nftfi

What are Soulbound Tokens?

As mentioned, soulbound tokens are a type of cryptocurrency that is bound to a particular account or user. This means that once the token has been assigned to a specific user, it cannot be transferred or traded like other cryptocurrencies.

Soulbound tokens are designed to provide an added layer of security and control for users. By ensuring that tokens can only be used by the account to which they are bound, users can have greater peace of mind knowing that their tokens are less susceptible to theft or misuse.

How do Soulbound Tokens Work?

Soulbound tokens work by using a combination of blockchain technology and smart contracts. When a soulbound token is created, it is assigned to a particular account or user using a unique identifier such as a public key or wallet address.

Once the token has been assigned to the user, it is essentially locked to that account or user. This means that the token cannot be transferred or traded like other cryptocurrencies without first being unlocked or released from the user's account.

To unlock a soulbound token, the user typically needs to provide some form of verification such as a password or biometric identification. Once the token has been unlocked, it can then be transferred or traded like any other cryptocurrency.

Advantages of Soulbound Tokens

There are several advantages to using soulbound tokens, including:

Enhanced Security: By ensuring that tokens can only be used by the account to which they are bound, users can have greater peace of mind knowing that their tokens are less susceptible to theft or misuse.

Increased Control: By limiting the transferability of tokens, users can have greater control over their assets and how they are used.

Reduced Risk of Fraud: By making it more difficult to transfer or trade tokens, soulbound tokens can help to reduce the risk of fraud or other malicious activities.

Disadvantages of Soulbound Tokens

There are also some disadvantages to using soulbound tokens, including:

Reduced Liquidity: By limiting the transferability of tokens, soulbound tokens can be less liquid than other cryptocurrencies.

Potential for User Error: If a user forgets their password or loses access to their account, they may be unable to access or transfer their soulbound tokens.

Limited Functionality: Soulbound tokens may have limited functionality compared to other cryptocurrencies, as they are designed to be used primarily as a secure store of value rather than a medium of exchange.

Difference between NFTs and SBTs

One of the key differences between SBTs and NFTs is their purpose. SBTs are designed to raise capital for a project or company, while NFTs are used to represent a unique item or piece of content. SBTs are regulated by securities laws and must comply with regulatory requirements, while NFTs are not subject to the same regulatory oversight.

Another difference between SBTs and NFTs is their liquidity. SBTs are traded on regulated exchanges, which means that investors can easily buy and sell them. NFTs, on the other hand, are traded on decentralized marketplaces, which means that their liquidity can vary greatly depending on the demand for a particular item.

Binance's own SBT - Binance Account Bound token (BAB)

Binance Account Bound (BAB) tokens are the credentials of Binance users that have passed KYC. Since it is a type of Soulbound Token (SBT), it has three key properties: it is non-transferable, it cannot be transferred from one address to another, and it is revocable. It can be revoked by issuers. One UID can only have one BAB token at one time and on one chain.

The following information can be obtained from Binance website for BAB

Where can I view my BAB token?

The BAB token will be issued to the address you provided and you can check your BAB token on any third-party wallet that supports NFTs. Before you view your BAB token, you need to make sure your wallet network has selected the BNB Smart Chain.

What if I lost my access to the BAB token?

If you somehow lose access to your wallet, you can revoke the token with your Binance account. Once revoked, you can mint again after 72 hours.

Is there any way to transfer my BAB token to another address?

If you want to transfer your BAB token to another address, you can revoke it and then mint it to your new address. Please be aware that after you revoke your BAB token, you will have to wait 72 hours before you can mint again.

Incentives on BNB Chain for using BAB tokens

The following list outlines the relevant projects set to be the world’s first Web3 platforms to adopt Soulbound tokens:

Stader

Extra stake rewards up to 25% for BAB token holders. BAB token will also be used to identify unique KYCed users who can participate in the referral program. These holders can refer other BAB token holders and earn rewards.

Gunstar Metaverse

Claim Gunstar Metaverse Badge (GMB) which reduces Gunstar Metaverse Marketplace fee, increases attack & defense power in Battle PvP, offers free tickets or items monthly in Battle PvP, provides priority customer care (early access to news, events, recap, etc.), and offers free tickets for Gunstar metaverse events and tournaments.

Ancient8

Free-to-Mint Ancient8 x BAB Token OAT for all BAB Token holders. Simply complete the social tasks through Galxe and join the “Ancient8 Community Duathlon'' Tournament. Stand a chance to win part of a 1100 BUSD prize pool.

X Metaverse

X Metaverse will be awarding BAB token holders tier 3 Gems in their gaming ecosystem, providing holders special perks in PVP matches.

