The ERC-721 token standard on Ethereum ignited the frenzied world of NFTs. Yet, as the dust settled, their limitations became apparent. Enter ERC-6551, a new standard designed to overcome these challenges.
Benny Giang and Jayden Windle, cofounder and founding developer of Future Primitive, respectively, delve into the transformative potential of ERC-6551, a standard which allows every NFT to have a smart contract wallet associated with it. They discuss the exciting new possibilities it unlocks in the spheres of gaming, the metaverse, identity, messaging, and more.
- what ERC-6551 is and how the idea was born
- the differences between NFT token standards
- the four big categories of applications for this new token standard
- why Benny thinks that “network playable characters” will solve many of the problems in the digital space
- how the token-bound accounts work and whether they can interact with existing wallets
- the security implications of using ERC-6551
- what Future Primitive does in the web3 space
- how creators can benefit from this new development
- whether it’s possible for soulbound tokens to work with token-bound accounts
- how blue chip NFT collections are using ERC-6551, if at all
- what could go wrong with token-bound accounts that are combined with AI
- what new things are being envisioned with this new standard
Thank you to our sponsors!
- Benny Giang, cofounder of Future Primitive
- Jayden Windle, founding developer of Future Primitive
- Previous appearance on Unchained: Your NFTs Can Do Much More Than You Think
- ERC-6551: Non-fungible Token Bound Accounts
- ERC 6551 — Token Bound Accounts. Every NFT will have their own wallets… by Benny Giang
- How Soulbound Tokens Could Reduce Speculation and Improve DAO Voting – Quadratic Funding
- Could Account Abstraction Make Self-Custody Easier for Crypto Users?
- Ethereum Implements Account Abstraction With ERC-4337
- What Can You Do in the Metaverse?
- Exploring the NFT blue chips
- What is the metaverse?
- What Is an NFT Marketplace?