This means that future clients can trust the agency is the rightful owner of that token. The main difference is after the SBT has been transferred that first time, it cannot be transferred again. In the future, sending an SBT is expected to be as easy as transferring any digital asset from one wallet to another. This token would join the agency’s other SBTs in a crypto wallet that serves as a kind of portfolio. Every time an agency completes a campaign, crosses a performance benchmark or helps a partner achieve any other milestone, that partner would be able to send the agency an SBT. SBTs can flip this script by standardizing a digital reference system. Striking deals to work together can be a tricky process for both brands and agencies it requires a lot of research, vetting and negotiation, and despite these qualitative undertakings, it still calls for a heavy dose of trust in a partner you don’t really know. Employers or business partners must often take as word the information on candidates’ resumes and portfolios, while employees and consumers must do the same for companies that make their own claims, such as the completion of a sustainability goal. SBTs intend to solve the previous inability to verify, with 100% certainty, that someone’s credentials are truly theirs, short of calling up each and every party that issued those credentials. While this differentiates them from NFTs-as well as the fact that they’re mostly conceptual at this point-SBTs share some characteristics: They’re non-fungible, meaning one of a kind, and live on a blockchain. Whoever receives it is the only person that can own it. Similarly, SBTs cannot be bought, sold or traded.
Conceived earlier this year by a group including Vitalik Buterin-co-founder of popular blockchain Ethereum-the idea stems from “soulbound items” in the online video game World of Warcraft, which are priceless and can only be awarded, not found or bought. The credential can basically denote any kind of information, such as an achievement, a recommendation or a medical record. This is the concept underlying a soulbound token, or SBT-a non-transferable digital certificate that verifies a credential. What if the flimsy bet that is taking someone’s word could be replaced by something more robust? An incorruptible and provable certificate that verifies a claim, such as an agency’s engagement metrics, a brand’s standing with fans or its knowledge of what its base wants. Like most networks, the marketing industry is built on trust-between brands, agencies, platforms and consumers.
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