Metaversal is bankless newsletter For weekly leveling up of NFTs, virtual worlds and collectibles
Dear country without banks
ERC-721 is the token standard that popularized NFTs on Ethereum as unique, verifiable digital assets.
But what if you could turn a simple NFT into a full-fledged Ethereum account?
Now you can! Because it is a new token standard. ERC-6551has just arrived, pushing Ethereum NFTs into new realms of utility and functionality.
Your favorite collection is now available directly It manages its own assets, interacts with Web3 apps, and works better as an on-chain identity. We are entering exciting times here. So in today’s post let’s understand the basics of ERC-6551.
-WMP
🦊 thank youMetamask Portfolio 🦊
👉 You can now stake ETH via MetaMask ✨
Beginner’s Guide to ERC-6551 📥
Basics of ERC-6551
Relevance 🧠
ERC-6551is a new token standard launched on Ethereum mainnet on May 7, 2023. By allowing ERC-721 NFTs to act as their own smart contract accounts, the capabilities of ERC-721 NFTs are greatly enhanced, making them more versatile and functional than ever before.
Why ❓
The motivation for ERC-6551 is the increasing use of NFTs as a form of on-chain identity. Until now, ERC-721 tokens have not been able to act as agents or own other on-chain assets and have been out of sync with real-world use cases for non-fungible assets.
ERC-6551 therefore addresses this issue by granting each ERC-721 token the full functionality of an Ethereum account while maintaining compatibility with existing ERC-721 contracts. This is done by deploying a unique smart contract account called a “token bind account” for each ERC-721 token via a non-authoritative registry.
Note that it can also be owned by a single NFT. many Token-bound accounts via ERC-6551. In this sense, NFTs will be able to contain multiple wallets, etc.
How to do it🔩
The system introduced in ERC-6551 mainly consists of: 1) non-privileged registry for deploying token-bound accounts, and 2) A standard interface for interacting with these accounts.
What a 🪪
Everything you can do with a regular Ethereum wallet, you can now do with an ERC-721 NFT thanks to the ERC-6551 standard. The basic, of course, is to use NFTs to store other NFTs or trade ERC20. However, this just scratches the surface.
For example, say you’re collecting NFT wearables in a new Web3 game. Instead of keeping these in your regular Ethereum wallet, you can now store them in NFTs of your choice, such as player avatars from the same game. Not only is this fun and relatable on a psychological level, but later when you’re ready to move on from the game, you can have the player’s avatar and accumulated wearables as one cohesive unit on the NFT marketplace via ERC-6551. You can consider selling.
it just one This is a hypothetical explanation, but in reality there are many possibilities. As another example, PFP projects can focus on and encourage the expanded utility of their collectibles by airdropping rewards to owners in their collections using token-bound accounts. increase.
Also, according to ERC-6551, NFT is many Token-bound accounts and support multi chain Token-bound accounts provide an additional layer of utility that will ensure a new wave of experimentation and innovation starts across the NFT space.
Note 🤔
Not all NFT projects are supported. In other words, a project that a smart contract does not depend on is the owner of This method is incompatible with ERC-6551 standards such as CryptoPunks.
ERC-6551 not only lacks the proposed comprehensive ERC-721 support, but also poses two major security implications that warrant some caution regarding the NFT ecosystem.
🚨 Avoid cheating: Decentralized marketplaces should be aware of potential scams. For example, a scenario where a user sells an NFT that supposedly holds a certain amount of ETH, and then simply withdraws the ETH after the sale, emptying the buyer’s account. Suggested methods to prevent such fraud include tracking the nonce of token-bound accounts and ensuring that asset commitments remain intact during transactions. . However, fraud prevention is not directly addressed in his ERC-6551 and requires implementation via market-level or external smart contracts.
