Reverse Mapping NFT Ownership With ERC-6551
Pinata has been at the forefront of NFTs since 2018, always looking for how they may evolve and adapt into their next cycle. Lately, our focus has turned to ERC-6551 Token Bound Accounts. In simplest terms, ERC-6551 is a new Ethereum proposal that can create wallets called Token Bound Accounts (TBAs) for existing ERC-721 NFTs. With it, an NFT can own other NFTs, tokens, cryptocurrency, and even sign transactions.
ERC-6551 is already making a splash in the Web3 Developer ecosystem and there are plenty of projects taking advantage of this unique standard. Some of them are using the standard to create dynamic NFTs where the items held by the NFT determine it’s main appearance. The use cases we’ve seen inspired us to create Tokengraph.cloud, a web app that allows users to track the connections between TBA’s and the assets they own.
Concept for Tokengraph.cloud
Before we had the idea for this app, we made a separate one to experiment with ERC-6551. That app is called Pinatabound, an easy way to demonstrate and interact with TBAs. It lets you connect your wallet, create a TBA for your NFT, then send assets to that TBA for Pinatabound to display.
We built it using the Tokenbound SDK which made it pretty easy to create a TBA for any designated NFT. We wrote a tutorial on how you can do something similar here. A week or two after we built it, there was an update to the SDK that released a new method called getNFT. This method would take in a TBA address, then tell you what NFT owns that TBA.
This exercise gave us an idea. What could we do with this method and a single address?
This was the start of Tokengraph.cloud, where we take in a single TBA address and then map out any assets it might own, what NFT owns it, and then what wallet owns that NFT. We combined that data with a React Flow library that allows the user to tangibly move around different assets to see the connections. At the time of this article the app can accept Ethereum Mainnet or Goerli TBA addresses, but it proves an important concept behind ERC-6551 and the future of NFTs.
Implications of ERC-6551
Tokengraph.cloud revealed how deep ERC-6551 could go and how many different industries it could effect. Before this standard, the relationship between a token and the owner was limited. You could go one step in a vertical motion, and perhaps see other tokens in a linear view. Now with ERC-6551, this movement of data can now infinitely spread in all directions. The mind blowing part of TBAs is that you can nest them. The Pinnie NFT can own a fiesta NFT, and that NFT could own a happy cloud NFT, and so on and so forth. This results in an infinite graph of data that could apply to any industry; from payments to advertising to loyalty point systems. A data profile that is tied to a unified source of truth, the blockchain, along with immutable off-chain storage like IPFS, expanded by an ever expanding web of connections through ERC-6551. We’re excited to see what can be built with this standard and how we can be in the middle of it all with developer friendly IPFS services.
Happy pinning!
H1 - THE RICH TEXT
EXAMPLE STARTS HERE
H2 - Enabling Widespread Adoption for Music NFTs
paragraph — The first thing the music industry needs is more exposure. For artists, listeners and yeah, the labels. Even with the use cases mentioned above, the majority of the music industry still sees NFTs as a novelty rather than a legitimate way to run a business. We see a future where the experience is built and monetized on the blockchain, with labels taking part of the experience, as well.
Second, there needs to be a big jump in user experience. Listeners know what to expect with Spotify and Apple Music: a smooth, intuitive experience that lets them listen to Lil Nas X with just a few clicks. Web3 platforms aren’t quite there. Music NFTs and related premium content require extra steps that most people don’t yet have an appetite for.
H3 - How Could Music NFTs Save Artists?
paragraph — Musician Daniel Allan spent months building a relationship with the NFT community and raised 50 ETH to fund his new album, Overstimulated. Companies like Audius and artists like Vérité's, who raised $90,000 in an NFT launch, are at the forefront of exploring new ways to get paid. Avenged Sevenfold launched an NFT collection called "Deathbats Club" with 10,000 items that grants holders access to benefits such as meet and greets at shows, lifetime free tickets, limited edition merchandise, and more.
H4 - Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
H5 — How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
LINK — This is how a link looks like. Please provide normal & hover state (if different than this)
- This will be bullet points
- Numbered list is the same but with numbers
- It has a margin-left applied
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
- Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
QUOTE — Everyone is obsessed with making money and seeking alpha, which does a disservice to what [NFTs] can actually do. We have been instructing many bands that NFTs are a ticket for access to an exclusive club.” - M. Shadows, Avenged Sevenfold’s lead singer.
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