Tamil Nadu Idol Wing rewarding staff & public with NFTs and SBTs
CHENNAI: The Tamil Nadu Idol Wing CID has become the first police force in the world to mint and award Soulbound Tokens (SBTs) to both officers and the public as a form of motivation, the department announced on Thursday.
A press release noted that Inspector Indira was awarded an SBT as a ‘Digital Medal’ for cracking an idol theft case on November 18. NFTs were also presented to the team, led by DSP Muthuraja and DSP Mohan, which seized 15 antique idols. The NFTs were printed with DGP Jayanth Murali’s paintings and digitised images of the idols that the team recovered.
NFTs are unique pieces of data kept in a blockchain’s global ledger, the press note explained. The owner of the NFT will be able to substantiate the legitimacy and ownership of the digital object, which could comprise photographs, videos, and audio. An SBT is a non-transferable NFT that is unique to a person, or thing, and may be used as evidence of an accomplishment, possession, or affinity. SBTs are intended to become an enduring component of a person’s personal, distinctive digital identity. As a result, SBTs cannot be transferred between users’ wallets or across the blockchain.
The department added that NFTs can be used as currency to play games in the Metaverse, visit or purchase a Monuverse, or can be used as cryptocurrency on virtual gaming sites of the Singapore-based private company, which created the NFTs. These can also be kept as collectibles, the value of which will appreciate over time, the statement noted.
Murali told TNIE, “These NFTs will also be awarded to those members of the public who help the Idol Wing by providing information regarding idols.” He added that the department is planning on launching a volunteer program called ‘Friends of Culture’ with regard to the same. “College students will show interest in volunteering for the wing as they know the value of NFTs,” the DGP added.