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

Unveiling SBF's Defense Draft of up to 250 Pages I Did What I Believe Was Right

SBF traced his development journey, from his childhood in Palo Alto to the top floor apartment he purchased near the ...

Blockchain

The kimchi premium breaks $1,000! South Korea’s "disfigured alcohol addiction" has another episode?

The quiet year's kimchi premium once again swayed, and it was a bit like the scene before the bull market in 201...

Blockchain

The head exchange spoiled, but who did not solve the Staking pain point?

It will seize more than 14% of the market share of the currency market, and the choice of the top 100 currencies of t...

Blockchain

Blockchain industry distribution survey: 42% of practitioners are exchange employees

The block, a cryptocurrency research firm, recently analyzed 158 companies focused on blockchain and cryptocurrency. ...

Blockchain

Babbitt Column | From Central Bank to Digital Currency Exchange: A Typical Case of Banking Sinking

Author: Sun vice president As the author mentioned in the previous article, the once-populated bottom-level public ch...

Blockchain

Inside story How FTX stays up all night to prevent a $1 billion cryptocurrency theft case

On the same day FTX announced bankruptcy, someone began stealing hundreds of millions of dollars from its vault. An i...