Plant Empires

Plant Empires have created a unique Lucky Wheel on their Dapp site. BAB token holders will receive many valuable rewards including in-game items and NFTs by spinning the wheel.

Izumi

Izumi is creating a universal giveaway for every BAB participant that participates in their campaign, with a prize pool of 1000USD up for grabs.

Yuliverse

BAB holders in Yuliverse will be entitled for an exclusive airdrop and in game characters.

Tap Fantasy

BAB holders that complete a task during the event would be entitled to a special Tap Fantasy gift pack.

Woo Network

BAB token holders will be able to take part in a lottery of 5,000 xWOO. Users can maximize their chances of winning by trying different features of WOOFi to earn additional tickets up to a maximum of 4 tries.

Dracoo World

BAB holders get 1 extra Fighting Ticket daily to enter Dracoo World Cup Prediction in game.

TopGoal

Each BAB token holder can get 3 All Star trial cards to play TopManager S1 and earn lucrative token rewards for free, including their metaverse utility token $TMT and their DAO token $GOAL.

OpenOcean

Users who hold their own BAB (Binance account bound token) or Glory Pass are entitled to a one-time free lottery ticket (no prediction needed) just connect your wallet to OpenOcean and claim your ticket. Holders who make a swap receive 1x EXTRA ticket in addition to their prediction from the trade.

Conclusion

Soul-bound tokens are a relatively new concept in the world of cryptocurrency, but they have the potential to significantly increase the security and accountability of digital assets. By linking tokens to a specific account or wallet address, it becomes much more difficult for someone to steal or misuse the tokens without the account owner's permission. Binance is the only cryptocurrency exchange so far that has implemented soul-bound tokens. While the concept is still relatively new, it will be interesting to see how soul-bound tokens are used in the future and whether they become more widespread in the cryptocurrency industry.

#Binance #nftfi #Web3 #cryptoadoption #NFT

The world of cryptocurrencies has expanded tremendously in recent years. Along with the development of blockchain technology, various applications have emerged in the financial sector. Staking, Yield Farming, and Liquidity Mining are three such applications that have become increasingly popular in the crypto world. These three methods are used to generate income from cryptocurrencies, but they work in different ways. In this article, we will explore the differences between Staking, Yield Farming, and Liquidity Mining.

Staking

Staking is a process that allows investors to hold their cryptocurrencies and earn rewards for validating transactions on a blockchain network. It involves locking up a certain amount of cryptocurrency as collateral to support the network's security and earn rewards. The concept of staking is similar to that of earning interest on a bank deposit. However, instead of earning interest, stakers earn cryptocurrency rewards. Staking is commonly used in Proof of Stake (PoS) blockchain networks, which rely on stakers to validate transactions and secure the network.

To stake a cryptocurrency, investors must hold a certain amount of the cryptocurrency and set it aside as collateral. The amount of cryptocurrency required for staking varies depending on the network's requirements. Once staked, the cryptocurrency is locked up for a specified period, during which the investor cannot use or transfer it. In exchange, stakers receive rewards for validating transactions and supporting the network. These rewards are usually a percentage of the staked cryptocurrency or additional tokens generated by the network.

Yield Farming

Yield Farming, also known as Liquidity Farming, is a process that allows investors to earn rewards by lending their cryptocurrency holdings to liquidity pools. Liquidity pools are pools of cryptocurrency funds that are used to facilitate trading on decentralized exchanges. Yield Farming involves investors depositing their cryptocurrency into a liquidity pool, which then earns interest or rewards from the pool's trading fees. These rewards can be in the form of cryptocurrency tokens, which can be traded or sold for a profit.

Yield Farming is commonly used in Decentralized Finance (DeFi) applications, which allow users to access financial services without the need for intermediaries such as banks or financial institutions. Yield Farming is a way for investors to earn passive income from their cryptocurrency holdings while contributing to the liquidity and stability of the DeFi ecosystem.

Liquidity Mining

Liquidity Mining is a process that allows investors to earn rewards by providing liquidity to a cryptocurrency exchange. This involves investors depositing their cryptocurrency into an exchange's liquidity pool, which is used to facilitate trading on the exchange. Liquidity providers earn rewards based on the amount of liquidity they provide to the pool. These rewards are usually in the form of the exchange's native cryptocurrency or additional tokens generated by the network.

Liquidity Mining is similar to Yield Farming in that it involves investors depositing their cryptocurrency into a liquidity pool to earn rewards. However, Liquidity Mining is specific to cryptocurrency exchanges, while Yield Farming can be used in a variety of DeFi applications.

