Application and Progress of ERC-6551 “NFT Binding Account”

ERC-6551 "NFT Binding Account" Application and Progress

Proposal ERC-6551 aims to enhance NFTs by turning them into token-bound accounts. Cryptocurrency KOL Cygaar listed the representative use cases of ERC-6551, analyzed the current development progress, and organized relevant resources.

ERC-6551 will bring changes to on-chain identity. You will be able to group any set of NFTs on-chain. Projects can utilize this to create more complex and user-friendly loyalty systems as they can now see the transaction history of NFTs and which assets are grouped together.

Similarly, NFT game assets will become more advanced. You can own character skins as NFTs that enhance abilities. Even if the skin is transferred, it won’t lose its enhancing functionality as the skin itself is an NFT. Developers will also be able to use ERC-6551 to dynamically update metadata to reflect the tokens owned by an NFT. Another benefit of NFT wallet binding is that the cost of transferring an entire set of NFTs will be much cheaper.

Current progress: The ERC-6551 registry is now deployed on the Ethereum mainnet and various testnets, which means anyone can start adding token binding account support to their contracts and applications. Some projects are already using ERC-6551, including STAPLEVERSE, PVNKS, and Tokenbound.

Reference: https://twitter.com/0xCygaar/status/1670817139627003904

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