Decoding the next big evolution of NFTs: Token-Bound Accounts (TBA)
NFTs: Token-Bound Accounts (TBA) and their next evolution.
Token-Bound Account (TBA) is the next major evolution of NFT, which supports two groundbreaking features: asset ownership and social identity. The official Thirdweb article provides an in-depth analysis of TBA’s principles, use cases, and establishment methods.
Token Bound Account (TBA) is enabled by ERC-6551, a new standard that creates a smart contract wallet for each ERC-721 NFT. TBA is an “interface and registry of smart contract accounts for ERC-721 tokens” – linking smart contract accounts to the NFTs that own them. The implementation contract specifies the logic of the TBA for a specific ERC-721 token. Supported by ERC-4337, smart accounts are customizable and can be used to store assets and conduct transactions. Token Bound Account also maintains an immutable registry of all on-chain activities performed by the account. This turns each NFT into a wallet with a unified source of ownership, trade, and utility.
One use case is in gaming, where a user claims an ERC721 NFT (such as an avatar) at the start of the game, which is a TBA containing all assets collected throughout the game. Your game progress and history can be linked to the NFT instead of a wallet. TBA also enhances the compossibility of NFTs – making them more customizable. NFTs can “hold” inventories of collectibles and wearable items, which can be equipped without gas by updating the token’s metadata.
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How to create your own TBA? To start, deploy: 1) an NFT Drop (where NFTs will be owned by this account); and 2) an ERC-4337 and ERC-6551 compatible smart contract wallet. Deploy the NFT Drop contract on any EVM chain, guide: https://blog.thirdweb.com/guides/create-a-drop-with-typescript-sdk/. Deploy your TBA implementation: https://thirdweb.com/0x7fDae677aA6f94Edff9872C4b91D26407709c790/TokenBoundAccount?ref=blog.thirdweb.com
Reference: https://twitter.com/thirdweb/status/1666528451585802240
