ERC-6551: Is This the Next Big Leap in NFT Innovation? - Ep. 514

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 4 July 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: 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! Crypto.com Arbitrum Foundation TOKEN2049 OKX Guests: 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 Links ERC-6551: Non-fungible Token Bound Accounts Tokenbound ERC 6551 — Token Bound Accounts. Every NFT will have their own wallets… by Benny Giang Unchained: 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? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,
0:08.0	Laura Shinn, author of the Cryptopians. I started coming crypto eight years ago, and as a senior
0:13.4	editor of Forbes was the first main three-meter porter to cover cryptocurrency fall time.
0:18.0	This is the July 4th 2023 episode of Unchained. Buy, trade, and spend crypto on the Crypto.com app.
0:25.2	New users can enjoy zero credit card fees on crypto purchases in the first seven days. Download
0:31.3	the Crypto.com app and get $25 with the code Laura. Link in the description.
0:38.0	Arbitram's leading layer two scaling solutions can provide you with lightning fast transactions
0:42.4	at a fraction of the cost, all while ensuring security rooted on Ethereum. Arbitram's newest
0:47.6	edition orbit enables you to build your own tailor-made layer three. Visit Arbitram.io today.
0:55.2	You know it, we know it, they know it. The system doesn't just need an update,
0:59.0	it needs a complete rewrite. Web three offers that rewrite. It allows us to take control back
1:04.4	and to truly own what's ours. Visit okx.com slash rewrite the system to learn how.
1:11.1	Asians buzzing, and everyone's going to token 2049 Singapore on September 13th to 14th.
1:16.6	Bology Sreenivasan, Mike Novogratz, Arthur Hayes, and 200 others will hit the stage,
1:21.3	joining over 10,000 attendees. Visit token2049.com for 65% off with the code Unchained. Link in the
1:28.8	description. Today's topic is ERC's 6551, a new token standard for NFTs on Ethereum,
1:35.9	and also token bound wallets. Here to discuss our Benny Yang, co-founder and partner of future
1:42.0	Primitive, and Jaden Wendell, founding developer of Future Primitive. Welcome Benny and Jaden.
1:47.6	Great to be on this show. Thanks for having us. It's not every day that people see super excited
1:53.2	about a new token standard, but ERC 6551 has really peaked the interest of a lot of people.
1:59.2	Why is that? What is it enable people to do? Yeah, so ERC 6551 came from a question of,
2:08.6	what if we had a project that was an NFC project, I had a character, and sometimes we call this
	...

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