The Biggest NFT Rug Pulls of All Time

Rug pulls have made headlines since the 2021 NFT boom, with investors losing over $25 billion as of November 2022. These headlines have sparked fear among investors, who are now skeptical when it comes to new NFT projects.

The likelihood of a rug pull, or a scam in which a cryptocurrency or NFT team exits a project along with its investors’ funds with them, seems to be increasingly greater.

In this article, we’ll cover the seven biggest NFT rug pulls of all time ranked by the amount of money stolen from investors. 

Iconics- $140,000

Iconics was a Solana-based NFT project consisting of 8000 unique pieces of 3D artwork. It was created by an unknown 17-year-old 3D digital artist who promised unique 3D images to investors. Fourteen initial samples were showcased through the project’s Discord channel, which created the demand for more.

The project started with a pre-sale of 2000 items at 0.5 SOL; however, investors didn’t get what they paid for. Instead of 3D art, they received a random collection of emojis. After the sale, the project’s Discord went offline, and its official Twitter disappeared. 

Blockchain data showed that the scammer had around 1000 SOL at the time, which equaled around $140,000. Investors never got their money back. 

Mercenary- $750,000

Mercenary was a medieval Play-and-Earn game where players could recruit a team of mercenaries to fight for MGOLD. The game was promoted on sites like thebittimes.com and BSC news, where it was praised for its innovative mechanics and unique gameplay. 

Unfortunately, the game ended up being a rug pull. 

After building a loyal group of players, a new Twitter handle known as the Mercenary Golg Community claimed that the Twitter and Telegram groups had been hacked. Within 24 hours of this post, everything connected to the project was wiped entirely, with only a few Twitter promotions remaining. 

It’s estimated that the team stole around $760k of investors’ funds. 

Frosties NFT – $1,300,000

Frosties was the first big NFT rug pull of 2022, and one that shocked the NFT community. It started with a huge marketing campaign, advertising 8,888 cartoon ice cream NFTs. The project was one of the fastest to ever sell out, with the team making an estimated $1.3 million in the process. 

The team had promised investors unique staking features, a metaverse game, mint passes, and other long-term benefits. However, shortly after release, the Frosties social media channels, Discord servers, and website all disappeared. The project was completely shut down, and the project team disappeared. 

Fortunately, rumors have stated that the creators were caught and charged with one count of wire fraud. Although the investors didn’t get their money back, the devs were punished for their scam. 

Swipathefox – $1,500,000

Swipathefox was an NFT project created by NBA basketball player De’Aaron Fox, consisting of 6000 unique fox-themed NFTs. Fox promised investors exclusive NFT ownership perks, including giveaways, tickets, and exclusive chats with Fox himself. 

Unfortunately, the project never bore fruit, with Fox stating that he didn’t have the time to work on it during the middle of the NBA season. In an interview, Fox said that he would be working on the collection in the future. However, he had to focus on his NBA career at that time. 

As of November 2022, action has yet to be taken on the project, and investors have claimed they never got their money back. 

Though not entirely a “rug pull” in nature, this one is in the “TBD” category.

Baller Ape Club – $2,000,000

Baller Ape Club looked like a legit NFT project when it was first released. Inspired by Bored Ape Yacht Club (BAYC,) it had a complete development team, a dedicated community, and plenty of investors supporting the project. The collection consisted of 5,000 NFTs that sold for a price of 2 SOL each. 

After the public mint, the dev team rugged the project. They deleted all socials and stole around $2 million of investor funds. However, the US Department of Justice (DOJ) has since taken the project’s founder to court. 

Le Anh Traun, a Vietnamese national, has been charged with conspiracy to commit wire fraud and international money laundering. Traun could face up to 40 years in prison as a result. 

Evolved Apes – $2.7 million

Evolved Apes was an NFT collection of 10,000 apes that would battle one another to win rewards. To attract investors, the founder, known as “Evil Ape,” created competitions in which investors could win NFTs and other rewards. However, once the project sold out, Evil Ape disappeared and deleted all accounts associated with the project. 

