Binance launch token of Soulbound on the BNB Chain for the purpose of handling the KYC of wallet holders. Here, it also launched that BAB offered the Soulbound Token on BNB Chain, being the decentralized solutions for KYC details for exchange. Also, the Soulbound Tokens are basically the NFTs which are basically non-transferrable between the wallets.
Also, inability for trading the NFT permits them to used for the purpose to identify the holder of the wallet on blockchain. Moreover, the Data linked to NFT may also well utilized to simply pinpoint various recorded actions by wallet. It is like interacting with the App and also smart contract.
Binance Account Bound Token
Such kind of the token is to known as BAB or also known as Binance Account Bound token. This will certify various wallet owner along with the status of the verified user on Binance. This will also be easily available for the purpose of use by different set of the third-party protocols.”
Here, ownership of the BAB will also known as optional for customers. They can choose and complete the proper KYC check through Soulbound Token with various traditional means.
However, Ownership of the BAB token would initially indicate about the fact that wallet owner has also passed KYC check would not additional user for the data getting present within token. On the other hand, in future the BAB might also issue other kinds of tokens having additional functionality.
Token by Souldbound
It is important to note that BAB token is not initial Soulbound Token to get released, though it is initial most on BNB Chain. The space of NFT is one alive through the innovation along with the forward momentum during such bearish market. The requirement to find true value and the proposition for NFT is at forefront for community through the ‘utility’ with latest buzzword in such NFT space.