities and develop Buterin’s vision even further - with incredible possibilities and a whole world of opportunities for the businesses embracing it.

Not only does Idexo make it easier than ever for innovators to issue NFTs (we’re talking minutes rather than months), now you can do the same with SBTs. It means that both the technology is possible to use right now, and that using it couldn’t be simpler.

Here are seven ways companies can innovate with this exciting technology. The future is already here…

1. To build co-identity relationships

Using SBTs allows a company to connect with customers in a deep way, with incredible opportunities for lifelong branding. For example, when Idexo launched the first ever SBT, the images used for the NFTs were of the Idexo logo with the Telegram group member's username superimposed on it, allowing them to tie their reputation to the SBT and brand. With the power of SBTs, the brand’s relationship with its customers has never been closer.

2. To create a base for innovation

We launched the first SBTs in April 2021 as part of the Idexo Early Adopters NFT collection, and it was only this year when Buterin drew even further spotlight to the technology with his influential whitepaper. Right now, SBTs are in their infancy, and that means the potential for their application is really limitless. Using this technology now forms a foundation upon which further innovation can be built, particular when it comes to your ongoing customer-company relationships.

3. Link data to customer records

Non-transferrable SBTs present the possibility for the future of personal records like medical, financial or education history to be permanently and digitally linked to an individual. Naturally, then, they also provide the potential for you to be able to link your company data with those records: in other words, companies can create a lasting together-profile to understand their customers better than ever.

4. Innovate with how you use metadata

A metadata file is a key part of what makes up an NFT or SBT. Using Idexo to take control of the attributes available to you means you can then unlock innovative interfaces which read from and write to that metadata, as well as keeping it all in one place.

5. Innovate on embedded logic

Idexo allows you to draft and deploy different types of SBT smart contracts in seconds. So, in addition to metadata, the smart contracts themselves can embed logic related to each SBT directly, in its blockchain data storage and functions.

6. Build lasting customer credentials

Creating SBTs for your customers means having long-lasting profiles and a detailed, accurate picture of your users. Knowing their interactions with the company and consumer behaviour allows you to recognize and reward customers with milestone achievements and badges, all linked to their SBTs.

7. Integrate SBT information into unforgettable real-life experiences

Once you have metadata and logic properties detailed in your SBTs, you can use them to easily unlock gated experiences - on the web, mobile and even at in-person events. It means the sky’s the limit for building exclusive, unrivaled experiences for your community and customers.

Want to discover how your business can innovate with SBTs - and mint them in minutes? Get started with a free account today and comment if you have questions or your own thoughts and ideas.