ERC-6551 is an important step towards our digital identity!
With ERC-6551, your PFP is you in the Metaverse because it turns your PFP (or any other NFT asset) into a wallet/identity.
Before ERC-6551, if I wanted to know about you, I could only look through your wallet. But now I can get to know you just by looking at your PFP.
Image source: "The evolution of NFTs" Benny Giang
If you use BAYC (boring ape) as a PFP, the BAYC can hold $APE coins, Otherside virtual land, and even its own ENS; it can also receive POAP obtained by participating in metaverse activities. Instead of putting these assets in your wallet, put them in your BAYC name .
Conceptual map of token-bound account, source: @0xDesigner
If you want to sell BAYC, you can sell it with all the assets in its name.
Forget floor prices, they don't make sense anymore!
Each NFT will become more unique and non-fungible because they have their own combination of NFTs inside and their own history on the blockchain .
Let's look at another similar scenario:
If I use a Timeless NFT (a PFP-like NFT project) as a PFP, it will be able to hold my Treeverse virtual land and ROOT tokens. It also keeps track of my score in Capsule Heroes (a PvP fighting game) and if I defeat an in-game beast and receive an SBT (Soul Bind Token), then my Timeless NFT receives it .
Going one step further, if I win an epic magical crown in the game, my Timeless NFT can automatically wear the crown.
Imagine when I get a crown or some other outfit, my profile picture on every social media will automatically update, that would be cool!
Let's take a different example:
Assuming an NFT represents my IRL home ownership, I can put money into that NFT, and link payment methods for the following bills to the wallet: home insurance bill, gas bill, electric bill, mortgage bill..... .. If I sell the house, the new owner will automatically get these bill payment methods associated without having to reset .
Of course, in order to achieve this, some of our governments cooperate, but it is technically feasible now. I'm sure @punk6529 thinks this will happen in 2030.
https://6529.io/
BTW, artist @the_grecu already did something similar a year ago based on $BLACKHOLE and NFTs that change based on the number of tokens in them.
https://thegreatvoid.art/
ERC-6551 opens up more possibilities. We become more like our PFPs and our PFPs become more representative of us.
