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ERC-6551: A new groundbreaking standard for NFTs.
Here's how it works and the impact on your experience as an NFT holder.
(1/15)
Here's how it works and the impact on your experience as an NFT holder.
(1/15)
ERC-6551 is a new standard that allows an NFT to have its own wallet. In other words, The NFT itself acts as a wallet with its own wallet address.
These wallets are called "Token Bound Accounts", aka TBA.
Let's illustrate this and see what are the advantages.
(2/15)
These wallets are called "Token Bound Accounts", aka TBA.
Let's illustrate this and see what are the advantages.
(2/15)
Currently, you have a wallet that stores your NFTs - Metamask. With TBAs, you can store any asset in any NFT you own.
Ex: You can store ETH, traits, or even a Degod in your Azuki TBA.
"Seems like another fancy addition".
Hear me out degens, let's see why that matters.
(3/15)
Ex: You can store ETH, traits, or even a Degod in your Azuki TBA.
"Seems like another fancy addition".
Hear me out degens, let's see why that matters.
(3/15)
Put simply, TBAs allow you to have hyper-personalized/new "utilities" and interactions with dApps/platforms.
Your NFT won't be a static JPEG whose value is derived from speculation.
It will become more valuable depending on its stored assets and past interactions.
(4/15)
Your NFT won't be a static JPEG whose value is derived from speculation.
It will become more valuable depending on its stored assets and past interactions.
(4/15)
Still confused?
Let's see 4 major use cases below.
Each one of these use cases leaves room for innovation and represents a first step towards simplifying and improving NFTs.
(5/15)
Let's see 4 major use cases below.
Each one of these use cases leaves room for innovation and represents a first step towards simplifying and improving NFTs.
(5/15)
1. Composability
You can bundle your NFT with its related assets (NFTs, tokens, traits...) into one profile making it easier to manage and transfer your assets across different platforms.
If you sell/transfer the NFT, every asset in it will be transferred as well.
(6/15)
You can bundle your NFT with its related assets (NFTs, tokens, traits...) into one profile making it easier to manage and transfer your assets across different platforms.
If you sell/transfer the NFT, every asset in it will be transferred as well.
(6/15)
Example:
Before TBAs, all assets (NFTs) collected within a game would sit as separate tokens in your wallet.
Now, you can have "inventories" allowing game-related assets to be transferred into your character's wallet — better UX/UI which is what we need.
(7/15)
Before TBAs, all assets (NFTs) collected within a game would sit as separate tokens in your wallet.
Now, you can have "inventories" allowing game-related assets to be transferred into your character's wallet — better UX/UI which is what we need.
(7/15)
2. Fully on-chain identities
Currently, your wallet represented your digital identity.
With TBAs, each of your NFTs has its own identity.
In other words, your NFT can interact with dApps independently, without having to rely on the wallet that holds it.
(8/15)
Currently, your wallet represented your digital identity.
With TBAs, each of your NFTs has its own identity.
In other words, your NFT can interact with dApps independently, without having to rely on the wallet that holds it.
(8/15)
This means your NFT could be associated with your on-chain identity which could indicate your trustworthiness or history of successful transactions.
This opens up new possibilities - loyalty programs/in-game rewards based on an NFT's past behavior to incentivize users.
(9/15)
This opens up new possibilities - loyalty programs/in-game rewards based on an NFT's past behavior to incentivize users.
(9/15)
This could have an impact on the value of YOUR NFT.
Ex:
Blend could use your DeGod's (on-chain) identity and reputation to determine your creditworthiness, reducing counterparty risks.
This can also reduce the risk of predatory loans often mentioned by @waleswoosh.
(10/15)
Ex:
Blend could use your DeGod's (on-chain) identity and reputation to determine your creditworthiness, reducing counterparty risks.
This can also reduce the risk of predatory loans often mentioned by @waleswoosh.
(10/15)
3. Provenance
NFTs (right now) don't provide a complete picture of the asset’s transaction history or utility beyond the proof-of-ownership.
If you sold your DeGod OTC (not on a marketplace), you usually don't have much info.
TBA solves this problem.
(11/15)
NFTs (right now) don't provide a complete picture of the asset’s transaction history or utility beyond the proof-of-ownership.
If you sold your DeGod OTC (not on a marketplace), you usually don't have much info.
TBA solves this problem.
(11/15)
4. Dependancy
NFTs are unable to interact by themselves with other on-chain assets/platforms which limits their functionality.
Your NFT is simply a certificate of ownership. Nothing more.
Not anymore with TBAs which naturally makes NFTs more valuable and useful.
(12/15)
NFTs are unable to interact by themselves with other on-chain assets/platforms which limits their functionality.
Your NFT is simply a certificate of ownership. Nothing more.
Not anymore with TBAs which naturally makes NFTs more valuable and useful.
(12/15)
Basically, you're getting more insightful and specific information about what the NFT has done in the past.
One project that already implemented this standard is STAPLEVERSE.
I recommend you check it out to see the first applications of TBAs.
(13/15)
One project that already implemented this standard is STAPLEVERSE.
I recommend you check it out to see the first applications of TBAs.
(13/15)
→ My thoughts
TBAs enable more sophisticated use cases and greater flexibility + better UX/UI.
This standard is also important since people already associate themselves with PFPs and form their personal brands around them (y00ts, Beanz, etc...).
(14/15)
TBAs enable more sophisticated use cases and greater flexibility + better UX/UI.
This standard is also important since people already associate themselves with PFPs and form their personal brands around them (y00ts, Beanz, etc...).
(14/15)
Using this standard in gaming is a no-brainer in my opinion and will lead to a much better UX/UI for Web2 gamers.
This goes hand in hand with EIP 4337 (basically a new standard for wallets).
And as we all know, wallet integration is the first step to mass adoption.
(15/15)
This goes hand in hand with EIP 4337 (basically a new standard for wallets).
And as we all know, wallet integration is the first step to mass adoption.
(15/15)
How do you think this can be used in the future?
Let me know your thoughts below :).
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Thanks for reading!
Let me know your thoughts below :).
→ Follow me for my next threads
→ Like, RT, and comment on the initial post
Thanks for reading!
Visuals done by @spicypaprika_ and @alanahlam
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