Mentors:

Greg Labuz

NFT BD Lead, Polygon Labs

Siddharth Kaushal

NFT Growth, Polygon Labs
NFT

BI 008 Dynamic, event based NFTs (ERC-6551 token bound account infra)

Problem Statement

  • Most NFTs out there are static and live in your wallet like junk. NFTs are currently treated like pseudo-brands with their valuation being propped up by the potential of it’s future value rather than the benefits it currently accrues.  When NFTs become wallets, they unlock a plethora of unprecedented opportunities. These tokenbound accounts do more than just hold assets and streamline transactions; they also provide a steadfast, on-chain chronicle of the NFT's lineage and can transform with.
  • The focus is to develop interesting new concepts with the 6551. What can an NFT become when it itself can hold other NFTs? Placing traits onto your PFP, and having them be visible not only as a JPEG, but also on-chain. Storing NFTs of music tracks within another NFT that can be the album itself. Using NFTs of gaming characters and equipping NFT items on them for full autonomy and in-game experience. These are just a few ideas, but there are uncharted waters that need to be explored.

Potential solution

Create an interesting application of 6551 to the general NFT ecosystem. The opportunity is wide open, and the only requirement is to build with 6551.

Challenges you may have to overcome

  • Defining unique use cases and applications for ERC-6551 within the NFT ecosystem.
  • Educating users and the NFT community about the benefits and possibilities of dynamic NFTs.
  • Developing a user-friendly platform or interface for interacting with ERC-6551 NFTs.

Business model

Generate revenue through direct sales of ERC-6551 dynamic NFTs, with pricing based on the unique features and functionalities they offer.

Market Opportunity

The TAM for dynamic ERC-6551 NFTs is intrinsically linked to the broader NFT market. As NFT adoption continues to grow, the demand for innovative, utility-driven NFTs is expected to increase. Given the rapid expansion of the NFT ecosystem, the TAM is dynamic and influenced by market trends, user preferences, and the adoption of ERC-6551 standards.

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FAQs

For anyone not familiar, What is Polygon zkEVM?
What are the main features of Polygon zkEVM?
What is so unique about zkEVMs?
Why is EVM Equivalence needed?
What is the difference betweeen EVM compatbility and EVM equivalence?
What EVM opcodes are different on Polygon zkEVM?
Which opcodes are missing in the current zkEVM version?
What precompiled smart contract functions does Polygon zkEVM support?
Can this layer 2 zkEVM work with other chains?
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