Soul Bound NFTs by Vitalik Buterin

NFTs are, by definition, tokens that don’t have any value on their own but are assigned to valuable assets to facilitate trade. However, the founder of Ethereum, Vitalik Buterin, has announced the launch of an exciting new use case for the NFTs. 

Buterin recently co-wrote a 40-page paper to explain how Ethereum is going to revolve around a new ecosystem called Decentralized Society with souldbound tokens as one of the main attributes. 

Soulbound tokens are NFTs that a person can earn based in part on their education and job history. Unlike normal NFTs, these NFTs are non-transferable and represent the person’s reputation and accomplishments as a type of extended resume. 

The Real-Life Value of SBTs

Soulbound Tokens or SBTs are shareable as CVs or resumes while being attested to a soul or person. For example, one of the use cases for SBTs would be as a recommendation layer by a company for its employees. Buterin aims to use SBTs as degrees issued by universities, qualification verifications and more, making it difficult for imposters to impersonate anyone. 

The idea is to bolster people’s social identities by customizing them with unique, non-exchangeable badges. In theory, the tokens could help solve some of the problems ravaging decentralized finance, like scams and theft,” Buterin said. 

The SBTs will be stored in Soul wallets and can be easily recovered even if you somehow lose the key. The wallet would require consent from Soul community members, that would verify the user’s identity. These community members are called guardians, and the wallet owner can only select them to ensure security. 

The guardians can be close friends, family members, trusted institutions, etc. and can authenticate the owner of the soul through conversion, a face-to-face meeting and several other methods. 

The SBTs collection is meant to go live by the end of this year and will connect to Buterin’s larger plan to create a decentralized society by 2024. 

Spotify testing NFT galleries for Artists

The craze of NFTs has far surpassed the expected growth curve, with major artists and platforms embracing the era of digital assets. In the past few months, there have been several exciting developments where popular celebrities have launched exciting new NFT collections, and the art platform is incorporating these new demands.

Only recently, The Chainsmokers, a popular pop music creator, launched an NFT collection of 5,000 NFTs, which gives holders access to streaming royalties. In an exciting turn of events, the popular music streaming platform Spotify is also testing the NFT waters. 

Spotify X NFTs

Spotify is testing out a new feature where they will display NFT galleries on the artist’s pages. While this feature is currently limited to a small test with selected artists in the US, Spotify will launch full-fledged NFT integration soon. 

The test is being conducted for Android devices for now, and as a part of this test, users will be able to visit artists’ galleries on their pages. On tapping the NFT menu, the user will be able to see a large preview of the image, which will redirect them to the NFT landing page, where they will be able to purchase the artists’ NFTs. 

According to the publication Music Ally, Spotify will not collect a commission on the sales for now as it is just a test integration. Spotify also confirmed the test and mentioned that this update will “help a small group of artists promote their existing third-party NFT offerings via their artist profiles.”

They further added, “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning,”

However, presently Spotify won’t support a video or GF NFT as the test is limited to thumbnail previews or images. Moreover, users won’t be able to see the NFT unless they click on the menu and visit the official listing platform out of the app.

However, this is great news for all the artists and fans as a major streaming platform is joining the NFT wave. 

Hollywood and NFTs, a Match Made in Heaven?

There have been a lot of controversial opinions related to the emergence of NFTs and digital currencies in Hollywood. While some are more than excited about this unparalleled new opportunity, naysayers believe it is a match made in hell. Regardless of personal opinions, there is no denying the fact that the NFT wave has been massive as it offers a wide range of opportunities for the creators and the fans. 

While proper education and awareness for celebrities and artists are important for them to safely navigate this space, the future looks promising already. There are several popular celebrities global and worldwide that have already entered the NFT space, and more are joining the hype as well.

Artists and NFTs

Several major celebrities such as Snoop Dogg, Matt Damon, and Eva Longoria have already entered the NFT space. While some of these NFT collections have been successful, others have failed to pique fans’ interest. However, the chance of success of an artist’s NFT is the same as the chance of success of their artwork in their preferred medium. 

Shaq, the famous NBA Hall of Famer, also raised a million dollars for his charity, Shaq Gives Back, by purchasing Creature World and Mutant Ape Yacht Club NFTs. While other celebrities, such as Brie Larson, the superhero Captain Marvel in Disney’s Marvel Cinematic Universe, failed to impress her fans with her introduction to the NFT space. 

An important thing to remember in NFT space, like any other trade is to know the tricks before jumping in. Considering Mark Zuckerberg’s plan to integrate NFTs with popular social media platforms such as Twitter and Instagram, the NFT wave is only going to get bigger in the future. 

Moreover, there are so many opportunities in the NFT space waiting for the artists to bank on. Snoop Dogg recently turned his Death Row Records into an NFT label to offer his fans exclusive opportunity to own his NFT tracks. 

The NFT wave is here to stay and with time Hollywood and NFTs will indeed turn out to be a match made in heaven. 

