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Original compilation: Biteye core contributor Crush
01. Team introduction
Recently, the Future Primitive team launched a token-based binding account (ERC 6551), which is a new technology that will provide each NFT with its own account/wallet address.
02. Existing problems
What if NFTs had their own wallets?
Inspired by Soul Bound Tokens (SBTs), we have the exact opposite idea, which we call Token Bound Accounts (TBAs). Instead of binding NFTs to wallets, we have wallets bound to NFTs.
The idea is that NFTs are moving in the direction of this self-sovereign identity, they're not just little pictures lying in a little fox's wallet.
They have the ability to own assets, perform on-chain operations, and more importantly create their own history.
In fact, people have been forming a unique identity around NFT since 2020.
But what is the crux of the matter?
These NFTs are still just a static asset, and apart from circulation, they do not seem to have the function of creating historical records. Current NFTs do not carry transaction history, signature controls, and ownership of links.
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03. Our plan
We didn't really solve this problem until the emergence of ERC 6551.
If we give each NFT its own wallet, then it can sign transactions, hold assets, and connect to other dapps as an NFT.
Its advantage is that it does not require major changes to the current ERC 721, Wrapped contracts, or any behavior of NFT holders.
Because the token binding account is bound using a smart contract wallet, once ERC 6551 enters the main network, each NFT will automatically have a bound address without any additional operations.
For example, Xiao Ming obtained an Apple NFT from a project, and then the project decided to airdrop tokens to NFT holders, and also released a series of POAP for holders to claim.
Scenario A - no token binding account
When Xiao Ming decides to sell his NFT, neither the NFT-related token nor POAP will be transferred to the buyer.
Scenario B—A token-bound account is used
All NFT-related token claims and POAP claims will be recorded in the NFT itself. When NFT is sold, buyers will also see these records, and all related tokens and POAPs will also be transferred to buyers. If these are missing, the value of NFT may also be greatly reduced.
If you are interested, you can use our testnet to experience:
https://tokenbound.org
04. Summary
Since the birth of ERC 721 in 2017, there have been few major innovations like ERC 6551.
With ERC 6551 or token-bound accounts, we are able to seamlessly add a new layer of ownership on top of all existing and new NFTs, opening up new use cases on-chain that most project creators have been wanting to add but have yet to find an easy way to do .
Equip digital clothing and items (RTFKT — CloneX, Doodles)
ERC 20 Token Earning/Airdrop Model (BAYC, Cool Cats, SupDucks)
POAPS or badges earned through participation (Azuki, FWB, Moonbirds)
Trade the entire collection as a unit (OpenSea bulk transfer)
NFTs serve as on-chain identities with the ability to layer on social network models (CryptoPunks, Nouns)
ERC 6551 is expected to become a new impetus to promote the development of the entire industry, bringing benefits to all participants and bringing a new paradigm of NFT and DID!
