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.
FAQs
Polygon zkEVM is the leading zero knowledge scaling solution that’s equivalent with the Ethereum Virtual Machine, this means that most of the existing smart contracts, developer tools, and wallets work seamlessly.
Polygon zkEVM harnesses the power of ZK proofs to reduce transaction cost and increase throughput, all while inheriting the security of Ethereum L1.
1- Ethereum-equivalence: Most Ethereum smart contracts, wallets, tools, etc. work on Polygon zkEVM seamlessly.
2- Inherits Ethereum security
3- Lower cost compared to L1 and better finality than other L2 solutions like Optimistic Rollups
4- ZKP-powered scalability, and aiming at similar throughput to PoS
Many people in crypto believed that a zkEVM was years away, and might never be practical or competitive with other ZK L2s. This was framed as an unavoidable tradeoff: we could have either full EVM equivalence or high performance, but not both. However, with the proving system breakthroughs pioneered by Polygon Labs, we belieive we can achieve full EVM equivalence while offering better performance (higher throughput, lower latency, and lower cost) than alt-L1s, optimistic rollups and other ZK rollups.
EVM-equivalent: Ethereum isn’t just a blockchain. It’s a rich ecosystem of smart contracts, developer tools, infrastructure, and wallets. It’s a vibrant community of developers, auditors, and users. The best way to scale Ethereum is to strive to maintain equivalence with this ecosystem, and the Polygon zkEVM will give users and developers an almost identical experience to Ethereum L1 -- just with a significant scalability improvement.
The ultimate goal is not compatibility. The ultimate goal is equivalence. Solutions that are compatible enable most of existing apps to work, but sometimes with code changes. Additionally, compatibility may lead to the breaking of developer tooling. Polygon zkEVM strives for EVM Equivalence, because it means that most applications, tools and infrastructure built on Ethereum can immediately port over to Polygon zkEVM with limited to no changes needed. Things are designed to work 100% on day one. This is important, because ideally:
1. Development teams don't have to make changes to their code, which could introduce a security vulnerability
2. Since no code changes are needed, you dont need additional audits, which saves teams money
3. The experience for a developer is much better. Since he/she is not rewriting the application, valuable time is saved.
4. The solution ultimately benefits from the security and decentralization of Ethereum, since transactions are still finalising on Ethereum
5. Allows Polygon zkEVM to benefit from the already vibrant and active Ethereum community
6. Allows for significant and quick dApp adoption, since apps built on Ethereum today are designed to be compatible.
SELFDESTRUCT: removed by SENDALL
EXTCODEHASH: returns hash contract bytecode from Polygon zkEVM state tree (do not check if the account is empty)
DIFFICULTY: returns 0
BLOCKCHASH: returns all previous block hashes (not just the last 256 blocks)
BLOCKCHASH is the state root at the end of a processable transaction and it is stored on the system smart contract
NUMBER: number of processable transactions
zkEVM supports all opcodes but SHA256, BLAKE and PAIRINGS.
ecRecover and identity are presently supported. Others return a revert.
At the moment, the answer is No. Aspirationally, the goal in the future is to build one of many chains that allow for users' assets to move from layer 2 (L2) to layer 2. With that being said, users will not be able to utilize this functionality at launch, but L2 to L2 movement is something road mapped for the future.