What is ERC-6551

ERC-6551 is The Ethereum standard launched on the mainnet on May 7, 2023 (⚠️Note, it is not a token format standard similar to ERC-20 or ERC-721). It allows each NFT to become a "wallet" that holds assets and interacts on the chain like a normal Metamask account. Specifically, it makes NFT maintains compatibility with existing ERC-721 contracts while having cryptographic wallet properties. This "NFT wallet" is called "Token Bound Accounts (TBA).

The application of this standard does not require the original ERC-721 contract or owner Make any changes to any transactions.

This update is based on a proposal by Future Primitive. According to studio member Benny Giang, the token-bound account is Soul-Bound Token (SBT) The direct inversion of /Wallet.

Soulbound Token is a non-transferable digital token that represents social identity in a decentralized society. Unlike typical cryptocurrencies or NFTs, These tokens cannot be bought, sold, or transferred, and have no market value. Instead, they serve as a verifiable record of social relationships, accomplishments, and achievements, akin to an extended resume.

More about Soul Binding For information on fixed currency, please refer to the entry: What is Soulbound Token

Currently, you can deploy your own TBA through Tokenbound launched by the Future Primitive team, and share it with others Interact.

Benefits that ERC-6551 can bring

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Solving the easy copying of "small pictures"

ERC-6551 has solved to a certain extent the easy copying problem that NFT has been criticized for as "small pictures" - the picture style and style may It can be copied, but it is difficult to copy the on-chain assets and historical interaction data it owns.

The reduction in ease of duplication is achieved by the improvement in composability. In actual application scenarios, when an NFT deployed with TBA is transferred to another person, all the assets "combined" into it (such as ETH, USDT, other NFT and other assets in various formats) will automatically follow. Transfer to new NFT holder.

Realize on-chain interaction of NFT

ERC-6551 can enable ERC-721 NFT to achieve on-chain interaction. NFTs are currently unable to interact with other on-chain assets or DApps on their own, which largely limits their functionality and value development. With TBA, NFT is no longer just an "ownership certificate", and therefore has the development possibility of broader application scenarios and greater value-added space.

Give NFT "independent identity"

By binding to TBA, NFT is given a unique "independent identity".

NFT no longer has to rely on the wallet that holds it, and it is no longer just a small picture owned by a certain account, but an NFT that can own on-chain assets (including other NFTs) and execute on-chain "Market participant individuals" who interact and record transaction history. The emergence of this "individual" concept has enabled many designs based on "Web 3.0 identity" to be implemented; at the same time, after the introduction of TBA, each NFT can have its own unique story, and its value no longer relies solely on Endowed by the designer or holder, or dependent on "speculation and external off-chain activities". From this perspective, the GameFi and SocialFi tracks may usher in new development trends.

The current development bottleneck of ERC-6551

According to real-time data, the current total number of TBA accounts on all EVM-compatible networks is 7,152 (Source: Dune@ sealaunch). This number raises a question: Why did this "how good it looks" ERC-6551 only promote the birth of more than 7,000 accounts more than three months after it went online?

Of course we have to admit that there are reasons for the overall market situation and the current coldness of the NFT track, but in addition, there is actually something about ERC-6551 Its own limitations:

• ERC-6551 does not support all NFT projects

Not all NFT projects are supported.

Currently, the standard only supports NFTs in the ERC-721 format, which means that NFTs in other formats are incompatible with the ERC-6551 standard (such as ERC-1155 format NFTs). This limited compatibility may prevent ERC-6551 from gaining the widest popularity, and the development of the related ecosystem is not active enough.

• ERC-6551 lacks sufficient appeal

In a nutshell, so far ERC-6551 has not provided project parties with “must follow the This is the necessary reason to design NFT with this standard. This situation comes from two facts: some functions do not necessarily require ERC-6551 to be implemented, and some functions may not necessarily be implemented by everyone.

Specifically: On the one hand, the benefits we mentioned earlier such as "combinability" and "on-chain interaction" do not necessarily have to be achieved through ERC-6551 - these are actually It is a basic function that can be realized by the contract account itself; on the other hand, based on our current common application scenarios, it does not seem to be particularly necessary to package NFT and related assets - from a practical point of view, such a transaction The total gas consumption will be lower, but if you think about it carefully, there are not many users who trade this type of "bulk commodities" in large quantities every day.