The launch of ERC-6551 or Token Bound Accounts (TBAs) is arguably the most impressive addition to Ethereum’s (ETH) open-source stack in the segment of NFTs since the onset of ERC-721. Once it reaches mass adoption, it can change the narrative in the usage, economics and functionality of NFTs on Ethereum (ETH) and EVM ecosystem blockchains. In this article, we’re going to explain what's ERC6551 and how to create an ERC6551 account.
What's ERC-6551?
ERC-6551 is the Ethereum standard for token bound accounts, which creates a smart contract wallet for every ERC-721 NFT.
The update is based on the Ethereum Improvement Proposal 6551 (EIP-6551) created by Future Primitive — an on-chain product studio led by Benny Giang and Steve Jang.
A token bound account is “an interface and registry for smart contract accounts owned by ERC-721 tokens” — linking said smart contract accounts (or wallets) to the NFTs that own them. Powered by ERC-4337, the smart accounts are customizable and can be used to store assets & make transactions. Token bound accounts also keep an unalterable record, or a permissionless registry, of all on-chain activities executed by the accounts.
This converts every NFT into a wallet that has a holistic provenance of ownership, transactions, and utility. Token-bound accounts are also backward compatible with the ERC-721 standard, meaning existing NFTs can implement ERC-6551 without undergoing any fundamental changes — avoiding the unnecessary friction of deploying a new contract or wrapping an existing ERC-721 NFT to enable token-bound accounts.
An ERC6551-based project: Sapienz
But how to create a token bound account with ERC6551 support? Let’s dive into this further.
How to Create an ERC-6551 Account?
Next, we will teach you how to use your own NFT to create a TBA account, turning your NFT into a real ‘wallet’.
Step 1: Use the creation tools provided by Fast Dapp.
Step 2: Fill in the NFT's information from NFTScan
After linking the wallet, you only need to fill in the first two lines of information. One is the contract address of the NFT collection, and the other is the specific number of individual NFT in the collection.
Both of the above data can be easily found in the NFTScan.
For example: Take the Nakamigos as an example (Of course you can choose other NFTs), after opening the NFT in NFTScan, you can find the NFT contract and NFT ID as follows.
Step 3: Confirm the relevant transaction in the wallet
After the transaction is completed, the NFT you selected becomes a TBA account with the attribute of ‘wallet’. Since the number of users operating as a whole is not large now, you can find your own entry in the history creation record of Fast Dapp.
Open the TBA account management page provided by Future Primitive (ERC-6551 development team), and directly search for the NFT + number to access the TBA account we just created.
Unfortunately, the function ‘Use Wallet’ that operates the TBA account on this page is currently unavailable on the main network, and interested users can go to the Goerli test network to try it out.
All in all
ERC-6551 is still in a very early stage, and the TBA account creation tutorial above only covers the most basic operating experience.
However, according to the description of Future Primitive, many teams are currently creating related tools around ERC-6551. With the further popularization of this concept, the experience around TBA accounts will be greatly optimized in the future.
About NFTScan
NFTScan is the world’s largest NFT data infrastructure, including a professional NFT explorer and NFT developer platform, supporting the complete amount of NFT data for 14 blockchains including Ethereum, Solana, BNBChain, Arbitrum, Optimism, and other major networks, providing NFT API for developers on various blockchains.
Official Links:
NFTScan: https://nftscan.com
Developer: https://developer.nftscan.com
Twitter: https://twitter.com/nftscan_com
Discord: https://discord.gg/nftscan
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