In total, $2.7 million was stolen, including funds that should have gone to the development team, marketing department, and artists. None of the competition winners were ever awarded their prizes, and the teams were never paid for their work. 

Evil Ape was never found.

Bored Bunny- $21 million

Bored Bunny was one of the biggest NFT projects of 2022 and gained celebrity endorsements from French Montana, Jake Paul, and Floyd Mayweather. The 4,999 NFTs sold out in hours, minting for 0.4 ETH. 

However, very quickly, in-house sources suggested that the founder was simply looking to steal investors’ money. Before launch, a dev wallet bought celebrity NFTs for additional profits, and after the initial launch, a second collection known as Bored Bad Bunny NFTs went on sale. 

After the second collection sold out, the floor price dramatically dropped, and the dev team went missing, stealing $21 million in the process. 

If this wasn’t bad enough, the remaining team released a third collection known as Bored Mutant Bunny, consisting of 3,000 NFTs selling for 0.25ETH. By this time, investors had realized the project was a scam, and it failed to sell. 

Final Thoughts: Rugpulls and Mass NFT Adoption?

Rugpulls pose a threat to mass NFT adoption. With NFT scams consistently making headlines, many investors are forgetting the practical benefits of NFTs.

Without an adequate solution addressing the disparate set of NFT exchanges lacking authentication tools, we’ll unfortunately probably see more rug pulls occur– this is why it’s incredibly important to do your research and not YOLO into unverified projects.

However, the NFT market continues to grow despite rugpulls and the negative press surrounding rugpulls. We shouldn’t let the high-flying conquests of a few malicious bad actors blind us to the good work many NFT collections are doing– even if it’s just bringing a community of like-minded crypto-savvy people together.

Moonbirds: A Complete Guide to the PFP Owl NFTs

Moonbirds is a collection of 10,000 NFT bird profile pictures (PFPs) that include a unique pool of rarity-powered traits released on April 16th, 2022, by PROOF Collective.

Notably, the collection reached over $200 million in sales in the first 48 hours.

Since its release, the collection has generated $500 million in sales, with 2,000 NFTs reserved for Proof Collective members and 7,875 NFTs released to the general public via a whitelist.

Moonbirds has been compared to projects like Cryptopunks and Bored Ape Yacht Club, but does it have the utility to live up to the hype?

In this article, we’ll cover what the Moonbirds basics, how Moonbirds work, the collection’s founding team, how you can buy, and whether or not Moonbirds are worth the price tag.

What Is Moonbirds?

Moonbirds is an NFT collection with pixelated owl PFPs, each of which comes with its own unique traits. Built on the Ethereum blockchain, Moonbirds give holders access to a private club and several additional benefits the longer they hold the NFT. 

Each NFT has several unique features, including beak size, hair, eye color, and accessories such as eye patches, headbands, and monocles. Each PROOF NFT holder was gifted two Moonbird NFTs, which left 7,875 for the public. 

The initial Moonbirds mint price was 2.5 ETH (around $7,000 in April 2022), which sparked some criticism amongst the NFT community as buyers believed they were being priced out before the project had started. Despite this criticism, Moonbirds sold out in two days, and the floor price dramatically increased. As of November 2022, the floor price is 8.44 ETH, which currently equates to around $12,529.

How Do Moonbirds Work?

One of the reasons behind Moonbird’s initial success is the project’s utility. Alongside unique owl profile pictures, Moonbird holders are granted a range of benefits as a holder.

All holders are given access to PROOF’s exclusive Discord community, which gives members regular rewards. They also have priority access to PROOF’s new metaverse project, Project Highrise.

Holders are also granted additional rewards based on how long they hold their NFT through a process called “Nesting.” Nesting works like traditional cryptocurrency staking, in which holders can lock up their assets, in this case, their NFTs, and earn passive crypto income and other DeFi benefits. 

