As the popularity of the Web3 and NFT industry slowly waned, Vitalik Buterin proposed his own vision of the future of NFTs that could give the industry a second breath: the "Soulbound" feature of an item from the online MMORPG World of Warcraft.

First of all, it's important to clarify what the Soulbound attribute is. Soulbound is a property of an item that makes it non-exchangeable by mail or auction trade. The game distributes Soulbound items to complete certain missions or get them by killing unique bosses.

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The soulbound attribute often increases the value of the item in the secondary market. Since it is impossible to sell or transfer soulbound items, users sometimes sell their entire account just to earn money from an item.

In terms of blockchain and web3, Buterin believes Soulbound tokens have the potential to change the industry. Soulbound tokens must be offered as non-transferable tokens that can be revoked by the issuer and can be used to represent a particular commitment to real-world events and projects.

The next concept introduced by Buterin is “Souls,” which are essentially accounts or wallets on a blockchain that hold Soulbound tokens and create a Web3 identity.

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Blockchain-based ecosystems have numerous advantages by implementing SBTs, establishing market standards, measuring decentralization, compensating for strategic behavior, and many other areas.

But the main purpose of Soulbound tokens is, first and foremost, to create a user identity and representation by giving a user unique features that no one else has. Unlike the NFTs we know, SBTs will represent who a person is rather than what they can afford.

Magic Johnson, one of the most important names in basketball, introduced the NFT series.

The collection, which will be released on June 7, will showcase the legendary and rare moments in Magic Johnson's career. Each piece of the collection, which will feature 1600 digital paintings to be sold, will be sold for $399.

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Each pack will contain four Magic Johnson moments from the seasons in which the Los Angeles Lakers won the NBA championship.

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U.S. clubs have embraced Web3, with a number of prominent athletes serving as advocates for significant global change. In 2020, the NBA and Dapper Labs introduced Top Shot, an NBA NFT marketplace built on the Flow (FLOW) blockchain.