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Soul Bound Tokens (SBTs) are one of the latest innovative developments in the NFT world. SBTs are a special type of non-fungible token (NFT) that can have only one owner and cannot be transferred or sold to anyone else. They often act as a form of digital ID and demonstrate your unique qualities or interests. An Arbitrum Nova–based project launched in mid-January 2024, Soul Society (HON) has now taken the SBT concept to an entirely new level by allowing users to enhance and evolve their SBT tokens.
Soul Society is a gamified digital life platform on which your interests and achievements can be demonstrated and improved via SBT ownership. This unique concept will likely attract the interest of many gamers who are interested in the virtual living genre.
Key Takeaways:
Soul Society is a decentralized gaming app that offers a virtual life environment in which you collect and enhance SBTs that reflect your digital activities and interests.
Its SBT assets, called growth-type SBTs, are unique in that you can further enhance and upgrade them from their original versions.
Soul Society uses Arbitrum Nova, a Layer 2 technology solution, to achieve cost and speed efficiencies.
Soul Society (HON) is a gamified virtual life platform whose users can own and enhance SBTs attached to the digital “souls” they acquire on the platform via a bidding process. An SBT is a non-transferrable NFT that can only be owned by one individual, or rather by one blockchain address, and is typically used as a form of digital ID.
Normally, standard SBTs used on other platforms cannot be enhanced or upgraded. In contrast, Soul Society SBTs can easily be enhanced and upgraded to reflect the achievements and improvements in your digital life activities. Users can earn and enhance their on-platform SBTs by completing quests within the Soul Society’s gaming environment.
Soul Society launched its native token in mid-January 2024, and uses the Arbitrum Nova Layer 2 platform to achieve cost and speed efficiencies while interacting with the underlying Ethereum (ETH) blockchain.
On the Soul Society platform, the so-called souls are the main high-level concept. These souls can be described as digital personalities. Each user account can have a variety of souls that fit their digital life preferences. A soul can have one or more SBTs attached to it as the key indicators of the soul’s interests and characteristics.
Users participate in regularly held soul-bidding events for the chance to own a soul. Part of the bidding involves staking pHON, one of the crypto tokens used on the platform. The more tokens you stake, the higher your chance of winning the soul auction you’ve entered. However, offering the highest bid isn’t the sole criterion in the process, as you also need to complete quests to win and enhance SBTs relevant to the soul being auctioned.
SBTs used within Soul Society can be enhanced and upgraded to reflect your achievements in the gaming environment. The project calls these tokens “growth-type SBTs” in order to distinguish them from the standard SBT NFTs.
The concept of SBT tokens was first proposed by Ethereum co-founder Vitalik Buterin around May 2022. These tokens can serve as a form of traceable decentralized ID. However, standard SBTs are simply recorded on the blockchain once, and cannot be upgraded or enhanced with additional characteristics.
Unlike standard SBTs, Soul Society's growth-type SBTs are upgradeable and can be augmented with additional features. There are five main levels of these tokens. Users need to meet progressively demanding criteria to advance their tokens from one level to the next.
Normally, in order to upgrade your SBT to the next level, you need to complete 10 quests and provide a certain number of Hon Boxes, items that you can either buy on the platform or gain by completing various activities.
The image below shows the current requirements for upgrading your SBT.
The level of the SBT you own is a primary factor in determining your overall SBT Ranking on the platform. Users can earn SBT Ranking rewards; the higher your ranking, the more rewards you’ll receive. Depending upon the level of your SBTs (and the SBTs owned by other users), you’ll be assigned a ranking between 1 and 10. Users with a rank of 1 are entitled to the highest share of the SBT Ranking rewards, while those in the 10th rank have to settle for the lowest.
Soul Society operates on a dual-token model. While its primary native token is HON, the other crypto used on the platform, pHON, currently has more extensive utility and use cases.
The pHON token has a wide-ranging set of functions on the Soul Society platform, and is used during the soul-bidding process. The more pHON you stake, the higher your chance of winning the soul you’ve set your eyes on. At the same time, successful bidders can be rewarded with pHON, depending upon their bidding activity. You can also earn pHON by completing quests and special event quests.
As detailed above, pHON is also used to enhance or purchase Hon Boxes, items that are critical to the SBT upgrade process.
The platform’s official native cryptocurrency is HON. In its communications, Soul Society calls HON a utility token. However, it’s also noted that the token isn’t currently used on the app in a direct way, with innovative and mostly future use cases reserved for it, such as date matching and group matching.
Currently, you can get HON through Soul Society using the platform’s Gambit feature. Gambit allows you to deposit pHON tokens and receive HON in exchange. Bear in mind that this conversion is nonreversible — i.e., you won’t be able to receive your initially contributed pHON in exchange for the HON you were issued.
HON is a deflationary token, with a maximum supply of 1 billion.
The token’s supply allocation shares are as follows:
HON token supply allocation.Source: Docs.SoulSociety.gg
You can buy the HON token on Bybit’s Spot market. Trading HON will also make you eligible to participate in Bybit's Token Splash campaign, which has a 70,000 USDT prize pool and will run until Feb 1, 2024.
Virtual living is among the most popular genres in gaming. Ever since the arrival of the tremendously popular Second Life platform, immersion into a digital living experience has become the norm for millions of gamers. In the blockchain world, the metaverse concept has also popularized this pastime. Now, with the launch of Soul Society, digital dwellers have access to a unique feature championed by this platform — growth-type SBTs.
Soul Society allows gamers to demonstrate their digital personalities and activities, and to advance and develop them further, bringing new value to life in the web3 world. Few other gaming platforms in the crypto world can offer anything of this kind.
Would you like to show the world not only your favorite activities, but also your progress and achievements in those areas? If the answer is yes, then you’re a digital life aficionado — and the Soul Society gaming platform is something you’ll want to check out for yourself.