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Sharjah becomes 1st worldwide to introduce NFTs with SBT tech.

Sheikh Saud bin Sultan Al Qasimi, Chairman of the Higher Committee for the Government of Sharjah at GITEX Technology Week 2022, Director of the Sharjah Digital Office, gifted the supporting entities non-fungible tokens digital trophies (NFTs) using Soul Bound Tokens (SBTs) technology, replacing traditional appreciation plaques for the first time ever in the world.

A trophy is an NFT stored in a digital ledger, whose identity can be verified via the blockchain system.

This came when the Higher Committee of the Government of Sharjah at GITEX Global 2022 honoured the participants, supporting entities, departments, and media outlets for their contribution in the success of Sharjah’s participation in the global event.

SBT’s are digital identity tokens that represent the traits, features, and achievements that make up a person or entity. SBTs are issued by “Souls”, which represent blockchain accounts or wallets, and cannot be transferred or sold.

Sheikh Saud bin Sultan Al Qasimi said: “Based on the vision of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, our efforts continue to focus on the development of sustainable growth across all sectors. In line with the technology evolution that we are witnessing in all aspects of daily life, we have – for the first time ever in the world – replaced traditional appreciation plaques with sustainable digital assets to honour our partners”.

Source: Sharjah24