On September 8, Binance, the world’s most recognized cryptocurrency exchange, launched its first soul-linked token on the BNB blockchain. It is called “Binance Account Bound” (BAB).
In NFTexpress I told about Soulbound tokens in an article about Soulbound tokens. articlebut to review, Soulbound NFTs are non-transferable tokens and as such, they are unique and permanently bound to their owners. Consequently, they are used in applications where proof of identity is most important, for example, it could be in the case of educational credentials.
Binance, launched its first Soulbound token called “Binance Account Bound” (BAB), in which only verified users on the platform can mint the token.
Upon completion of the above processes, users will be able to have their BAB in the BNB Chain. These tokens will function as identity credentials and will allow users to actively participate in different projects and earn rewards for those actions.
The Binance ecosystem already has fourteen projects that have committed to offering users unique use cases linked directly to BABs. The following Web3 platforms are early adopters of this token:
ApeSwapDeFi center that will set up a claimable NFT raffle.
ApolloXcryptocurrency exchange that will present a rewards program.
PearDaodecentralized marketplace that will distribute GameFi tokens with the objective of granting access to voting rights, exclusive NFTs mining and higher trading limits for token owners.
Galxea credential infrastructure that will add BAB holders to its database to strengthen protection against sybil attacks.
X World Gamewill launch a single airdrop to log in to each game.
CyberConnectCyberConnect: a decentralized social graph protocol, which will leverage BAB tokens to indicate that the user’s social network profile belongs to a real person and not a bot. Also, it will use BABs as POAPs (proof-of-attendance protocol) for virtual and in-person events.
Other partners that will use the BAB token are: Ultiverse y P12metaverse platforms. Summoner’s Arenaa play to earn game. LiveartNFT art project. In addition, GameFi platforms such as Tiny World y Harvest. Finally, there will also be MathWallet y OpenOcean.
If you are a verified user in Binance, and you are interested in creating your BAB to use it directly in these platforms and those to come in the future. Learn more here.
The benefits of owning one’s own BAB token can range from exclusive airdrops and VIP experiences. Also, there will be access to new features launched across the Binance blockchain ecosystem, BNB Chain.
From the exchange created by Changpeng Zhao, they are committed to providing more projects with the goal of providing real-world use cases for soul-linked tokens.
Please note that some mandatory requirements to obtain a BAB token are: having a Binance Smart Chain compatible wallet and verifying ownership of the wallet. The token creation has a gas fee which at the time of writing this article is at approximately 1 BUSD (one dollar, since, it is the Binance stablecoin pegged 1:1 to the USD).
How to display the BAB token?
The Binance token will be issued directly to the wallet that was previously connected during token creation. Being an NFT, note that you need a crypto wallet that supports non-fungible tokens in order to view it.
Non-transferable token
Since the Binance Account Bound (BAB) is a soul-bound token, it cannot be sent to others. However, Binance has created a solution to transfer it between your own wallets.
Upon wanting to perform this action, the token owner will have to cancel the existing BAB and create a new one. Subsequently, the holder can do so by going to the “revoke BAB token” section within the Binance platform and follow the instructions. Consequently, there will be a lock-in period of 72 hours, as, Binance will have to check all the relevant information about the revocation of the token. After that, a new BAB token can be minted by connecting the other wallet where the user wants to store it.
Another case where a revocation of the BAB token might be necessary is in case there is an unexpected loss of the private keys of the wallet where it was stored. Since access to the wallet is lost, the existing BAB can be revoked and a new one created as I explained above.
Conclusions
Finally, for the Web3 ecosystem, the “Binance Account Bounds” signify a positive breakthrough in the industry, as, they will be the first use cases of a soul-linked NFT in the real world. Recall that the idea was first floated by Ethereum’s blockchain project leader Vitalik Buterin on a article statement on his official website in early 2022.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.