Panoramic interpretation of SBT development status and related projects
Original Author: Joseph|
Original translation: Diamond
This article is from The SeeDAO.
Earlier this year, Vitalik ushered in a new era of NFTs with his "Soulbound" article. This has sparked a number of experimental projects in the "new" use case of Soul-Bound Tokens (SBT) for NFTs. While some have gained traction, most have not. Before we dive into the current state of SBT, let's quickly familiarize ourselves with what it is and the promise it holds.
In simple terms, SBT is a non-transferable NFT that can represent many things.Being non-transferable allows SBTs to serve as data points for reputation credits, including proof of work, certificates of skill, and more.
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Noteworthy projects
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POAPs
While the term "soulbinding" wasn't coined until earlier this year, POAP has been essentially a form of SBT since it was launched in 2019. Of all the risky NFTs that focus on scarcity and price, POAPs take a radically different approach by representing proof of attendance at an event you're participating in, whether offline or online.
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Source: Dune Analytics - @salva
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Project Galaxy
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Source: Dune Analytics - @echelon166
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RabbitHole
Among the players in the SBT space, RabbitHole positions itself as the leader in the "Proof of Skill" category. It is a learning platform that educates users by guiding them through a series of on-chain operations in specific areas of Web3. For example, its "Introduction to DeFi" guide, which includes on-chain operations such as staking ETH on Lido, providing stETH as collateral on Aave, and providing liquidity on Uniswap. After completing these on-chain operations, the user will be eligible to mint a "RabbitHole token" representing the user's skills in that particular field.
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Noox World
Among the projects currently on the market, Noox World may be the most direct way to issue SBT. Each SBT on Noox is obtained by completing specified tasks on the chain. For example, completing 10 or more token swaps on Uniswap will give you"Uniswap Senior Interactor"badge.
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Source: Dune Analytics - @gm365
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DeQuest
DeQuest has taken a more niche approach to SBT by focusing on the gaming space. Similar to RabbitHole, DeQuest starts with"Quest"featured, guiding users to learn and explore various games. in their"Quest"Class, nearly 5,000 badges have been minted.
The value goals of users and games are quite clear. by completing these"Quest"first level title
personal opinion
At this stage, we can clearly see that the SBT field is still in its early stages, with various projects trying different strategies. While some projects have received a lot of attention, most have faced a similar problem of low demand.
In my opinion, POAP is the only project that has found product-market fit. While Project Galaxy has done a good job of attracting users and projects, this is mainly due to their outstanding business expansion capabilities, rather than their own demand. RabbitHole, Noox World, and DeQuest have all seen significant drops in demand since launch.
Which begs the question: If SBT are destined to be the next big hit, why haven't they risen yet?
very simple,Today's SBTs do not represent future SBTs.
If you pay attention, you can know that the current SBT is mainly used as an access tool:
SBT for the AMA"
Cross-chain to X" SBT
Swap X"'s SBT on Uniswap
These SBTs don't tell you much about a user after all. They provide relatively little information and are often meaningless. This means that when individuals, DAOs, and businesses want to know information about the users who hold these SBTs, it is often difficult to discover the information. This makes it difficult to reflect the value of SBT holders.
This puts the SBT field in a bind. In order for users to seriously collect SBT, it is necessary for users to gain value from it. But in order for individuals, DAOs, and corporations to start providing value to SBT, there needs to be an ecosystem of meaningful SBT, and users who collect SBT.
this is a typical"Which came first, the chicken or the egg"Original link
