Ethereum’s future will revolve around a different NFT

Ethereum’s future will revolve around a different NFT

According to creator Vitalik Buterin, the future of ETHUSD will revolve around a different type of non-fungible token, NFT.

What Happened: In a paper published last week by Defiant journalist Jason Levin, the creator and two co-authors explored what Ethereum's future might look like.

See Also: ETH Buterin expects the future of the network to be defined by Soulbound Tokens or SBTs — a type of NFT that can't be transferred to another user after they have been received.

Levin explained on Twitter Inc. TWTR that once you receive an SBT, you hold it forever in a Soul wallet.

Buterin and co-authors Glen Weyl and Puja Ohlhaver believe that SBTs will be available by the end of 2022 and have predicted that the up cycle of cryptocurrencies will be focused around them by the end of 2024.

The team described three use cases for these non-transferrable NFTs: universities, digital credential verifications, and decentralized autonomous organizations DAOs. If universities gave NFT degrees now, graduates could sell them online. Levin stated that if a graduate received an SBT degree, he wouldn't be able to transfer or sell it.

Levin further elaborated on how these token could be used to identify whether someone had attended a certain event or airdrops in the realm of decentralized governance, which Buterin refers to as Souldrops. Then read Vitalik Buterin To Trolls: No, Ethereum Was Not A Mistake''

ETH Price Action: According to data from Benzinga Pro, ETH was trading Friday morning at $2,034. 95, up 3.64%, was up 3.64% in the last 24 hours.