A soulbound token (SBT) is a non-transferable token that lives in a wallet. Because of the SBTs’ nature of being non-transferable, they can be used to stamp digital wallets forever.
We developed it based on the learnings found in Vitalik Buterin’s whitepaper and EIP4973.
The Pudgy Penguins team plans on creating and using these tokens to empower community members by helping them create their own unique identities that stand out from others.
On July 22, 2022, on the Pudgy Penguins one year anniversary, we rolled out and activated one of the first use cases for a Soulbound token in Web3, in a way that hasn’t been done or conceptualized before. Every Pudgy Penguin holder was airdropped a "truePengu" token based on a snapshot that was taken at 12AM EST, on July 22, 2022.
Learn more about the truePengu here.
Since then, we created and distributed more SBTs to commemorate licensing deals, and outstanding community members. We called those tokens penguPins, as they’re viewed similarly to award pins.
View all penguPins on OpenSea.
In January, 2023, we introduced the Pudgy soulTransport, which is a decentralized way for sub-communities to issue Soulbound Tokens.
soulTransport allows the distribution of SBTs by sub-communities to reward members & attract new ones!
The vision is to empower members of the Pudgy Penguins community to participate in, create, and market the ecosystem around their own passions and interests.
Similar to a college club system, users will be able to apply, get approved, and receive brand support.
The full infrastructure upgrade will happen in many steps as we beta test use cases and user experience. The first upgrade was deployed here https://etherscan.io/address/0xE834323771eaC96447d0aAa62843CEf35679C100#code.
The deployed contract is the new owner of the penguPins smart contract, which allows a more configurable access system. This means that the owners of clubs and initiatives now have control over how Soulbounds are given out and how rewards are given within the club.
Stay tuned as we continue to build infrastructure and update our decentralized system for identity and participation.