🔄 Prevent ownership cycles: ERC-6551 can cause a situation where an NFT is transferred to its own token-bound account, rendering all assets in that account permanently inaccessible. This creates a complex “ownership cycle” that hinders on-chain because it requires an infinite search space. Enforcing the prevention of these cycles is outside the scope of ERC-6551, but it is recommended that apps take interface measures to limit such transfers.
voice of the people 💬
• Benny Jeanco-author of ERC-6551 and co-founder of Future Primitive:The idea is simple… what if NFTs had their own wallets?Our idea inspired by Soul Bound Tokens (SBTs) is the opposite and we call it Token Bound Accounts (TBA) Wallets bound to NFTs instead of NFTs bound to wallets there is”
• Gamia member of the Noun DAO and founder of the Gnars DAO and Tings DAO:ERC6551 (Token Bind Account) is how I’ve been thinking about my nouns since joining the company [Nouns DAO].I hope we can somehow get over it … the concept of an “entrepreneur” becomes fully possible. Nouns can be sold along with what you acquire and build on your journey.”
• 0xBeans.ethSolidity Engineer: “ERC-6551 is probably one of the most interesting application-level Ethereum improvement proposals… many interesting properties arise such as tradable accounts… ENS is a step towards on-chain identity, owned by NFTs A full Ethereum account is the next step in my opinion. This EIP works in conjunction with EIP4337 (Account Abstraction). The reference implementation basically creates ETH accounts and binds them to tokens.”
How to use ERC-6551 📂
token bound is an open-source suite of tools centered around the ERC-6551 standard, and one of the services it provides is an account explorer interface that can be used to expand ERC-6551 accounts and interact with other accounts.
If you’re interested in deploying a token-bound account to your NFT of choice, follow these steps:
go to https://tokenbound.org Connect your wallet of choice
Click the “My NFT” button
Select the desired NFT and press the Deploy Account button.
Confirm the deployment transaction in your wallet and wait for the transaction to complete
that’s it! You will see the option “Use Wallet” on the dashboard of the selected NFT. At the time of this writing, we’ve received a “coming soon…” message, so expect the full feature rollout soon.
In fact, keep ERC-6551 in mind. just has arrived on mainnet, tools around it are just beginning to be developed. Expect to see all sorts of “user experience” and “user interface” advancements here in the future. In the meantime, before we dive in, I suggest you take the time to check out the FAQ at the bottom of tokenbound.org.
DougO achieves 2,200% ROI in this bear market 🚀
why? He is an unbanked nation ⚑
big picture 🤯
The arrival of ERC-6551 is a historic milestone in the NFT space, opening up a world of new possibilities by turning NFTs into their own smart contract accounts. This greatly increases the versatility of NFTs, but at the same time aligns them more closely with real-world use cases and makes them more practical and approachable for users. Zoom out and notice the increased adoption and experimentation of ERC-6551 in the coming months.
Moreover, every time skeptics claim we can just “right-click and save” an NFT, we get a token-bound account. internal An NFT that renders this claim even more baseless. Sure, you can copy and save a photo, but you can’t copy and save the content within it 😉
action step
-
Explore ERC-6551: Check out Tokenbound.org 👀
-
See last week’s roundup: L2 NFT please 🙏
Author biography
William M. Peester is the creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. He is a senior his writer for Bankless’s main newsletter and a contributor to the NFT curation platform JPG.
Unbanked citizens ⚑ went from $264 to $6,077 last year. In a bear market he has a 22x ROI 🚀!
🙏 together 🦊 Metamask Portfolio 🦊
now it is possible Staking ETH through MetaMask Works with liquid staking providers Lido and Rocket Pool. First, visit the MetaMask Portfolio. You can also view your assets in one place and find other features such as buy, exchange and bridge.
It is not financial or tax advice.This newsletter is for educational purposes only and is not intended as investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Find out for yourself.
disclosure.From time to time I add links to products I use in this newsletter. We may receive a commission when you purchase through one of these links. Additionally, bankless writers hold crypto assets.see ourClick here for investment disclosure information.
0 Comments