Vitalik Buterin spoke about the advantages of non-transferable NFTs
Ethereum co-founder: in some cases, token transfers are counterproductive.

27.01.2022 - 10:15
297
1 min
0
What’s new? Vitalik Buterin published a blog post reflecting on the possibilities of “soulbound” NFTs, that is, those that cannot be sold. He stated that there is a large and little explored space to develop what non-transferable tokens could become.
What did Buterin state on his blog? Using terminology from the game World of Warcraft (in which a “soulbound” item implies that it cannot be sold or transferred) Buterin gave several examples of when it makes no sense to transfer NFTs. For example, when tokens are given out for attending a certain event.
Also, Vitalik said that tokens with governance rights will make more sense as non-transferable. The direct purchase of such NFTs can lead to some people being able to accumulate a large share of them for their own purposes.
What did Buterin say about security issues? Ethereum co-founder cautiously referred to privacy concerns, noting that some technological innovations will be needed to guarantee data security. He ended the post with a call for the crypto community to pay attention to the issues discussed on the blog:
“This opens a much wider door to blockchains being at the center of ecosystems that are collaborative and fun, and not just about money.”
Useful material?
Market
The former CEO of the exchange discussed building a bunker and conducting genetic experiments with his younger brother
Jul 21, 2023
Incidents
Hayden Adams restored the account nine hours later
Jul 21, 2023
Market
Chainlink CEO Sergey Nazarov predicted the growth of the blockchain industry by trillions of dollars
Jul 20, 2023
Market
The company stopped accepting bitcoin payments in May 2021
Jul 20, 2023
Politics
The bill is designed “to fight the rise in crypto-facilitated crime”
Jul 20, 2023
Politics
Gary Gensler stated the risks to users due to the uncontrolled activities of companies in the sector
Jul 20, 2023