• Pudgy Penguins has deployed the use of Soulbound Tokens, a publicly verifiable and non-transferable NFT, with Sotheby’s.
• Soulbound Tokens extend the world of possibilities created by NFTs by offering something that can be uniquely tied to an address.
• Pudgy Penguins have made headlines, generating over 60,000 ETH in transaction volume and witnessing individual sales as large as 400 ETH.
The latest trend in the crypto arena, Soulbound Tokens (SBTs), have been gaining a lot of traction due to the many benefits they offer. SBTs are publicly verifiable and non-transferable NFTs and represent an individual’s credentials, affiliations, and commitments, meaning no one can falsify SBTs, and they also restrict Web3 projects from becoming cash bags. Top NFT collection Pudgy Penguins has been at the forefront of SBT implementations and exploration, being one of the first projects to have a real use case for SBTs.
Pudgy Penguins have created a lot of buzz, generating over 60,000 ETH in transaction volume and witnessing individual sales as large as 400 ETH. This year, Pudgy Penguins have gone all out, launching their first SBT, reaching 250k+ on Instagram, announcing their toyline, garnering over 1 billion views on GIPHY and more. Recently, Pudgy Penguins announced their auction at Sotheby’s, one of the world’s oldest and most recognized auction houses. The auction includes a unique SBT that comes with an ironclad authentication certificate, recorded in the NFT’s metadata with ownership and a unique identifier.
Pudgy Penguins‘ SBT is a revolutionary use case for SBTs. As with all NFTs, the SBT can be stored in a digital wallet, making it easy to access and manage. The SBT is also backed by a smart contract, so the owner can be sure that the SBT will remain secure and non-transferable. The SBT also has a built-in feature that allows the owner to view the transaction history of the SBT and its current owner.
Pudgy Penguins‘ use of SBTs is an exciting development that could have a lasting impact on the world of NFTs. With the help of Sotheby’s, the team at Pudgy Penguins is able to provide a secure, unique, and verifiable token that will allow users to purchase and store NFTs safely and securely. With the implementation of SBTs, the world of NFTs is poised to become even more secure and reliable.