If a Moonbird is nesting, it can’t be sold on another market. While nesting, Moonbirds level up and, in the process, upgrade their “nest.” Each new upgrade grants additional drops and rewards, though these rewards have yet to be officially announced. 

What makes nesting different from traditional staking is that it doesn’t need to be transferred to another vault or wallet for safekeeping. Instead, it can remain in the holder’s wallet, though it remains untradeable. 

Another benefit of Moonbirds is that holders own all commercial rights to the NFTs they own. This means they can use their NFT in any way they want, including T-shirt prints, marketing videos, and more. 

Who Founded Moonbirds?

Moonbirds was founded by Kevin Rose, a popular American internet entrepreneur and the founder of PROOF Collective. PROOF is a private members-only group of 1,000 NFT collectors and artists.

Though known for his work in the Web 3 space, Rose was formerly known as a podcaster, investor, and entrepreneurial celebrity in some circles. He founded Digg, a social media platform that covers the latest internet trends.  

Rose worked alongside several developers and PROOF members to build the project, such as Justin Mezzell. Mezzell is the co-founder and chief product officer of the Proof platform. He also created the art for each design alongside an in-house art team, inspired by the pixelated designs of CryptoPunks and CryptoSkulls. 

How To Buy Moonbirds

You can buy and sell Moonbirds through most NFT trading platforms, including OpenSea, LooksRare, and Rarible. The current floor price is 8.44 ETH, which is significantly lower than the project’s all-time high of 30 ETH in April 2022. 

To buy a Moonbird, search for Moonbirds in the search bar of your chosen platform. Make sure you choose the official Moonbirds project (the real project has a blue tick next to it) to avoid any scam replicas. Connect your wallet (MetaMask is the most popular), and you’re ready to get started.

From here, you can choose from currently listed Moonbirds, which are ranked on rarity and price. If you want a Moonbird straight away, you can choose “Buy Now” for a fast transaction, or alternatively, you can place a bid to try and bag a bargain. 

Final Thoughts: Are Moonbirds Going To The Moon?

Moonbirds experienced significant hype almost immediately upon release, pushing the resale price to highs of 30 ETH. This hype has since died down and decreased the floor price in the process, bringing the floor within range for many people.

The Moonbirds team is still investing in the project. They announced via YouTube that the collection will be used to launch a new media company. At the same time, 100% of all revenue from the project is being used to hire more experts and launch additional products. 

For the time being, Moonbirds are a good investment for NFT holders who want to generate a passive cryptocurrency income, with lucrative reward options and upgradable nests for those who are happy to keep their Moonbirds in a nesting phase.

With the project being well funded and plans in place for additional products and team members, it would appear that the project certainly has long-term potential if the team can implement its plans effectively. 

Doodles NFTs Explained (Read Before Buying)

Doodles is a collection of 10,000 PFP (profile-picture) NFTs featuring art by Burnt Toast. Burnt Toast is the artist name of Scott Martin, a Canadian–based illustrator, designer, animator, and muralist.

Minted on October 17th, 2021, Doodles come in a wide range of colors, sizes, and traits, with each owner having the right to vote for experiences paid for by the Doodles Community Treasury. 

Since its release, Doodles has become one of the most successful NFT collections worldwide, with a sales volume of 150,000 ETH and a current floor price of 7.95 ETH ($10,235.) 

Doodle’s vision is to revolutionize media and entertainment through Web 3, impacting industries such as gaming, music, and real-life events through Doodle NFT avatars. 

This article will cover what Doodles are, how Doodles work, the founding of the Doodles, and the project’s future. 

What are Doodles?

Doodles is a colorful hand-drawn collection of 10,000 NFTs designed by Burnt Toast. 

Each NFT represents a playful character showcasing unique animal costumes, hairstyles, and accessories such as sunglasses. The collection includes non-human characters, including apes, skeletons, cats, and pickles.

