Introduction

EIP-6551, an Ethereum Improvement Proposal (EIP), has gained significant traction among NFT enthusiasts, researchers, and developers. This proposal introduces Non-Fungible Token Bound Accounts (NFTBA), which enhance ERC-721 tokens by providing them with their own smart contract wallets. An NFTBA wallet can be used to store ERC20, ERC721, ERC1155 tokens and even other NFTBAs, unlocking vast possibilities for NFTs to achieve greater things.

The authors of EIP-6551 bring a wealth of experience from notable projects such as CryptoKitties, Dapper Labs, and Manifold, among others. Their track record and industry background lend significant credibility to this standard, bolstering its potential for widespread adoption. Notably, industry-leading platforms like OpenSea, Collab.Land, Zora and more have already shown interest in supporting this emerging standard. At Atticc, we share the enthusiasm for NFTBAs and recognize their immense potential in the SocialFi space. In this article, we will delve into the numerous benefits and use cases of NFTBAs, with a specific focus on their application within the realm of SocialFi.

NFTBA offers a range of compelling advantages

Backwards Compatibility

NFTBA is compatible with all previously minted ERC-721 NFTs. Every ERC-721 NFT can take advantage of NFTBA right away, without the need to launch and mint new NFTs. This ensures a seamless transition to NFTBA, granting enhanced utilities without any barriers to entry.

Multi-Chain Support

ERC-721 tokens along with their contract address and token ID are identified using EIP-155 chain IDs. This allows an ERC-721 token to have the same smart contract account address across different chains, essentially giving NFTs multi-chain utilities without the need to deploy the NFT on various chains.

Harnessing of ERC-4337

NFTBAs build upon the robust foundation of ERC-4337. While ERC-4337 may be conceptually complex, NFTBAs provide a more intuitive visualization of its power through the representation of a smart contract wallet as an NFT.

Revolutionizing SocialFi with NFTBA

Let us examine how NFTBA can revolutionize the realm of SocialFi by addressing existing limitations:

NFTBA as Decentralized Identity (DID)

Currently most decentralized identity protocols use the EOA wallet address as the main ID. Using wallet address as DID comes with its downsides.

• Transferability - a wallet address cannot be fully transferred without revealing the secret recovery phrase. This is particularly problematic in situations such as when a DAO wants to transfer all of its assets, including potential future airdrops, to new owners.

• User experience - with EOAs, a user has to confirm every transaction. This hurts the user experience of SocialFi applications, making them inferior to Web2 social applications in terms of convenience.

NFTBA as DID provides the benefits of ERC-4337 smart contract wallets, greatly improving the user experience of SocialFi applications. An NFTBA can be transferred easily to another owner just like transferring an ERC-721 NFT. All the assets within the NFTBA as well as the future benefits it may receive are transferred together to the new owner.

Curating Your Web3 Social Journey

In the current landscape where wallet addresses serve as DIDs, users' Web3 social activities become intertwined with other transactions on the blockchain. This situation can be likened to using a bank account to log into popular social platforms like Twitter or Facebook. The majority of transactions within a wallet are unrelated to social interactions, making it impractical to share all that data with a social application. This challenge poses a significant hurdle for wallet apps and portfolio tracking apps seeking to expand into the social realm. It becomes difficult to distinguish social activities from the noise of unrelated transactions.

Enter NFTBA, a game-changing solution that allows for the generation and preservation of all social-related activities within a dedicated smart contract wallet. NFTBA serves as an amalgamation of a user's social interactions, providing a clear and concise path that traces their Web3 social journey. By examining an individual's social NFTBA, one can gain a comprehensive understanding of their presence and interactions on the blockchain. This novel approach simplifies the process of getting to know someone on-chain, streamlining the exploration of their social activities.

NFTBA as an Aggregator of All Your Web3 IDs

One of the key attractions of Web3 is the concept of user-owned identity, with various decentralized identity protocols claiming to be the ultimate identity solution. Ironically, in Web2, we already have the convenience of using Google, Facebook, or Apple IDs to sign into almost any application. However, in Web3, we find ourselves navigating through a multitude of DID systems like ENS, Unstoppable Domains, Lens handle, CyberProfile, Space ID, and more. There seems to be an abundance of DID protocols, yet limited adoption in practical applications.

Drawing parallels to the rise of DeFi aggregators following the emergence of DeFi protocols and NFT marketplace aggregators in response to the growth of NFT marketplaces, it is highly likely that DID aggregators will become the next big trend in the decentralized identity space. NFTBA emerges as an excellent solution for a DID aggregator. With a single NFTBA, users can consolidate their ENS, Unstoppable Domain, Lens handle, Cyber Profile, Space ID, and other DIDs. This NFTBA effectively becomes a master key, granting access to all their decentralized identities and enabling seamless interaction with any decentralized application.

This marks a significant milestone leading to the holy grail of SocialFi.

Financialization of Social Assets

The blockchain has demonstrated its prowess in the financialization of various assets. DeFi has revolutionized the trading of digital assets, while NFTs have brought financialization to art, gaming, and real-world assets. However, the financialization of social assets has proven to be a more challenging endeavor, as they possess intangible qualities, nuances, and are influenced by human emotions.

Enter NFTBA, serving as a "container" for aggregated DIDs and social journeys. NFTBA enables the transformation of social assets into more tangible, defined entities, making them easier to price and converting emotional responses into social value. This newfound tangibility allows the NFTBA to serve as collateral for DeFi lending and borrowing, leveraging one's reputation. Although individual social assets within the NFTBA may not hold substantial value on their own, when combined, they represent a person's reputation, which can be immensely valuable.

What does NFTBA mean for Atticc?

In the ever-evolving world of blockchain technology and NFTs, ERC-6551 stands as a testament to the continuous innovation and creativity within the community. As developers, enthusiasts, and users embrace this new standard, the potential for NFTBA to revolutionize the way we interact, identify, and derive value from social assets is immense. With its compatibility, versatility, and potential for financialization, NFTBA paves the way for an exciting future where social interactions and identities become more tangible, accessible, and valuable in the Web3 ecosystem.

At Atticc, we are dedicated to pushing the boundaries of technology and providing users with cutting-edge Web3 social experiences. We are thrilled about the potential use cases of NFTBA within the realm of SocialFi. Join us at atticc.xyz to explore the latest developments and innovations we have in store!