yesterday, #nftfi marketplace #blur  finally allowed users to redeem care packages for $BLUR, the platform’s native token. The event was highly anticipated and resulted in a significant market surge over the last month. Ultimately, the royalties-optional marketplace secured over $430 million in trading volume in the last 30 days. And yesterday, the money continued to flow.

The event saw several top traders rake in more than $1 million worth of tokens. According to data from DappRadar, Blur’s 24-hour trading volume was around $9.5 million, making it second only to OpenSea, whose trading volume was approximately $12 million.

Now, it seems that Blur is going toe-to-toe with #OpenSea in a new chapter of the Web3 royalty wars.

the Blur team told users that they should block #OpenSea’s NFT marketplace. Why? Because creators currently can’t earn full royalties on both Blur and OpenSea. Instead, they need to choose one to earn full royalties on — OpenSea or Blur, but not both.

This happens because OpenSea automatically sets royalties to optional when they detect trading on Blur. According to OpenSea, they have this policy to protect both creators and their own bottom line.

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 NFT market surged in February, topping $2 billion in total trading volume per data from DappRadar—a 117% increase from the previous month. And that momentum remained nearly intact into March, with data showing only a slight dip to under $2 billion.

Market-wide data from DappRadar, supplemented with additional on-chain data from Dune, points to just over $1.95 billion worth of trading volume in March, down about 4% from the February total of $2.04 billion.

The vast majority of that trading volume again came from Blur, with nearly $1.35 billion worth of Ethereum NFT trades on the marketplace, up slightly from about $1.32 billion in February. Blur trading activity surged in mid-February when the marketplace launched its BLUR reward token, which has incentivized mass flipping from “whale” traders—that is, traders who hold large positions in a given collection and act as so-called market makers.

NFT Sales Surge to $2 Billion in February—Highest Since Terra Crash

The surge in trading volume, and the resulting boost in overall NFT market sales, has raised questions over whether such trading activity should be categorized as “manipulated” or even “wash trading,” as data platform CryptoSlam has done. DappRadar counts it as legitimate trading, however, and the trend has continued with more token rewards promised for users.

OpenSea, still the leading NFT marketplace in terms of total unique wallets, logged about $424 million worth of trading volume in March, down from $587 million in February. Overall, Ethereum NFT trading was nearly even in March—from $1.81 billion in February to $1.82 billion.

Along with the slight dip in total March trading volume, fewer NFTs were also sold compared to February. Data from DappRadar and Dune collectively point to about 5.8 million total NFTs sold in March compared to almost 6.5 million NFTs in February. Despite February’s massive surge in trading volume, even more NFTs (over 6.6 million) were sold in January.

How Much Wash Trading Is Really Happening on Blur?

February’s $2.04 billion tally was the largest monthly total for NFT trading volume since May 2022, when the market sank amid the collapse of Terra’s crypto ecosystem.

But with so much volume still tied to Blur’s rewards scheme, which is dominated by a small number of whale traders, it’s debatable whether the recent rise in NFT market sales is really “organic”—let alone sustainable, should the allure of token incentives fade.

#nftcommunity #NFT #nftfi #Binance