In total, there are 100 different traits that influence the rarity and price of each NFT.

The rarest traits include devil horns (0.43%), 60’s sunglasses (0.22%), and a Holographic space background which belongs to only one Doodle.

On September 13th, 2022, Doodle raised $54 million at a funding round led by Seven Seven Six, with a valuation of $704 million. Despite being valued amongst projects like Bored Ape Yacht Club and CryptoPunks, the Doodles NFT price stayed the same. 

However, the funding has provided Doodles with the financial leverage they need to expand their project. According to the team, the funds will be used to “acquire a world-class team of engineers, creatives, marketers, and business executives.” It will also be used to promote the project, influence other areas of DeFi, and fund Doodles 2, which we’ll cover later in this article. 

How Do Doodles Work?

Doodles is a community-driven project launched to “bring joy to everyone who sees them.” Since its initial release, the project has released additional NFT collections, sold Doodles merchandise (though this is currently only hold), and held live events, all exclusive to Doodle holders. 

Holders have power over how the Doodles Community Treasury is used. Known as the Doodlebank, holders can vote on campaigns and experiences for the community. They can also submit proposals that are voted on by the community and implemented by the team. Each holder gets one vote per Doodle they hold. 

When a Doodle is sold on OpenSea, half of the 5% royalty fee is deposited into the treasury. This is then used to scale the Doodles development team and grow the brand through marketing efforts and promotions. 

On February 28th, 2022, Doodles released a second NFT project, Space Doodles. Space Doodles were designed as free companion NFTs for existing Doodle holders. To claim their NFT, holders could launch their own personal spaceship to claim their Space Doodle. 

To avoid diluting the supply, Doodles used wrapped NFTs. A process in which the original NFT would be stored in a digital vault when a smart contract was used to create a Space Doodle. This meant holders could own either a Doodle or Space Doodle and not both at the same time. Space Doodles can be unwrapped at any time to receive their original Doodle NFT. 

The dev team has stated that Space Doodles will be used in future Doodles experiences such as NFT gaming, music, and other “universe expansions.”

Who Founded Doodles?

Doodles was founded by Scott Martin and former Dapper Labs employees Evan Keast and Jordan Castro.

Scott Martin, also known as Burnt Toast, is the artist behind the project, with prior experience as a designer, animator, and muralist. Previously, he worked with brands such as Google, Dropbox, and Adobe. 

Evan Keast, also known as Tulip, helped develop the project’s branding. Before Doodles, he worked at Dapper Labs, where he helped market the blockchain game CryptoKitties. 

Jordan Castro, known as Poopie, works on the product side of Doodles and previously worked with Evan on CryptoKitties. 

The team has since expanded, recruiting former Billboard President Julian Holguin as partner and CEO. Julian is helping the team move into the gaming, music, and consumer goods market. They’ve also brought on Pharrell Williams, American rapper, singer, songwriter, and record producer, as the project’s chief brand officer. His job includes product music projects, animated films, and project launches. 

The Future of Doodles

Having already made headlines, the Doodles team has big goals for the project with the release of Doodles 2.

The team plans to attract a greater audience with Doodles 2, allowing more NFT enthusiasts to get involved in the project. Rumors suggest Doodles 2 will be created on a different blockchain and will be released this year; however, there’s no exact date or blockchain in place. 

Unlike most NFT projects, Doodles 2 is giving investors the chance to customize their NFTs by choosing traits like hair color and skin tone, then adding different accessories and wearables. Once owned, holders can change their look, swapping between PFP perspectives and full-body options, as well as unlock animated versions of their NFTs with music. 

Doodles 2 will also introduce the Doodles Genesis Box. The Doodles Genesis Box will hold a range of first-edition wearables that can be sent to Doodles 2. This collection will feature 24,000 boxes and will launch via what Doodles have called a Bucket Auction. 

