Non-Transferable Tokens (NTTs)

NFT vs. NTT — What are the key differences?

We have begun to understand the difference between FTs and NFTs, but now we are hearing more about NTTs. With blockchain technology, new concepts are being developed daily to address our daily challenges.

In this article, I will mainly focus on NTTs, how they differ mainly from NFTs, their benefits, and potential use cases.

As we all know, NFTs, or Non-Fungible Tokens, are unique digital assets that represent something one-of-a-kind and cannot be replaced by something else of equal value, unlike a fungible asset such as Bitcoin or Ether. NFTs have gained significant attention recently, with some selling for millions of dollars at auction. They are typically used to represent digital art, collectibles, and other unique assets on the blockchain.

In contrast, NTTs, or Non-Transferable Tokens, are digital tokens not designed to be transferred between different owners or accounts. NTTs are often used when the token represents a specific right or privilege tied to a particular account or identity.

NTT is also known as SoulBound Token (SBT) because it is permanently bound to a crypto wallet. They assure credibility, reliability, integrity, and affiliations on the Web 3.0 network. Using NTT, a user will never be able to trade…