Key Differences

Staking involves locking up tokens to participate in network validation, while yield farming and liquidity mining involve providing liquidity to decentralized platforms.

Yield farming involves lending or borrowing assets on AMMs, while liquidity mining involves contributing to liquidity pools on specific DeFi platforms.

Staking is generally considered low-risk, low-reward, while yield farming and liquidity mining can offer higher rewards but with higher risks.

The rewards earned through staking are usually paid out in the same cryptocurrency being staked, while yield farming and liquidity mining rewards are often paid out in new tokens created specifically for the program.

Conclusion

In summary, liquidity mining is a byproduct of yield farming, which in turn is a byproduct of staking. These approaches are all ways to utilize dormant cryptocurrency assets. Staking aims to maintain the safety of the blockchain network, yield farming aims to maximize returns, and liquidity mining aims to provide liquidity to DeFi protocols.

The potential annual percentage yields (APYs) can be quite attractive, with numerous options to choose from. However, it's essential to exercise caution by investigating the potential risks, understanding why your tokens are needed, and comprehending how returns are generated.

#DeFi #nftfi #Staking #Binance #BinanceAcademy

While everyone is eyeing 10,000% APY, I set my sights on new areas that haven't been widely looked at yet. #GHST

NFTs have begun to sprout the seeds of a token economy, and I think they will rise collectively, not just the price of a certain token. #RARI

While the concepts of digital art, collectibles, and virtual lands are often touted as the backbone of the NFT ecosystem, it’s worth noting that some projects are starting to bridge the gap with popular DeFi and governance tokens.

This is "NFTfi". #Meme

Aavegotchi——GHST#nftfi

Welcome to Chenxi web3 vision
Azuki is one of the most well-known projects in the NFT circuit. Even after the founder’s self-destruction in Mirror and the dispute between Azuki DAO and ZAGABOND, Azuki still attracts attention. A recent speculation about Azuki’s imminent currency issuance has made Azuki Back in the public eye again.
Speculation about Azuki’s currency issuance caused market shock

On January 6, Azuki’s official So the community speculated that Azuki might be brewing some plans, or even $ANMIE is Azuki’s upcoming token.

Even though NFTs are a relatively new phenomenon, there’s thousands of different NFT collections available on the market. In such an environment, it can be difficult to decide which NFTs are worth your attention and which ones should be ignored.

In this article, we’ll be highlighting the 10 best NFTs to buy right now. We mostly focused on well established NFT collections instead of smaller collections that have a lot more uncertainty.

Bored Ape Yacht Club - The most popular PFP NFT collection

CryptoPunks - A hugely influential collection of NFT avatars

Azuki - PFP NFT collection with a distinctive anime style

Otherdeeds for Otherside - Land plots for the Otherside metaverse

Fidenza - One of the most renowned generative art NFT collections

Ringers - An iconic generative art NFT collection

The Doge NFT - Fractional ownership of the Doge meme

Nouns - An NFT collection with a unique issuance mechanism and DAO

CLONE X - A collaboration between RTFKT and Takashi Murakami

Invisible Friends - A popular animated NFT collection

If you have any questions about the basics of NFTs, we recommend that you check out our NFT crash course which will explain all you need to start collecting NFTs. Otherwise, let’s get started with our list of the 10 best NFT collections to buy right now.

1. Bored Ape Yacht Club - The most popular PFP NFT collection

Bored Ape Yacht Club (BAYC) is an NFT project that was launched in April of 2021 by Yuga Labs. The BAYC NFT collection uses the Ethereum blockchain, and contains 10,000 unique ape avatars with properties of varying rarities. At launch, users could mint BAYC NFTs at a price of 0.08 ETH each, which was around $190 at the time.

BAYC distinguished itself from many other NFT projects at the time by creating products and experiences that could only be accessed by holders of BAYC NFTs, and giving them free NFTs from other collections in the BAYC universe (Mutant Ape Yacht Club and Bored Ape Kennel Club). In addition, owners of BAYC NFTs have commercial rights to the artwork. These concepts popularized by BAYC have since been adopted by many other NFT projects.

Bored Ape Yacht Club has been hugely successful, and the floor price of the collection is currently 60 ETH. This means that users who got a BAYC NFT at the mint price of 0.08 ETH have seen the value of their NFT increase by 750x in terms of ETH and about 568x in terms of USD. The most expensive Bored Ape NFT has sold for more than $3 million dollars.

