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

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Deep analysis of the intent behind SEC's lawsuit against Binance: a jurisdictional dispute or a show of power?

Some observers believe that the SEC may be suing Binance to compete with the Commodity Futures Trading Commission (CF...

Blockchain

South Korea officially legalizes cryptocurrency transactions, Bitcoin stands at $ 9,000

The entire session of the National Assembly of South Korea passed an amendment to the "Reporting and Utilization...

Blockchain

Comment: The exchange is open finance

Foreword: In the current encryption world, exchanges are the biggest catchers of value. Because of the user's de...

Blockchain

"Black Horse" Exchange FTX Receives Liquid Value to Participate in Round B Investment, The Next Crypto Unicorn Is Coming Soon

The Hong Kong-based FTX exchange appears to be the latest unicorn cryptocurrency company with a valuation of $ 1 bill...

Blockchain

FCoin nearly 13,000 BTC can not be paid, some people report it, some people save themselves

Following the destruction of 720 million tokens and three days and three announcements, FCoin has made new progress. ...

Policy

FTX Customers Buckle Up! $9B Shortfall Claim Payout Expected to Roll Out by Mid-2024

Good news for fashion lovers! FTX has reached a settlement with their debtors and creditors, potentially returning $9...