Final Thoughts: Are Doodles Worth The Investment?

Doodles is considered one of the most exciting NFT projects due to its continuous investment in its team and community. The project has the potential to revolutionize NFTs with a customizable Doodle 2 collection, which is eagerly anticipated throughout the community. 

Despite the 2022 NFT market turbulence, Doodles has continued to thrive, building a huge community of loyal fans, releasing merchandise, and expanding on their project.

With the addition of new team members, we’ll likely see more of Doodles in markets across Web 3. 

Nonetheless, it’s always important to remember that the NFT market is unpredictable. Always do your research before making an investment to reduce risk and maximize your profits. 

Music NFTs: What Musicians and Fans Should Know

Music NFTs are digital assets stored on the blockchain and represent ownership of a piece of music. They’re used to buy, sell and trade music rights and grant owners benefits such as royalties. 

Most NFTs are typically associated with digital art and collections such as Bored Ape Yacht Club; however, their technology can also impact how we buy and sell music. 

The music NFT idea is to give power back to musicians, helping them directly sell and collect royalties through their craft. In the modern music industry, streaming platforms such as Spotify have resulted in 50% fewer album sales since 2010. This has left musicians struggling financially, with groups such as the Union of Musicians and Allied Workers protesting against Spotify for higher payouts. 

Music NFTs let musicians sell directly to their audience, increasing the amount they make from each sale. They also let musicians give back to their fans, for example, the blockchain enables artists to “airdrop” each of their NFT holders exclusive new NFTs. These NFTs could include exclusive songs, gig access, and more. 

This article will cover what music NFTs are, how music NFTs work, the different types of music NFTs, where you can buy them, and whether or not they’ll change the music industry. 

What Are Music NFTs?

A music NFT (non-fungible token) is a unique digital asset representing music ownership. It can be bought and sold like any other NFT and often combines a visual component with a musical one. 

Music NFTs can be purchased on digital NFT exchanges such as Royal. These exchanges let artists create tiered NFT purchase options based on fans’ interests. For example, on Royal, fans can choose between “Gold,” “Platinum,” and “Diamond” NFTs. Each tier offers additional benefits, including VIP tickets, signed vinyl records, and exclusive merchandise. 

Once a music NFT is owned, it can be listened to like a normal piece of music or sold on NFT marketplaces such as OpenSea. 

How Do Music NFTs Work?

Music NFTs work like traditional CDs. A limited number are released, and instead of limited edition CDs,  fans can choose from different tiers based on the rewards offered by an artist. 

They’ve already been used by celebrities such as The Chainsmokers, Snoop Dogg & Steve Aoki. Snoop Dogg, for example, released 25,000 Stash Box NFTs as part of his B.O.D.R. (Back on Death Row) album, selling each for $5,000. He made $44 million in revenue, which is drastically higher than what he’d earn through streaming. 

Once sold, a music NFT can be used to track the use of a song, showing data such as how much it’s played and how often it’s sold, with musicians earning a royalty for each sale. 

What Are The Types of NFT Music?

Music NFTs have two different functions. 

The first function represents ownership and royalty share of a song. Known as Limited Digital Assets (LDAs), LDAs give fans a percentage of revenue from streaming royalties as long as they hold the NFT. This was first used on Royal by 3LAU, who minted the first LDA for his song Worst Case. 

The second function of music NFTs is the right to stream a song. These NFTs give the owner the right to stream a song for an agreed period, but come with no additional benefits.

Artists are also looking for lucrative ways to give back to fans with NFTs. Like Gary Vee’s VeeFriends, artists are giving NFT holders exclusive access to limited edition merchandise, early access to concert tickets, meet and greets, airdrops, giveaways, and exclusive events to interact with the artist themselves. All fans need to do is hold the NFT to earn their rewards. 

For example, in November 2021, American heavy metal band Avenged Sevenfold released an NFT collection known as the “Deathbats Club.” This 10,000-NFT collection gave holders the chance to earn free tickets for life, merchandise, and even the opportunity to hang out with their favorite band members. 

