Bandit Network Collaborates With Unstoppable Domains To Launch Minter SBT
With the popularity of NFTs soaring, the need to have the market regulated has been raised in several quarters, especially due to copyright issues that may arise. Bandit Network, an aggregator platform for NFTs, announced the launch of a Minter soul-bound token (SBT) to help the original owner of a non-fungible token prove ownership of the collectibles.
Facilitating Proof of Ownership for Minters
The release from Bandit Network, seen on November 8, said that the need for proof of ownership for creators of digital artworks necessitated the development of Minter SBT. This considers the fact that some NFTs surprise the owners by performing far more than expected thus the need to prove that they were originally created by the owners through the use of the Minter soul-bound tokens (SBT).
The Minter SBT was made possible through a collaboration between Bandit Network and the web3 domain provider, Unstoppable Domains.
A Nontransferable NFT
Minter SBT is an NFT that cannot be moved from its wallet or transferred to another wallet. The perpetual link to the owner’s wallet makes it easy to use them as proof of ownership for the original owner of the NFT.
After a soul-bound token is minted, it stays in the wallet and thus can be used as a time-bound proof of originality even if a similar collectible was minted down the line.
Helping in The Decentralizing The NFT Space
Sandesh Suvarna, a top executive of Bandit Network, explained that with the use of Minter SBT, original owners of digital collectibles can easily prove they own the assets. It also would help in decentralizing the NFT space:
“The goal for these Minter SBTs was for them to act as proof-of-mint and ultimately pay tribute to the first minters. Ideally these are the people who have always believed in a project’s innovation and with SBTs the mantle of decentralization shines even brighter.”
Suvarna said that the Minter SBTs could be implemented on already minted NFTs, using the 3D version of the collectible and a smart contract to render the minted NFT. The service comes with a free web3 domain courtesy of Unstoppable Domains as a term in the collaboration between the two companies.
Utility As A Certificate of Ownership for Commodities
According to Sandy Carter, SVP and Channel Chief at Unstoppable Domains, the use of web3 domains from the company is the most viable option available for creators to save their brands, protect their identities, and display their works on web3:
“We are proud to provide free domains to the project and to make Web3 domains the start of many NFT success stories,”
Bandit Network said that the objective of the project goes beyond attracting collectors to own the Minter SBT but to employ the token in utility as a certificate of ownership for creators. The company stated that it hopes that the token would find use in several real-life commodities.
