Sirwin
Sirwin

Benefits of SoulBound NFTs on Splinterlands

By idiosyncratic | Idiosyncratic Crypto | 25 Feb 2023


Soulbound digital assets became popular when Vitalik mentioned them a couple of months ago. Basically, soulbound digital assets are dedicated to a certain crypto wallet or an account that restricts some transactions on it. The owners cannot trade, delegate or rent them.

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Splinterlands has adopted this concept and integrated it into the dynamics of the game smoothly. Starting from Gladius packs, we explored the soulbound Splinterlands NFTs and the ways that we can utilize them.

The Intrinsic Value of SoulBound NFTs

Contrary to other forms of soulbound digital assets, the Splinterlands team attributed some value to these NFTs. If someone does not wish to have X card in his deck, s/he can easily burn soulbound NFT and receive DEC token in exchange for it. This makes the NFTs functional and intrinsically valuable thanks to their "minimum assigned value".

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As you can see above, although you cannot initiate other transactions, burning and locking your soulbound NFTs are active. The "minimum value" of the NFTs is directly related to the uniqueness of the NFTs, as well.

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Even when you do not like/want the soulbound NFT, you are provided an option to transform the DEC value into another digital asset!

SoulBound & DEC Relationship

New Splinterlands players may have difficulty in understanding the use cases of Vouchers, SPS, Credits, DEC, and Merits. Actually, the game requires a certain level of IQ to be competent 🙃

If a new player wishes to build balanced teams of elements by actively trading and combining, among all these tokens, they can see soulbound NFTs as DEC-Bound NFTs.

The strong tie between DEC and Soulbound is the first bridge that traders can use to transfer the value of one soulbound NFT to the NFT that the player wants to purchase.

"Soulbound" is Power

Once some digital assets are made soulbound, directly ceases the possible sell pressure on the market. Some projects may try to manipulate the power of soulbound digital assets however convertibility is the key point on Splinterlands.

The DEC conversion via burn is a backdoor for the soulbound NFTs and I think this can be a great example for other GameFi projects. Even if it creates another level of complexity, the freedom that is aimed to be given means a lot!

I believe the adoption of Soulbounds will be another strong side of Splinterlands.

Hive On ✌🏼

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idiosyncratic
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