Which NFT Exchange Can You Buy Music NFTs From?

If you want to buy a music NFT, you’ll need to use an NFT exchange. Popular exchanges such as OpenSea offer music NFTs; however, they’re somewhat limited compared to dedicated music NFT exchanges. 

Music NFT platforms provide musicians and fans with features to create, listen to, buy and sell NFTs. Here are four of the best music NFT exchanges to buy your music NFTs from. 

Royalty 

Royalty helps music artists mint royalty music NFTs and lets holders share revenue from sales. All NFTs sold on the platform give buyers a royalty on each sale, ranging from 0.002% to over 1% per sale. The artist can choose what % of royalties go towards NFT holders, with artists such as 3LAU dedicating 100% of all royalty sales to his fans. 

SoundXYZ

SoundXYZ is a music platform founded in 2021 that lets musicians create and sell music NFTs. It has a built-in wallet where users can hold their NFTs once purchased and a marketplace to buy and sell music. As of October 2022, musicians have earned $3,545,770.76 from sales on the platform. 

Opulous

Opulous is a blockchain-based NFT music exchange that also offers DeFi loans. It offers music by artists such as Tyga and Lil Pump as well as music loans for new artists who need a financial boost. 

GlassXYZ

GlassXYZ is a music NFT marketplace that specializes in music videos. Still in early development, the platform has ten music creators and 597 sales on the platform as of October 2022. It’s the perfect platform for music fans who love music videos. 

Final Thoughts: Can Music NFTs Disrupt The Music Industry?

Music NFTs are still a relatively new concept but have shown a great deal of potential for both fans and artists. 

Firstly, they provide musicians with greater control over their music, including how it’s used, how it’s shared, and most importantly, how they can profit from it. With a greater share of the profits, musicians could use NFT purchases to fund additional studio time and boost their overall musical career. 

NFTs also allow artists to give back to their fans and build a stronger fan-artist relationship. They can offer a wide range of gifts to NFT holders, giving loyal fans a chance to meet their favorite band members, collect exclusive merchandise, and even earn free concert tickets. 

By combining traditional album sales, concert sales, and NFTs, artists could begin to increase their income potential and connect with their fans in ways never possible in the past, creating an exciting new trend in the music industry. 

What Are Soulbound Tokens & Why Should You Care?

Soulbound Tokens (SBTs) are permanent, non-transferable NFTs that represent a holder’s identity and reputation. 

They contain data such as an individual’s work history, credit score, education, medical history, and personal certifications, all of which are stored on the blockchain. This data is used to verify information during processes such as going for a job interview. 

However, SBTs have created a divide amongst crypto enthusiasts; some argue that they’d be a great way to verify information, while others have compared them to an authoritarian social credit system. 

This article will cover what Soulbound Tokens are, how they work, the team behind SBTs, and various Soulbound Token applications. 

What Are Soulbound Tokens?

Soulbound Tokens are permanent non-fungible tokens (NFTs) that can’t be given away or stolen from a crypto wallet. 

The idea behind Soulbound Tokens comes from the video game World of Warcraft (WoW.) In the game, “Soulbound” refers to ownership of an item that cannot be traded or gifted to another player. 

Think of Soulbound Tokens like CV’s for everyday life. They display your achievements, such as a professional certification, degree, award, or experience in a particular field. They also include achievements outside work, such as sports teams you’ve played for, events you’ve completed, and medical records for hospital appointments. 

SBTs also include personal information such as your name, date of birth, political parties you support, criminal record, religious beliefs, and just about anything else you want to showcase to the world. If there’s a fact you want to share, it can be done through your Soulbound Token. 

How Do Soulbound Tokens Work?

Soulbound Tokens work by proving a particular statement to be fact. On social media platforms, anyone can claim just about anything. However, with SBTs, claims must be backed by another wallet. 

