Recently, a number of Web3 projects have implemented ERC-6551, which are token-bound accounts that allow NFTs to store their own digital assets. camgthompson digs into the proposal’s origins, use cases and how it will evolve digital ownership.
Token-bound accounts have already opened up a plethora of use cases that developers in the space are beginning to implement. With a “backpack wallet,” users can assign digital ownership to an asset, which can look different across many verticals of Web3.
“A lot of the blue chips are already experimenting and playing around with the standard,” said Giang. “There's a high likelihood before the end of this year, maybe in the next few months, that a lot of the blue chips will have something using 6551 or token-bound accounts.” While digital fashion may be ready for ERC-6551, so are NFT loyalty programs. Fonz Olvera, CEO of Web3 ticketing platformtold CoinDesk that the technology allows wallet ownership to extend one step further, helping brands better structure their Web3 engagement models.
Matt Stephenson, Head of Cryptoeconomics at crypto investment firm Pantera Capital, told CoinDesk that the “recursive nature” of tokens with token-bound accounts may introduce small friction when transferring assets.
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