Yuga Labs, the company behind BAYC, raised a $450 million funding round in 2022 at a valuation of $4 billion. They are currently working on a project called Otherside, which is a 3D metaverse where users will be able to use their NFTs as avatars. In addition, a token called ApeCoin has been launched to serve as the currency in the BAYC ecosystem. At launch, APE tokens were airdropped to holders of NFTs from the BAYC universe.

2. CryptoPunks - A hugely influential collection of NFT avatars

CryptoPunks is an NFT collection that pioneered the genre of profile picture (PFP) NFTs, which includes projects like Bored Ape Yacht Club, Azuki, Nouns and countless others.

CryptoPunks was launched in June 2017 by a U.S. company called Larva Labs. The collection includes 10,000 unique avatars that have traits of different rarities. When CryptoPunks were introduced, Ethereum users could mint their own CryptoPunks NFTs for free, with the only cost being the gas fee required for the transaction. Today, CryptoPunks is a highly sought after NFT collection, with a floor price of about 64 ETH ($115,000).

In collections that have traits of different rarities, the rarest NFTs can fetch a very high price. CryptoPunks with very rare traits have achieved truly staggering valuations. CryptoPunk #5822, which sports the extremely rare “Alien” trait, was sold for the equivalent of $23.7 million in February 2022. This made it one of the most expensive NFTs ever sold.

Larva Labs, the creators of CryptoPunks, had a mostly hands-off approach to the CryptoPunks collection, besides airdropping Meebits NFTs to CryptoPunks owners. This could change in the future, as the CryptoPunks intellectual property was acquired by Yuga Labs in 2022.

3. Azuki - PFP NFT collection with a distinctive anime style

Azuki is a popular PFP NFT collection featuring a distinct art style inspired by anime. The Azuki project describes itself as a brand for the metaverse that also aims to create real-world projects like collaborations with streetwear brands and live events. The world in which Azuki NFTs exist is called The Garden.

The Azuki collection follows the basic concept outlined by CryptoPunks. There are 10,000 Azuki NFTs, which have randomly selected traits of various rarities. An Azuki NFT with very rare traits sold for approximately $1.4 million in March 2022. However, the Azuki collection is more accessible than the likes of BAYC and CryptoPunks, as its floor price is currently at around 13.2 ETH.

There’s another NFT collection related to Azuki called BEANZ. These characters have the form of small beans and are designed to function as sidekicks to Azuki characters. Holders of Azuki NFTs received an airdrop containing a BEANZ NFT, but the BEANZ collection contains a greater number of NFTs than Azuki.

4. Otherdeeds for Otherside - Land plots for the Otherside metaverse

Otherdeeds are NFTs that will allow holders to claim a plot of land in the Otherside metaverse, which is currently being developed by Yuga Labs. This collection of NFTs was launched in April 2022 and contains 100,000 NFTs in total, with plans to expand it to 200,000 in the future. 55,000 Otherdeeds NFTs were sold through a public sale, while the remaining 45,000 was reserved for holders of Bored Ape Yacht Club NFTs and partners and employees of Yuga Labs.

Some Otherdeeds NFTs also include Kodas, which are strange creatures inhabiting the Otherside metaverse. Otherdeeds that contain a Koda tend to fetch a much higher price than regular Otherdeeds. At the time of writing, the floor price for an Otherdeed is about 1.8 ETH, while Otherdeeds with a Koda start at about 14 ETH.

Currently, it’s unclear exactly what the Otherside metaverse will look like, so Otherdeeds are definitely a very speculative purchase. However, that hasn’t stopped NFT collectors and traders, as Otherdeeds is regularly among the most actively traded NFT collections and is definitely among the hottest metaverse NFTs on the market.

5. Fidenza - One of the most renowned generative art NFT collections

Fidenza is an NFT collection by United States-based artist Tyler Hobbs that was launched in June 2021. Fidenza is an example of generative art, in which artworks are produced through code written by the artist, typically incorporating randomness to achieve unpredictable results. Fidenza was released through Art Blocks, a leading platform for generative art NFTs.

In total, 999 Fidenza NFTs were created. The collection’s striking visuals have made it one of the most renowned collections of generative art NFTs. Currently, the “cheapest” Fidenza available on the market is listed for 69 ETH, which translates to about $124,000.

The Fidenza collection is known for its variety, as it was generated with many different parameters that were selected randomly during the generation of each artwork. This means that there’s plenty of variety across the Fidenza collection when it comes to composition and color palettes. Some Fidenza NFTs have lively color palettes, while others can consist of just two colors. Some include a handful of large elements, while others consist of hundreds of smaller elements.

