NiftyNoon: Can Pudgy Penguin SoulBound Tokens Solve the NFT Speculation Problem?

Pudgy Penguins reminds the world why SoulBound tokens are so promising (June 13, 2023)

Nifty Thought

• SoulBound tokens are an interesting concept with a lot of potential to address some of the biggest issues surrounding NFTs. Unlike traditional NFTs, they cannot be moved out of a wallet once they are minted. This effectively limits the ability for them to be sold or bartered on the secondary market while still preserving any utility benefits a traditional NFT could offer. In other words, SoulBound NFTs offer all of the promises of token gating through digitally native objects without the risk of secondary market buyers entering projects at $500K with $500K expectations. People would mint these tokens because they want them, not because they hope to flip them for more money in the future.

• Pudgy Penguins has been an early and consistent adopter of these SoulBound tokens through their former Penguin of the Week system. Now rebranded to MVP, the token is designed to award exceptional community members for their contributions. However, in the future, there may be opportunities for brands to sell SoulBound tokens directly to consumers as products. The inability to re-sell would not only mitigate securities regulatory concerns for large corporations, it would also strengthen a company’s ability to sell through primary channels as they are no longer competing against secondary re-sellers. For those that believe the future of NFTs are as products, not investments, SoulBound tokens represent a promising next step to that dream.

Highlighted News

• Pudgy Penguins introduce the MVP Soulbound Token:

  

  https://twitter.com/pudgymedia/status/1668369699724468225?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• A short thread on recursive inscriptions for Ordinals:

  

  https://twitter.com/0xsydney/status/1668136155152519171?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Polygon introduces highly anticipated upgrade, Polygon 2.0:

  https://twitter.com/0xpolygonlabs/status/1668312616459030528?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• US Congressman officially files bill to fire SEC Chair Gary Gensler:

  https://twitter.com/WatcherGuru/status/1668311655472562199?s=20

• Chinese Bank BOCI issues country's first tokenized security on Ethereum blockchain:

  https://twitter.com/watcherguru/status/1668257975574618117?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• ApeCoin compensation - A thread on the approach of the initial remuneration structure:

  https://twitter.com/ysiu/status/1667757014691504128?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Azuki shares ‘All in’ by Artist @kamogawayuka:

  https://twitter.com/azuki/status/1668321720372174848?s=46&t=cNpac1GRlMshaOZRN02eXg

• OthersideMeta shares info on physical KodaPendant:

  https://twitter.com/othersidemeta/status/1668288882545242113?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• CyberBrokers presents the Beta Worlds:

  https://twitter.com/cyberbrokers_/status/1668283764278009860?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• RTFKT releases info on remaining orders shipments:

  https://twitter.com/rtfkt/status/1668365261299388416?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 1,007 eggs hidden within the OF1 garden:

  https://twitter.com/dotswoosh/status/1668351712984465408?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Avium in Fortnite:

  https://twitter.com/aviumworld/status/1668244624383827974?s=46&t=FHh5cEH0d6IVx1KxAvj3aw

• What happened to The Network coin?:

  https://twitter.com/ashrobinqt/status/1668345167580110851?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Meet "FAF", the anonymous max-bidding (and max-staking) whale who is trying to single-handedly save your bags:

  https://twitter.com/cirrusnft/status/1668286102279708680?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Fidenza 158 bought for 212ETH ($366,810.88):

  https://twitter.com/nftwhalealert/status/1668082750367338498?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea ETH Daily Volume: 1,875 ETH (▲ 19.51%)

• Blur ETH Daily Volume: 7,045 ETH (▼ 10.77%)

• BTC: $26,157.08 (▲ 0.96%)

• ETH: $1,751.87 (▲ 0.41%)

• Solana: $15.53 (▲ 1.8%)

• Polygon: $0.65 (▲ 2.16%)

NFT Daily Winners:

• ⛩️ Azuki: 16.84 ETH (▲ 2.25%)

• 🦉 Moonbirds: 2.07 ETH (▲ 1.78%)

• 🚬 CryptoPunks: 50.45 ETH (▲ 0.30%)

• 🏳️‍🌈 Chromie Squiggles: 10.49 ETH (► 0.00%)

NFT Daily Losers:

• 🌈 Doodles: 2.16 ETH (▼ 0.09%)

• 🧬 Clone X: 2.39 ETH (▼ 0.50%)

• 🦧 Bored Ape Yacht Club: 45.51 ETH (▼ 0.55%)

• 🐧 Pudgy Penguins: 4.22 ETH (▼ 0.71%)

• 🧟 Mutant Ape Yacht Club: 9.17 ETH (▼ 0.77%)

• 🐈‍⬛ VeeFriends: 1.80 ETH (▼ 3.06%)

• 🏴‍☠️ Captainz: 8.33 ETH (▼ 3.71%)

• 🧝🏼‍♀️ DigiDaigaku: 2.76 ETH (▼ 4.86%)

• 🥃 Proof Collective: 7.49 ETH (▼ 5.19%)

• 🥔 Potatoz: 2.45 ETH (▼ 7.2%)

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