Author: Loot Adventure
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In 2017, the ERC-721 standard was introduced to Ethereum, establishing a new way to tokenize digital assets. NFTs have been widely used in gaming items, digital art, music, virtual land, identity, and other fields. In recent years, developers have been exploring how to make them more dynamic and interactive, and ERC-6551 has attracted attention as something that expands the possibilities of NFT usage.
ERC-6551 is a system that provides a smart contract account for each ERC-721 token (NFT). The related smart contract is called a Token Bound Account, abbreviated as TBA, indicating that it is “bound” to ERC-721. The control of the Token Bound Account belongs to the holder of the linked NFT. This means that ERC-6551 can be seen as a technology that establishes a specific NFT holder’s proprietary contract account. It can be considered as a technology that turns NFTs into wallets – essentially “NFT as wallet”. Since it is backward compatible with ERC-721 NFTs, it can be applied to all existing NFTs that comply with the ERC-721 standard.
Here are some cases of combining the gaming industry with ERC-6551:
Onboarding Tools
Source: https://www.pokemon-card.com/products/xy/20th.html
We will explore the potential of using ERC-6551 as an onboarding tool for Web3 services. By leveraging Token Bound Accounts (TBA), we can bundle NFTs and FTs and utilize the functionality of linking them to a single NFT. For newcomers, preparing the necessary tokens or NFTs when trying to use Web3 services is a major challenge. In the context of mass adoption, it is unrealistic to expect every user to first buy tokens on a CEX, transfer them to a non-custodial wallet, and then purchase the desired NFTs on the market. This is where TBA comes in. Service providers can bundle the NFTs or FTs needed for their services, link them to an NFT, and send that NFT to the user, making it easier for users to get started. Specifically, in blockchain games, we can imagine bundling initial characters and specific tokens for the game.
Portfolio Market
Source: https://crypto.com/university/crypto-portfolio-management
Similar to the onboarding tool, the scenario of portfolio trading can be considered by utilizing the functionality of bundling NFTs and FTs. This means that individuals can use NFTs and FTs that they expect to appreciate to build a portfolio, hold them in a TBA, and trade the portfolio by trading NFTs associated with the TBA. By fully utilizing the features of TBAs as smart contracts, it is also possible to trade assets that are invested in staking pools or similar assets within TBAs without disclosing the contents of the portfolio, only disclosing the investment performance through zero-knowledge proofs. Through NFT trading, we believe it is feasible to establish a portfolio trading market.
Using ERC-6551 for Chain Abstraction
As mentioned in the “Cross-Chain Compatibility” of the EIP, when configuring Token Binding Accounts (TBA), the “Chain ID” can be set to the value corresponding to the NFT from different chains. In addition, the address generated for TBA remains consistent across all chains. To actually utilize TBA deployed across multiple chains, users need to verify that they hold specific NFTs on the designated chain, which requires the use of cross-chain communication tools such as Layerzero, chainlink-ccip, or Lit.
We are excited about the potential of combining ERC-6551 with cross-chain functionality. In simple terms, it allows aggregating assets on all EVM-compatible chains under a single NFT. This enhances our vision of NFTs as proxies and maximizes the amount of information they can hold. With the maximization of information, countless possibilities for composability and interoperability emerge.
Usage of ERC-6551 in Blockchain Games
Finally, let’s take a look at how ERC-6551 is used in blockchain games. Taking Loot Adventure as an example, Loot Adventure is a blockchain game themed around “pursuing unique blockchain fun” and features interoperability, composability, and accumulation. One important technical element of the game is its use of ERC-6551.
The basic process is as follows:
① Apply ERC-6551 to Loot NFTs and deploy Token Binding Accounts (TBA) across multiple chains.
② Strengthen the character’s Loot NFT by equipping NFTs or FTs to the deployed TBA.
③ Use the enhanced character to explore dungeons and earn NFTs as “experience points,” which accumulate in the TBA in the form of SBT.
④ Use the enhanced character to battle in the arena and earn FT.
Since we deploy TBA across chains, we can collaborate with NFT projects and blockchain games on all EVM-compatible chains, providing utility as character equipment.
In terms of interoperability, we can leverage assets from existing Web3 projects. From the perspective of composability, Loot NFTs are extended for use in blockchain games. And in terms of accumulation, the experience points earned through the game accumulate in the character’s TBA, allowing us to fully utilize ERC-6551 in these three aspects.
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