KPMG Canada Continues Digital Asset Investments With First NFT Purchase

Over time, KPMG has been providing blockchain and digital assets-related services, such as strategic realization and operations integration to its clients. Dipping its toes in the crypto sector as far back as 2020 when the firm unveiled a blockchain-based Climate Accounting Infrastructure Solution. Believing in the long-term value of crypto assets, KPMG has been advising a lot of clients in terms of how they should be thinking about it and for the first time, KPMG Canada feels good putting her skin in the game.

Interoperability between KPMG and NFTs

Knowing the endless possibilities converging in the space with NFTs, the Managing Partner of KPMG Canada’s Advisory Services, Benjie Thomas, addressed the NFT purchase, stating that:

“NFTs unlock a new channel for organizations to engage with their customers while also underpinning innovation through the secure digitization of assets. This acquisition reflects our belief not only in the continued growth of NFTs but in the value of WoW and its mission. Having now gone through the process, we are well-positioned to guide our clients around building a corporate NFT strategy, including, acquiring, and safeguarding NFTs.”

KPMG Travels without Travails

With dauntless strides to keep at the top of its game as it balances the levers upon which it has amassed success after adding Bitcoin and Ethereum to its balance sheet, KPMG Canada has bought its first NFT from the World of Women (WoW) collection. Its purchase of the WoW NFT marks its first foray into this category of digital assets. Major organizations, companies, and business conglomerates have been getting on board with the NFT trend. The company had previously added Bitcoin and Ethereum to its investment holdings. Venturing into the world of NFTs seemed like a natural next step. 

Why the Women Community becomes its Sage

Over time, the World of Women community has shown its commitment to increasing representation and inclusivity by promoting equal opportunities for female artists in the Web3. The initiatives taken by this organization seek to empower more and more female artists to explore crypto and NFT opportunities, as it also runs several charitable initiatives that support global women’s issues and ecological causes. With 10,000 first editions, NFTs featuring diverse inspirational women, the signature WoW collection has become highly collectible in nature.

Regarding this remarkable stride made by KPMG, reckoning with the female world, KPMG’s Partner and National Risk Consulting Leader, Nancy Chase, addressed the lack of female representation in the crypto world, stating that by all accounts, women are underrepresented in the world of all things crypto, which makes the organization proud to make her first NFT acquisition in a collection that supports women. According to Nancy Chase, she further added that the organization hopes that its move to purchase the WoW NFT will draw more women into a sector that’s on the cusp of changing how it interacts with one another in the future.

What NFT Holds for the Future

With the combination of a crypto and NFT marketplace, modern investors would always afford the full range of investment risks and a diversified portfolio, having potential applications with endless possibilities with NFTs which they hold. Some claim ten years from now, all purchases will be accompanied by NFTs. Others think smart contracts will replace legal documents.

Rakuten Launches Rakuten NFT, a New Marketplace for NFTs

Just recently, Rakuten Group, Japanese electronic commerce and online retail company based in Tokyo have announced the launch of a non-fungible token (NFT) marketplace called Rakuten NFT. With more enticing ice over the cake, the announcement notes that new features will be added in the future, and a peer-to-peer service for minting and selling NFT content has been planned to launch in 2023.

NFTs and Its Uniqueness

NFTs shift the crypto paradigm by making each token unique and irreplaceable, thereby making it impossible for one non-fungible token to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to “breed” a third, unique NFT. Most of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. With all of these possibilities, major merger companies have not only flocked to the metaverse in recent times but have also dipped into NFTs and their encompassing ecosystem.

Endless Possibilities with Rakuten

Rakuten NFT is a service that provides a platform for users to purchase NFTs, as well as peer-to-peer buying and selling of NFTs, in a range of areas such as sports and entertainment, which includes music and anime as it features a unique, one-stop platform, enabling IP holders to build their own website for issuing and selling NFTs. With Rakuten Launching its Non-Fungible Token Marketplace over some years, it’s glaring that the Japanese online retail giant Rakuten has been dipping its feet into the world of cryptocurrencies and blockchain solutions. The new platform will be integrated fully into the Rakuten Ecosystem, meaning any of Rakuten’s millions of members in Japan can sign in and check out using their existing Rakuten ID. This integration will also allow for collaboration with other Rakuten services, which could potentially pay out gifts or benefits in the form of NFTs.

The earning and spending of Rakuten Points,  Rakuten’s ever-popular loyalty program is also likely to be implemented. A service for peer-to-peer issuing and selling of NFT content is planned for launch in 2023 or later, which will support IP holders in Japan and worldwide to issue NFTs, as well as spur further development of a global market for NFTs. Plans also call for the introduction of a diversity of additional payment methods. The brand has also proposed to send some digital artworks to the market among which includes: Ultraman anime CG assets and an NFT of the horse racing-themed comic Kurogane Hiroshi G1 Gekitoshi (2010 Series), containing illustrations by famed manga artist Hiroshi Kurogane. 

More Strides from Rakuten

While the brand advances at a fast pace, it is also planning to produce and sell the J.League NFT Collection Players Anthem, as well as develop the Rakuten NFT Art Gallery, a collection of original NFT artwork selected by Rakuten NFT. To mark its opening, the Rakuten NFT Art Gallery will host a selection of digital artwork which will include works by Orihara, image creator for singer Ado. Sales on Rakuten NFT Art Gallery are expected to commence in May 2022 or later.