Each individual has their own “Soul” which is basically a private wallet. Institutions would also have “Souls” (wallets) and would be able to give Soulbound Tokens to prove a particular statement. For example, if you went to Oxford University, the university would have to give you an SBT to prove you have a degree from the institution. In theory, this would make it impossible for someone to make a false statement.

By granting SBTs to individuals, the project team believes they can solve many of the problems associated with decentralized finance. In particular, they believe it could prevent theft and scams, as individuals would be able to verify their identity before any transaction takes place. 

It would also let investors check a project’s reputation before buying. From July 2021 to July 2022 over $100m worth of NFTs have been stolen through rug pulls and other cryptocurrency scams. With SBTs, investors can check if the individuals behind a project can be trusted before getting involved. This will help individuals make better-informed decisions and limit scams throughout the community. 

However, there’s one big flaw in the current system: once an individual has an SBT, they can’t get rid of it. In theory, this means an organization or individual could potentially sabotage an individual’s “Soul” by sending them unwarranted tokens. 

To tackle this, features are being developed that would let individuals hide or destroy an SBT if it doesn’t belong in their wallet. A “social recovery model” has also been proposed, where an individual can appoint “guardians” for their wallet. These guardians can be individuals or institutions who can change the private keys of a user’s wallet. Therefore they could keep a user safe if their wallet is compromised. However, this idea is still in early development. 

Who Created Soulbound Tokens?

 Ethereum cofounder Vitalik Buterin, Puja Ohlhaver, and Eric Glen Weyl created the Soulbound Tokens in May 2022. 

Buterin is a Russian-born Canadian programmer and writer who’s been in the cryptocurrency space since 2011. He co-founded Bitcoin Magazine and is best known as the face of Ethereum. 

Puja Ohlhaver is a lawyer in the crypto space who’s worked with Buterin on previous projects. 

Eric Glen Weyl is an economist and social technologist. He works as a Principal Researcher at Microsoft Research New England and is a Visiting Senior Research Scholar at Yale University, where he teaches an economics-computer science course. 

Soulbound Token Applications

Decentralized Banks

SBTs provide banks with financial data that can be used to grant loans, overdrafts, and other financial incentives. They can help verify an individual’s reputation based on their financial history, including loans already taken out, when they were paid, and if they’ve ever missed a payment. 

DAO Voting

DAOs play an important part in decentralized governance models, allowing users to vote on the future of a protocol. SBTs could be used to prove an individual’s identity and reduce the risk of Sybil attacks. 

CV’s

When applying for a job, everyone needs a CV and cover letter. SBTs could replace these forms by displaying an application’s work experience, qualifications, and employer reviews in one place. They’d work as proof of skill set and prevent individuals from lying on their applications. 

Medical Records 

Getting your hands on your own medical records is a lengthy process and can often take days for a doctor to send over. Instead of relying on slow governing institutions, SBTs can be used to store medical records, replacing physical paper records. When visiting a doctor or hospital, individuals could use their SBTs to show any prior accidents, surgeries, and general medical information. 

Final Thoughts: Could Soulbound Tokens Revolutionize Personal Data?

With Soulbound Tokens planned to be available by the end of 2022, many crypto enthusiasts are asking how they’ll impact how we use and interact with personal data. 

For Web3 users, SBTs are a great way to resolve many issues around scams and fraud, verifying a user’s identity. They’re a great way to showcase skill sets and qualifications and have many applications in everyday life. 

However, will they be adopted by everyone? With cryptocurrency still being somewhat of a fringe subject, it’s unlikely that the general public will currently adopt Soulbound Tokens. Nonetheless, this doesn’t mean SBTs haven’t got potential. 

As the widespread adoption of cryptocurrency continues to grow, so does the potential for mass SBT adoption. To keep up with the latest updates, you can join the Soulbound Discord and Telegram channels, where the developers reveal their latest innovations on the project.