Understanding ERC-6551: Has the composability of NFTs finally been achieved?

ERC-6551: Achieving composability in NFTs?

If “small pictures” are our “wallets,” what interesting things are worth looking forward to?

By Cookie

Azuki’s fall has gradually reduced the interest in the original narrative in the NFT market, and everyone is eager to regain confidence in new narratives. Currently, there are two directions that have attracted the market’s attention. One is Pudgy Penguins, which represents the development of offline economy and injects value into PFP projects. The other is to continue to explore what NFT technology can do.

ERC-6551 has recently attracted extensive discussions and is an undisputed star in the “technology exploration” narrative.

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What is ERC-6551?

Simply put, ERC-6551 can turn “small pictures” into “wallets”. ERC-6551 will provide a smart contract account for all ERC-721 tokens, which not only enables ERC-721 tokens to have various assets such as ERC-20, ERC-721, ERC-1155, etc., but also allows ERC-721 tokens to interact with various applications.

Your “small picture” is your “wallet”, which has all the functions of an Ethereum account. This is called “Token Bound Accounts”.

Technical principle

Using this flowchart as an example, the holder of a certain ERC-721 Token #456 (such as BAYC #456) interacts with the “Registry” contract to obtain the Token Bound Account of 0×789…. The registry contract is immutable, does not require permission, and has no owner, and deploys a unique deterministic addressing smart contract account for each ERC-721 token. The control of the account is only owned by the ERC-721 Token holder. When the ownership of the ERC-721 Token is transferred, the control of the account is also transferred.

When the holder of the ERC-721 Token wants to use his Token Bound Account to operate, in fact, this Token Bound Account calls the “executeCall” function in its smart contract. The function first verifies whether the initiator of the operation and the address of the ERC-721 Token holder are the same, and then calls the specified function in the target contract address to complete the operation.

That is to say, your wallet controls a “small picture”, and this “small picture” is also a wallet. On the surface, the initiator of the operation is still your “big wallet”, but the interaction is actually completed between your “small picture wallet” and the target contract.

Possibilities

There is already a PFP project “Sapienz” that uses ERC-6551. Sapienz has gone from the lowest 0.02 ETH to around 0.18 ETH due to FOMO, with a maximum increase of almost 10 times. This project has a big background, it was created by the “pigeon king” Jeff Staple.

“Pigeon King” and his designed Nike Pigeon Dunk

However, if we remove the halo of the “pigeon king”, this project is only about “combinability” in terms of gameplay. In simple terms, it is the feature of “small images” that can be “disassembled”. It is possible to remove accessories that you don’t like or buy accessories that you like and put them on like dressing up a Barbie doll. This is not new, and it can be achieved even without ERC-6551, such as ERC-6059.

More interesting possibilities should be related to blockchain games. In the past, we often saw NFT projects in the game category sell a “game character” as the founding series, but the subsequent game assets and “game characters” are separate series. With ERC-6551, game tokens and various game props can be directly linked to the “game character”. If you want to quit the game one day, just sell the “game character”, which is equivalent to selling the ownership of the game account, which is very convenient. If there is anything worth looking forward to in this Sapienz project, it should be considered from this perspective. Whether the “pigeon king” wants to continue to bring his talent to Web3 and design a bunch of virtual fashion accessories to match Sapienz like RTFKT. This can also lead to the possibility that airdrops will become more convenient, and snapshots can be eliminated. It’s the era of “small images” directly associated with addresses for airdrops.

Another possibility is to integrate DID to revolutionize the way social or behavioral records are kept on the chain. Now, to get POAP through airdrops, you need to use various separate platforms. Is it possible to interact directly with a DID in the future? Maybe it can also get rid of the bad practice of whitelist PUA – for how many NFT projects have you done derivative creation or promotion, the project side will give the corresponding POAP, and after accumulating a certain amount, the project side can directly check the “small image” wallet to see if it is a high-quality user. Gradually, PUA will no longer have excuses.

It belongs to the category of “I have considered this point, and I have also considered that point”, but maybe it is the most universal, and its downward compatibility is really unbeatable. Previously, there were many similar ideas on Ethereum, but they may not be as suitable for market acceptance. There are also attempts on Solana, such as BackBlockingck, which is a “programmable NFT”, where 1 NFT = 1 App, but the application still has to be used in BackBlockingck, which is not easy to expand.

Finally, ERC-6551 is still in the proposal stage, so keep an eye on it, invest cautiously, and do not FOMO.

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