An article to understand the composability of ERC-6551 NFT is finally realized?

The fall of Azuki has gradually reduced the NFT market’s interest in the original narrative, and everyone is eager to regain confidence in the new narrative. At present, there are two directions that have attracted the attention of the market. One is to develop the offline economy represented by Pudgy Penguins and inject value into the PFP project. The second is to continue to explore the NFT technology. What.

ERC-6551 has been widely discussed recently and is a well-deserved star in the “Technology Discovery” narrative.

What is ERC-6551?

Simply put, ERC-6551 can turn a “small picture” into a “wallet”. ERC-6551 will provide a smart contract account for all ERC-721 Tokens. These accounts will not only enable ERC-721 Tokens to own ERC-20, ERC-721, ERC-1155 and other assets, but also enable ERC-721 Tokens to Interact with various applications.

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

Technical Principles

Taking this flow chart as an example, the holder of an ERC-721 series Token #456 (such as BAYC #456) interacts with the “Registry” contract to own a Token-bound account of 0x789… The registration contract is immutable, does not require permission and has no owner, and deploys a unique, deterministically addressed smart contract account for each ERC-721 Token. The control of the account is only owned by the holder of the ERC-721 Token. When the ownership of the ERC-721 Token is transferred, the control of the account is also transferred.

When the ERC-721 Token holder wants to use his own Token-bound account to operate, in fact, the Token-bound account calls the “uteCall” function in its smart contract, which will first verify the operation initiator and ERC- 721 Whether the addresses of the Token holders are the same, confirm that they are consistent, and then call the specified function in the target contract address to complete the operation.

In other words, your wallet controls a “small picture”, and this “small picture” is another wallet. On the surface, it is your “big wallet” that initiates the operation, but in fact the interaction is your “small picture wallet”. ” and the target contract.

Possibilities

There is already a PFP project “Sapienz” using ERC-6551. Sapienz has been FOMO from a minimum of 0.02 ETH to around 0.18 ETH, and the maximum increase is 10 times faster. The background of this project is actually not small, it was done by “Ace Pigeon” Jeff Staple.

“Ace Pigeon” and his Nike Pigeon Dunk

But if the aura of “Ace Pigeon” is removed, in fact, this project is only “combinable” in terms of gameplay. To put it simply, the characteristics of “small pictures” can be “disassembled”, and you can remove them like dressing up Barbie dolls. accessories or buy your favorite accessories to wear on the doll. This is actually not new, and it can be done without ERC-6551, such as ERC-6059.

The more interesting possibility should be related to blockchain games. In the past, we often saw that game NFT projects would release a “game character” as a creation series, but the subsequent game assets and “game characters” were another separate series. With ERC-6551, game tokens and various game props can be directly linked to “game characters”. If one day you want to quit the pit, selling the “game character” directly is equivalent to selling the ownership of the game account, which is very convenient. If there is anything worth looking forward to in the Sapienz project, it is also to consider from this aspect. After “Ace Pigeon”, should we continue to bring our talents to Web3, and design a bunch of virtual fashion clothes to match Sapienz like RTFKT. This point can also lead to the fact that airdrops may become more convenient, and snapshots can be eliminated. In the era of “small pictures” that are “wallets”, airdrops can be made directly to the addresses associated with “small pictures”.

Another possibility is to integrate DID to innovate the way of on-chain social interaction or on-chain behavior recording. Now airdrops and POAPs need to use various separate platforms. Is it possible to directly interact with a DID in the future? Maybe you can also get rid of the bad atmosphere of whitelist PUA by the way-how many NFT projects have done secondary creation or publicity before, the project party must give the corresponding POAP, after accumulating too much, let the project party directly look at the "small picture "Wallet will know whether it is a high-quality user, and gradually let PUA no longer have excuses.

Can music NFT be combined with ERC-6551 to record how many times it has been listened to, and even everyone can have their own “record rack”, which allows others to easily see the various “records” in their collection and exchange them easily? Can game props record multi-dimensional data more easily, such as recording “number of kills” like CS:GO skins, etc. Both the efficiency of the market and the fun of NFT will be greatly improved.

At the just-concluded ETHGlobal Waterloo theme hackathon, we can already see some interesting attempts:

AquaNet: AI generates a social media account based on the metadata of the “small picture”, and the posting content of each account is automatically generated according to the style of the social media account generated by AI. From registration to posting, it is fully AI, allowing your “Small pictures” come to life. This actually gives a new meaning to the artistic style of “small pictures”. If you choose a “small picture” that is too abstract, its speech may be really abstract…

Fukuro: It means “lucky bag” in Japanese, and it aims to realize the free combination of NFT, ERC-20 Token and other assets for sale. The interesting point of this thing is whether it will eventually become a platform for opening blind boxes. The guest officer will try his luck. Maybe it will contain 1 BAYC + 10 ETH, and of course it may be 1 return to zero picture + 0 ETH…

Piggybank: Piggy bank on the chain, the more money you save, the characteristics will change accordingly. It is very suitable for people like me who have always returned to zero and have been happy. In the future, I can deposit a little ETH in it regularly every month. When I am old, I will burn the piggy bank and collect ETH to turn around in old age.

Tokenbound Titans: chain game, “small picture” has data, sparring. It will also realize the above-mentioned idea of changing from “game character” to “game account”, and the loot will be stored under the “small picture”.

Finally, I have to mention that the top point of ERC-6551 is its backward compatibility, which can seamlessly connect with existing ERC-721 Token without deploying new contract migration. This bypasses the huge difficulty of consensus forking and marketing, think about the abandoned ERC-998…

Conclusion

The possibility still has to wait for the actual application to appear, so I dare not say that ERC-6551 is too optimistic about the future of NFT, but it is really… quite interesting.

It belongs to “I have thought about this point, and I have thought about that point”, but it may be the most universal in combination, and the backward compatibility is really invincible. There were many similar ideas on Ethereum before, but they may not be so suitable to be accepted by the market. On Solana, there is no shortage of “programmable NFT” attempts such as Backpack, that is, 1 NFT = 1 App, but the application still has to be used in the Backpack, which is not easy to spread.

Finally, ERC-6551 is still in the proposal stage, keep observing, invest carefully, and don’t FOMO.