The bear market may make us forget the fact that tokenization has been non-stop happening regardless of the market conditions. From e-commerce to social media, people are trying to make their digital presence as useful and accessible as possible. Meanwhile, we are witnessing Soul-bound tokens and new types of social presence via blockchain.
Basically, "tokenization" is the process of adding digital goods and services to an existing website. The process of tokenization can be applied across a variety of industries, from e-commerce, social media, financial services, energy to media and entertainment.
The process has been accelerated with the adoption of blockchain technology and NFTs in our digital world. For example, Binance designed its own Sould-bound NFT as a representation of community membership that prioritizes the owners of these new types of tokenized social presence.
On the other hand, Lens Protocol is developed to create a social profile that is structured by people in different contexts without going through a KYC process.
Although NFTs are seen as products that are created for owning digital assets like game assets or for the sake of fine art, they are still undervalued. From Music to digital identity, the tokenization of assets will be the "new normal" of our worlds when blockchain technology is fully adopted by every part of society.
NFTs are Sleeping Giants
The growth of Non-Fungible Tokens is purely amazing. It is getting more popular to tokenized your products and scaffold it with the blockchain technology by using different forms of tokens such as soul-bound and non-fungible ones.
We are used to seeing new concepts of utility for NFTs such as a brand new membership for holders (e.g. Bored Apes) and the staking mechanism that matches perfectly with the decentralized finance platforms. In every single form, they are likely to be the way of transforming real world into the digital world which will be at the top of blockchains.
We cannot imagine a Metaverse that is not built upon NFTs and the ownership of digital assets. Obviously, we may have many other descriptive names for NFTs that are based on real-world values, meta-world products, soul-bound and more.
Are we ready for all these things for NFTs as a whole world?
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Yes we are ready, I think they're really needed in some sectors. Document NFTs will help in eradicating all this identity and property thefts. Tokenization is really a sleeping giant because it will radically change things for the better right from the bottom.
The world isn't ready.
But they are coming anyway and once they successfully make people's lives easier, then they will become second nature.
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I had never heard of the soul-bound NFT concept. It reminds me of soul-bound objects in multiplayer games, items that are attached to your account and are not transferable.