Tokenization is a rapidly developing area in the financial industry which enables investment in the form of digital tokens backed by real world securities or assets. It leverages blockchain technology to create a more open and accessible financial system.
There has been rapid developments in web3 technologies and ecosystems that emerged in 2023. While 2022 was one of the more difficult years in crypto’s short history, that doesn’t appear to erode global confidence in the underlying technology And despite all the recent market turbulence, global financial leaders are still very optimistic and as the market recovers and continues to mature and evolve, so will the applications of crypto and blockchain technology.
While the crypto world continues to expand and spread around the world day by day, banks can no longer remain indifferent to this situation. Although the regulations are uncertain at many points, the concern of entering the market late and falling behind has started to become more evident.
Soulbound NFTs or Soulbound Tokens are NFTs that are non-transferable, making them ideal for managing permanent records. Soulbound tokens cannot be bought and sold and are not designed to have market value. Instead, they can be issued by individuals or by another entity to symbolize an accomplishment or identity. They are held in wallets known as Souls.
Digital asset storage and related custody services are the most vital concepts in the new era of web3. A user’s identification and authentication depends on the ownership of his/her wallet Web3 wallets store a user’s cryptocurrency, NFTs or other digital assets and often has a user-friendly interface that can easily connect and interact with decentralized applications (DApps) on various blockchains
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