TOWER Ecosystem Introduces First Soul-Bound Token
The team’s strategy is to remain at the forefront of Web3 innovation.
TOWER's First Soul-bound Token
TOWER Token, an ERC-20 fungible utility token, has introduced the Achievement Badge NFT collection. This collection was released in July 2022 and aimed to record each member's efforts within the TOWER Ecosystem. The NFT collection is remarkably the first non-transferable Soulbound NFT collection(SBT) that represents each player's unique identity.
The TOWER achievement badge was first introduced in the Crazy Defense Heros July 2022 XP Gain event. The badges help to record players’ excellent achievements in the Ecosystem. This is, however, not limited to CDH Play and Earn community campaigns and NFT trading. As the first gaming project implementing Soulbound Tokens up to November 2022, the team has released more than 12 TOWER Achievement Badge NFTs for players to gain.
Users can visit the Achievement page on TOWER Token website to see the badges they have obtained. The team also has plans to enable users to showcase their achievements to other community members in the nearest future. In addition, the badge collection has been made available on OpenSea. However, this is only for viewing, as the transfer and purchase options are currently unavailable.
About Soulbound Tokens
A Soulbound Token is a publicly verifiable and non-transferable non-fungible token(NFT). It represents an individual's credentials, affiliations, and commitments. The Non- transferable tokens are tokens used to track identities and cannot be sold. The wallets to which Soulbound tokens are permanently bound are called Souls.
Vitalik Buterin, Ethereum’s co-founder alongside Paul Ohlhaver and E. Glen Weyl, introduced the concept of Soulbound Tokens in a paper titled “Decentralized Society": Finding web3's soul. The authors highlighted that Soulbound tokens provide a basis for a decentralized society. In addition, SBTs can help web3 networks by using non-transferable tokens as reputation indicators.