Regardless of the rapidly shifting trends in the world of NFTs, Fidenza is likely to remain one of the most valuable NFT collections moving forward and could be among the best NFTs to invest in over the long term.

6. Ringers - An iconic generative art NFT collection

Ringers is another example of a generative art NFT collection that was released through the Art Blocks platform. Ringers was created by Canadian artist Dmitri Cherniak, and consists of 1,000 unique artworks. The abstract artworks are based around the concept of a string being wrapped around a set of pegs in various ways.

Artworks from the Ringers collection consist of geometric shapes with a simple color palette of white, black and yellow. However, some examples also have an extra color (red, blue or green). Coincidentally, some artworks from the Ringers collection resemble real-world objects—for example, the Ringers NFT you can see above is affectionately referred to as “The Goose”.

Alongside Fidenza, Ringers is one of the most iconic generative art NFT collections and is considered a “blue chip” collection. At the time of writing, the floor price of the Ringers collection is at about 42 ETH ($75,400).

7. The Doge NFT - Fractional ownership of the Doge meme

The Doge NFT represents the iconic “Doge” photo, which has been used as the basis for countless memes (including Dogecoin). The NFT was minted by Atsuko Sato, who is the owner of the Shiba Inu dog in the picture and took the original photograph that went viral later.

The NFT was purchased by a decentralized autonomous organization called PleasrDAO for about $4 million. Instead of just holding the NFT, PleasrDAO decided to make it accessible to a community of users.

The Doge NFT is unique compared to other NFTs featured in this article because its ownership is split across thousands of different people. The ownership of the Doge NFT is fractionalized into 16.9 billion DOG tokens on the Ethereum blockchain. Anyone can buy DOG tokens on a decentralized and become a partial owner of the Doge NFT. Of course, your ownership share depends on the amount of tokens you own.

8. Nouns - An NFT collection with a unique issuance mechanism and DAO

Nouns are a collection of NFTs depicting pixel art characters with randomly selected traits. The characters are instantly recognizable thanks to their glasses, which are at the core of the Nouns project’s branding.

Unlike most other NFT collections, which usually have a one-time minting process, new Nouns NFTs are generated continuously. Each day, one Noun NFT is generated and auctioned off on the Ethereum blockchain. This process will continue forever, or at least for as long as the Ethereum blockchain is operational.

All of the proceeds from each Noun NFT auction is sent to the Nouns DAO treasury. The Nouns DAO is a decentralized autonomous organization that consists of Nouns NFT holders. When it comes to voting decisions, one Noun NFT equals one vote.

The Nouns DAO funds various initiatives that promote the Nouns project. For example, Nouns Esports sponsors a variety of esports teams in games like Dota 2 and Counter-Strike: Global Offensive.

9. CLONE X - A collaboration between RTFKT and Takashi Murakami

CLONE X is an NFT collection launched by RTFKT in collaboration with notable Japanese artist Takashi Murakami in November 2021. The collection consists of 20,000 “Clones”, which are represented with 3D avatars. Each clone can have one of eight different DNA types, which determine its basic appearance.

CLONE X is among the most popular collections in the PFP NFT genre, and is regularly among the most traded collections on marketplaces like OpenSea. The CLONEX X avatars are fully 3D rigged models, which means that they could be potentially used in virtual reality platforms or in video games. The avatars can be customized, which is a relatively unique feature among NFT projects.

10. Invisible Friends - A popular animated NFT collection

Invisible Friends is an NFT collection created by Swedish animator Markus Magnusson. It was launched in February 2022, and contains 5,000 animated characters. As the name of the collection implies, the bodies of Invisible Friends avatars are invisible, and you can only see their clothes and accessories.

The Invisible Friends project has partnered with the apparel brand Kith to feature some of the company’s products on Invisible Friends avatars. The project has also launched 3D versions of Invisible Friends which could be minted by holders of the original 2D Invisible Friend NFTs.

Invisible Friends NFTs are among the most popular animated NFTs and are relatively accessible in terms of floor price. At the time of writing, the cheapest Invisible Friend NFT available on the market is going for about 1.7 ETH.

The bottom line - There's a lot of high quality NFT collections, but the barrier to entry can be steep

Hopefully, our roundup of the top NFTs has given you some ideas of which NFT collections are worth considering if you’re looking to invest in NFTs. If you think NFTs are a good investment, these collections are certainly a good starting point to explore.

However, it’s worth noting that many prominent NFT collections have a steep barrier to entry, as floor prices can be quite high. If you’re looking to perhaps score some free NFTs, check out our list of the best free NFT drops.

#nft #nftcommunity #nftfi #Binance #binancepaymarketplace