Is NFT, the ERC-6551 of the wallet, really so magical?

The ERC-6551 proposal is a new Token standard, which belongs to a subversive upgrade of the original NFT standard. In the ETHGloble Waterloo hackathon competition that ended at the end of June, 4 of the 11 finalists were based on ERC -6551 Item ** for the protocol.

All of a sudden, people are paying attention to the attractiveness of such a new agreement, and the agreement itself has a high intention.

As an extension, ERC-6551 is compatible with most of the NFT protocols that have been deployed in the past, and the expanded NFT can be used as the positioning of the account itself to realize the nested combination of NFT, and the transfer of NFT is equal to the transfer of fully associated assets, which is further considered as a NFT extension most suitable for on-chain and GameFi scenarios.

1. NFT or wallet is not the first attempt

These wallets launched by ERC-6551 are called "Token Bound Accounts" (Token Bound Accounts), referred to as TBA (that is, NFT holders can use TBA to initiate operations on the chain), and their inspiration comes from SBT. There have been studies on SBT and similar A3S protocols.

For A3S, the user's operation is actually very similar to the current ERC-6551 operation mode.

1. The user mints a Commander NFT from the smart contract address factory, and it will automatically deploy the corresponding smart contract.
2. The owner of the smart contract points to the corresponding NFT holder.
3. The contract can receive any type of assets on the chain, and only the owner is allowed to send the assets, that is, this smart contract will be used as the carrier for the user to interact with any blockchain dApp.

Compared with the advantages and disadvantages, ERC-6551 is based on the expanded positioning of ERC 721. It does not depend on the NFT that must be developed using A 3 S,** but any NFT that has been deployed, such as Azuki**, Boring Ape, etc. Can serve as a source of ownership.

Further Reading: A Way to Transfer and Auction Non-Transferable Soulbound Tokens on Os

2. How does ERC-6551 work?

The core is the registration and calling process.

For the detailed interpretation of the operation mechanism and the deployment guide, as well as the history of the NFT protocol, the attempt to expand the protocol and its development context, the complete research report has been submitted to the research channel of the Web 3 Caff platform (the head paid research report platform, which is in progress for ten years) For the four-jun fan joint activity, you can use "shisi" as the referral code to extend the membership period for 15 days).

Read the full text: "NFT is the new wallet standard ERC-6551 research report: Can it become a way to break the NFT? Panoramic dismantling of its compositional background, implementation mechanism, application scenarios and pros and cons challenges》

3. How to evaluate ERC-6551?

3.1. The advantage comes from the high degree of customization of CA

Since the essence of its deployment is the CA address, except that it cannot be signed and relies on EOA transactions to drive, the attributes (including Nonce) are the same as normal EOA addresses, so it is equivalent to letting NFT have the same as EOA accounts. Carrying capacity. It is convenient for batch transfer, which is to directly transfer the ownership of the account itself, similar to trading the account itself in the On-Chain game, but it should be noted that it still needs to be driven by EOA transactions, but the identity subject on the chain is not corresponding to the private key in EOA address, so some sayings: "Your NFT can interact with dApp independently, without having to rely on the wallet that holds it". This is wrong. Due to the positioning of identities on the chain, all angles related to identities can be reproduced again.

3.2. The disadvantage stems from the necessity of relying on the application layer

I often comment that the advantages are obvious, but the limitation is xx, but it is actually the opposite when facing ERC 6551, because its advantages are not so obvious but its limitations are obvious, because of the point of "why it must be him" It's hard to explain. For the composability of NFT on the chain, this is not the ability of ERC-6551 itself, but the basic function of the CA wallet itself. As for the transfer through NFT increased by ERC-6551, it is more similar A market-based approach to fair pricing and execution of account transfers.

So the root of the problem will go back to, **why would NFT expect to use such a way to realize the combination? **

If it is really meaningful, it can only be said that the Gas consumption for simultaneous transactions of super large quantities of NFT assets is very low. However, I think most users only want to sell some furniture instead of selling the whole house. Even if it is for the game NFT assets in a certain game party, the game party should not want players to sell their accounts and leave, so naturally their support for it is limited. As for the combination of SocialFi's core narrative Web 3 social networking and ERC-6551, there will be the same problem, that is, social networking itself should not encourage selling accounts itself, otherwise the focus is on data being bought and sold.

3.3 Summary

Today, the market is caught by the new standard in an instant, which is essentially pessimistic about the current barren NFT protocol innovation. The lack of actual value mapping of the current NFT may not be a problem at the protocol layer, but a problem at the application layer. Nowadays, a large number of NFTs generated by the generation end need to be consumed by the diversified user needs on the chain. Just as ETH is always valuable in the long run, because the more prosperous the ecology, the higher the handling fee will be required. Similarly, NFT itself should be a certain A kind of consumables, which will expire and burn, can be combined to produce products with higher net value.

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