Binance, a Blockchain cryptocurrency provider and exchange, has announced that its BAB token, a soulbound token, has received the support of 14 Web3 projects that will provide exclusive incentives.
The 14 Web3 projects include, ApeSwap, Apollox PearDAO, Project Galaxy, X World Games, Summoner’s Arena, Ultiverse, Cyberconnect , P12, Mathwallet, Liveart, OpenOcean, TinyWorld, and The Harvest.
Binance users can now mint BAB Tokens to their wallet address on BNB Chain and benefit from exclusive airdrops, and VIP benefits.
The crypto exchange firm first launched the BAB Token at the beginning of August 2022. BAB token is a soulbound token (SBT), which are non-transferrable tokens representing a person’s identity using blockchain technology. This could include medical records, work history, and any type of information that makes up a person or entity. The wallets that hold or issue these records are called “Souls.”
Gwendolyn Regina, Investment Director at BNB Chain, said, “The feedback from the community has been encouraging as we support the top Web3 projects to bring these benefits to BAB token holders. This is where innovation is taking place, as we demonstrate to the world how soulbound tokens can share web3 credentials and identity in a secure and democratic manner. We’ve seen a lot of interest from the dApp community, and we can’t wait to see more projects using BAB token to make this one of the biggest innovations on soulbound tokens in the world.”
While, ApeSwap will create a claimable NFT that represents a raffle exclusively for BAB holders, Apollox will provide BAB holders a privileged reward program. BAB holders will receive PearDAO’s GameFi tokens. This would provide BAB holders special voting rights to enhance DAO governance and dispute handling in the PearDAO ecosystem.
As a defense against Sybil Attacks, BAB token holders will be included into Project Galaxy’s credential database. These BAB token holder credentials will be published on a person’s Galaxy ID after they complete Binance’s KYC process.
X World Games will integrate BAB token into present and future games. KYC-compliant BAB token holders will receive an airdrop upon first login to each game. BAB token holders get VIP perks depending on the game or mode.
Metaverse platform, Ultiverse will exempt BAB holders from KYC and grant daily bonus points in Terminus City, among other unique benefits like minting SBT tokens, voting rights, and more.
Decentralized social graph protocol, Cyberconnect will display BAB on a user’s profile to signify a real user (not bots) and access to proof of attendance for Link3, a new feature to streamline online event creation.
Metaverse platform, P12’s benefits will include admission ticket to all BNB Chain and P12, P12 x BAB Exclusive OAT, premium user access, and token airdrops.
Furthermore, Play-to-earn protocol, Summoner’s Arena, multichain wallet, Mathwallet, NFT marketplace, Liveart, DeFi protocol, OpenOcean, blockchain gaming protocol, TinyWorld, and NFT platform, The Harvest will have exclusive community and membership benefits for Binance BAB token holders.
