Pudgy Penguins and Sotheby’s take the plunge by introducing Soulbound Tokens, a new innovative digital authentication solution
Pudgy Penguins have been far from the chill this year, waddling across chains and linking forces with DeGods to host a private event, “Midnight in Paris“.
Alongside joining other blockchain networks and hosting an event with another blue-chip project, Pudgy Penguins is bringing a new meaning to “cool assets”. As a result, two days ago, Sotheby’s joined the non-fungible token (NFT) project’s colony to launch Soulbound Tokens (SBTs)
- Pudgy Penguins joins forces with Sotheby’s to launch SBTs.
- This OG NFT project is the first of its kind to establish actual use cases of the tokens.
- Reasons for the launch include digital authentication solutions.
Reasons for Tumbling Into SBTs – Pudgy Penguins’ Perspective
The world-famous NFT project, Pudgy Penguins, dedicates itself to innovation and expanding accessibility on-chain. On the other side of the flipper, Sotheby’s is an art house known for its long history in traditional auctions. Together, they are making waves in the Web3 world — exploring digital authentication solutions by issuing SBTs.
Pudgy Penguins shared the good news on Twitter:
SBTs are non-transferable tokens that showcase social identities to assist ethical contracts and undercollateralized lending. Tracing social provenance on-chain can save the reputation of the Web3 ecosystem. Therefore, also Sotheby’s and Pudgy Penguins.
Moreover, these tokens are robust proof of authenticity, recorded in the NFT’s metadata. As a result, they preserve the new Pudgy Penguin NFT owner’s auction involvement with Sotheby’s by representing their history.
By adding SBTs to the mix, both companies can use the digital authentication solution to grasp their target markets better. Consequently, the launch assists in making better business decisions and relationships.
Pudgy Penguins now also rewards SBTs to collectors each time they transfer their Lil Pudgys to a different chain.
This new, innovative token roll out is just a sneak peek of what the future holds for Pudgy Penguins and Sotheby’s in the NFT world.
As the hype around SBTs grow, the advantages of Pudgy Penguins will become more apparent due to being the first NFT project to have an actual use case for such digital assets.
Check out how else SBTs can take the NFT world by a blizzard.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews, and more.