What does it mean when an item says "Soulbound in 10 minutes"?

Thanks in advance

After 10 minutes that item(s) can no longer be used by anyone else except you. So you can test something for a few minutes and then trade it away before it binds. Once done item is yours...

However it is worthwhile to note that if you put the item in your Bank before the time expires, it does not continue to go down until you return it to your regular inventory.

Good for safekeeping quality items you might wanna give/trade to someone later on.

Ah-Ha!
Thanks for the replies. That makes sense.
And thanks for the advice on storage.

Also to note that you can still sell the item to a vendor after it is soulbound.

if you want to give it away.....give it to someone before it turns "Soulbound"

Last I checked, the timer only went down when you were actually wearing the item. Keeping it in inventory will freeze the timer just as well as the bank.

Ah, you are probably right about that... I guess I never played that close of attention to it.

He is right. It does NOT count down when NOT wearing it but only holding it in your bag. My wife and I tested this a couple of days ago....:-)