Thread by @great_ben_

Ever thought of your NFTs becoming mini financial hubs? It’s now possible.

Since the launch of EIP-6551 (aka Token Bound Accounts), every #Ethereum-based #NFT in existence, from #CryptoKitties to #BoredApes, can now act as a wallet.

A Breakdown thread🧵 on EIP-6551 👇

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These NFT-owned wallets can now own other assets like:

🔸$ETH

🔸ERC-20 tokens like USDT

🔸ERC-721 tokens

🔸ERC-1155 tokens, aka semi fungible tokens.

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This means that if you own a Bored Ape, you can now have that Bored Ape own a Moonbird, Azuki, all in a single wallet.

Or, you can create an inception of wallets within #NFTs and have your #BAYC own your #MAYC and your #MAYC own your #CryptoPunk and your Punk own your $ETH

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This madness was unveiled at ETH Denver and has since taken Crypto Twitter by storm.

Further, I’ll get into how it works, how you can use it and, most importantly, its benefits, so that you can walk away knowing exactly how to put this new tech to use.

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How Does EIP-6551 Work?

Every #NFT has a wallet now. There’s nothing you need to update and there’s no transaction to be signed and approved.

The EIP (Ethereum Improvement Proposal) was deployed and it's all live now.

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If you own an NFT, here’s how you find out its wallet address:

Go to Tokenbound.org

Search for your NFT (I’ve searched for my Stand With Crypto #102946)

Click on the address that’s popping up:

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An Etherscan page will open. For instance, the wallet address for my Stand With Crypto #102946 NFT is: 0x05F1a8F48aaCe3A2B30e0C9E1B122f5D713Afa65

I can now send $ETH or any ERC-20 or NFT to this wallet address and my Stand With Crypto NFT will own those assets.

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However, I’ll still be the owner of each asset I send over, as long as I’m an owner of my Stand With Crypto NFT. If at some point I decide to sell my NFT (or burn it), all assets inside will be gone with it. 

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Here’s an example of how @BennyGiang (one of the people behind EIP-6551) airdropped an NFT inside the wallet owned by Carly Reilly’s DeadFellaz NFT 👇

https://twitter.com/BennyGiang/status/1657351491923869696?t=ZIH8UlYfB_6Hu3KCdRDUMQ&s=19

You may be wondering what’s the point in doing this? Let’s break each one down🔻

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Benefits of EIP-6551 🔻

There are an array of potential benefits that come with Token Bound Accounts (TBAs). 

A super obvious one is that your NFT is not valued at Floor Price anymore, but its price is rather decided by the assets it owns. 

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We often talk about how your wallet is your identity. Now, you have your NFT as your digital Identity.

I’ll now dive into the most exciting benefits that we’ve found (in no particular order).

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Folders 🔻
Say you own multiple NFT from a certain ecosystem. Yuga Labs for example.
You own 1 BAYC, 4 MAYC, 2 Kennels, 1000 $APE and 50 Otherdeeds. These are currently all in your own wallet. To sort them, you could simply transfer them all to your BAYC (your 1 Ape) wallet. 
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This would not only keep your main wallet clean, it’d also show the world that this one Ape (that’s your identity) owns so many other NFTs from the Yuga Labs ecosystem. It would really boost the price of your Ape (which isn’t valued at FP anymore).

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And if you ever decide you’re done with the Yuga NFTs, you can simply sell them all in a bundle, rather than one by one (if you can find a willing buyer, of course).

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NFT to NFT Messaging🔻
Wallet to wallet messaging works essentially like WhatsApp, where you text your friend because you have their number. Here, you’d need their wallet address (or their ENS, aka, their .eth handle). Speaking to other NFT holders is difficult right now.

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You need to track their wallet address, then identify their Twitter or Telegram and then reach out. It’s a hassle.

With TBAs, since all NFTs now have wallets, you can simply message a fellow #Azuki holder directly onchain.

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There are already apps like @pushprotocol or @wallet_chat that you can use today to do this.

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Gaming Avatars🔻
Lastly, in your typical game, the character (you) can own multiple assets like swords, helmets, clothes, skins, knives, weapons and more… Furthermore, thanks to the blockchain, your character can now also own fungible assets like $ETH or $PEPE.

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But, if every sword,skin,helmet was an NFT, then my wallet would end up having as many NFTs
EIP-6551 fixes that. Now that your main NFT your character can act as a wallet, you can have it store all in-game assets that you collect over time.
No need to store them separately.

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I hope this thread gave you a better understanding of EIP-6551😊

If you have any questions or opinions pls let me know in the comment section

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