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ERC-6551: Empowering NFT independent accounts revolutionizing on-chain asset management
ERC-6551: An Innovative NFT Standard
Recently, a new Token standard ERC-6551 has attracted widespread attention. This proposal has made a disruptive upgrade to the original NFT standard. In a well-known hackathon competition that recently concluded, more than one-third of the projects that made it to the finals were based on the ERC-6551 protocol, highlighting the appeal and potential of this protocol.
ERC-6551, as an extension, is compatible with the vast majority of existing NFT protocols. The extended NFT can function as an independent account, allowing for the nesting and combination of NFTs. When the NFT is transferred, all associated assets will also be transferred, making it particularly suitable for on-chain and GameFi scenarios.
The concept of NFT as a wallet is not original.
The "Token Bound Account" (TBA) concept proposed by ERC-6551, ( TBA ), allows NFT holders to initiate on-chain operations through TBA. This idea originates from SBT, and a similar concept is the A3S protocol. The operational model of A3S is similar to that of ERC-6551: after users mint an NFT, a smart contract is automatically deployed, with the ownership of the contract pointing to the NFT holder, who can receive various types of on-chain assets.
In contrast, ERC-6551 extends around ERC721 and is not limited to specific NFTs; any deployed NFT such as Azuki, BAYC, etc. can serve as a source of ownership.
The Operating Mechanism of ERC-6551
The core of ERC-6551 lies in its registration and invocation process. It binds NFTs to accounts through smart contracts, making NFTs independent entities that can be operated.
Analysis of the Advantages and Disadvantages of ERC-6551
Advantages
High Customizability: The essence of the deployed contract is the contract account (CA), which, apart from being unable to sign, has attributes similar to a regular external account (EOA), granting NFT comparable carrying capacity to EOA.
Easy to transfer in bulk: Directly transfer account ownership, suitable for on-chain game account trading.
On-chain identity positioning: can be used for various identity-related applications.
disadvantages
Dependency on application layer: advantages are not obvious enough, and limitations are quite significant.
Necessity in Doubt: The combinability of NFTs is fundamentally a basic function of CA wallets, and the unique value of ERC-6551 is not sufficiently clear.
Limited practicality: The scenarios for large-scale NFT asset trading are limited, and game developers may be unwilling to support overall account transfers.
Potential issues with social applications: It may lead to attention becoming tradable data, which is contrary to the essence of social interaction.
Summary
The attention generated by ERC-6551 reflects the market's desire for innovation in NFT protocols. However, the bottleneck in realizing the value of NFTs may lie more in the application layer rather than the protocol layer. The future direction of NFT development may need to focus on diversified uses, such as becoming consumable, time-limited, and integrable assets to meet the ever-evolving user demands and ecosystem.