Will Ethereum metaverses be transformed by ERC 6551 NFT-owned wallets?

A recent episode of the Unchained podcast addressed how ERC 6551 could revolutionise the crypto market by providing NFTs with their own wallets. The planned ERC 6551 token standard for NFTs has piqued the curiosity of crypto fans since it would allow digital assets to hold other tokens, a development that has the potential to radically alter the NFT and metaverse scene.

Pritish Bagdi

ERC 6551

What exactly is ERC 6551?

The token standard proposal, announced in February, aims to create a system that provides a smart contract account to every ERC-721 (non-fungible token). These tokens will be able to hold assets and interact with applications without requiring any changes to existing ERC-721 smart contracts or infrastructure.

The key components of this system are a permissionless registry for deploying token-bound accounts and a standard implementation interface.

Each ERC-721 coin will be assigned a unique smart contract account, allowing it to interact with the blockchain, record transaction history, and possess on-chain assets. The owner of the ERC-721 token has control over each token-bound account, allowing them to initiate on-chain operations on behalf of their token.

The proposal aims to be as backward compatible as possible with existing non-fungible token contracts. EIP-155 chain IDs are also used to uniquely identify ERC-721 tokens, allowing for the optional support of multi-chain token-bound accounts.

What are the benefits of ERC 6551?

The ERC 6551 standard was a potential solution to past attempts to standardise NFTs owning assets, such as the requirement for custom logic in their smart contract. The ERC 6551 standard eliminates these limitations by offering NFTs the same rights as Ethereum users, allowing them to hold assets and execute actions.

While ERC 721, ERC 1155, and soul-bound tokens exist as means to own objects on Ethereum, the podcast panelists emphasised that ERC 6551 is not a token standard in the traditional sense because it offers every current ERC 721 its own wallet, unlocking a new layer of compatibility for NFTs.

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Amitabh Bachchan's Ikonz Ventures Into Generative AI

Amitabh Bachchan, an Indian film legend, is launching a generative AI studio, aggregator, and digital IP monetization platform called Ikonz.

Ikonz, which already collaborates with Indian graphic books franchises such as Amar Chitra Katha, Tinkle, and Chacha Chaudhary, has expressed its goal of "bringing together advanced technologies and cultural icons to create a new era of interactive entertainment."

Swati Bhat

Generative AI is a form of artificial intelligence (AI) system that may generate text, graphics, or other media in response to prompts, with current notable examples including ChatGPT and Bing Chat.

The Ikonz team is collaborating with Bachchan to capture his iconic characteristics and give an experience to fans all around the world. Customers in India will be able to interact with Bachchan at various locations and have him interact with them instantly when it launches at the end of 2023.

"It's a momentous day for Ikonz as the true symbolism of our name has been derived with the icon Amitabh Bachchan joining forces with us," stated Abinav Varma Kalidindi, founder and CEO of Ikonz. We will work together to harness the power of generative AI to build immersive experiences that transcend physical bounds. With our cutting-edge technology, fans will be able to connect with their favorite actors like never before. Who knows, maybe you'll be able to take selfies with Amit-ji in your town."

"I am fascinated by the way technology is evolving and the rate at which new innovations are emerging globally, one of which is generative AI," Bachchan remarked. I am thrilled to be a part of such an exciting future world of generative AI and have thus joined with Abinav-endorsed Ikonz. We will begin on this new metaverse world together."

Village Global, a venture capital group supported by Mark Zuckerberg, Jeff Bezos, Bill Gates, and Reid Hoffman, is among the investors of Ikonz. Woodstock and Polygon have both invested in the startup, as has "Baahubali" star Rana Daggubati and Prasad Vanga's Anthill Ventures.

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Artificial Intelligence in Tourism and Hospitality Raises Data Privacy Concerns!

The impact of artificial intelligence on our daily lives is already being felt; yet, there has been little investigation into the ethical implications, which could be concerning. The Tourism and hospitality area holds a unique array of stakeholders that are central to human values. Systems with Artificial Intelligence in Tourism and Hospitality use vast amounts of personal and confidential type data which raises privacy concerns.

Dr. Jassim Haji, Bahrain

With technologies playing a vital role in multicultural interaction it is imperative that applied research is paid attention to. The Tourism and hospitality area holds a unique array of stakeholders that are central to human values. A conceptual framework would include ‘Human-human-AI’ interaction levels, direct and indirect stakeholders, and the macro environment overall. There are several reasons why the importance of Artificial Intelligence ethics in Tourism and Hospitality is important, firstly AI in this field can learn to make decisions on complex and big data easily, and managers have already transferred some of this decision-making process. Questions of control and accountability are raised when such action is taken so quickly. In parallel, AI systems in Tourism and Hospitality use vast amounts of personal and confidential type data which raises privacy concerns. The use of AI in companies within this field is also influenced directly by many stakeholders whose interests and security could be affected (Airlines, Hotels, Tour Operators, Museums, Restaurants, etc.).

An example would be when an AI system might decide to increase prices for the fare for flights for some passengers and decrease them for others, based on the willingness to spend, but by doing so the AI system could violate not international or governmental laws, but the fairness of the airline’s revenue management practice due to the unequal basis of proportions. A pricing strategy could influence the revenues of a company, and therefore undermine its competitiveness and impact the intermediaries such as a travel agency which would on a commission-based model AI will continue to advance and there is no exception within the Tourism and Hospitality industry.

However, the adoption of AI technologies needs to be implemented ethically to ensure that human values are respected and designed for. Theoretically, there is a fundamental realization that AI systems that are ubiquitous and pervasive can cause detrimental impacts and those impacts could be crossing national boundaries and impact different societies and cultures. Given these impacts, a conceptual approach that centralizes all affected stakeholders plus their values must be taken into consideration when designing these systems. Organizations must work with industry partners when developing systems that want to adopt to produce automated decisions based on big data – this will then lead to the adoption of addressing any ethical issues.

A centralized human value chain is required at the design level of any implementation of AI, and not doing this would incur biased and uneven AI systems making decisions that adversely impact the organization and those affiliated with them. The enrolment of stakeholder input at the conceptual stages is the key to the fair ethical use of AI systems within the Tourism and Hospitality sector, and given its growing importance to countries, governments, people and businesses, it should be seen as a vital first step. Those interacting with the technology on a first-hand basis must be in constant contact with the design and widespread impact of the dynamic AI system.

What is the role of AI in the travel and hospitality industry?

Artificial intelligence (AI) has had a tremendous impact on the travel and hospitality industries by automating operations, improving consumer experiences, and delivering personalised recommendations. It is used for customer service chatbots, demand forecasting, pricing optimisation, and virtual assistants for travellers and make decisions based on data

How has AI improved customer experiences in the travel and hospitality industry?

What are the AI applications in the travel and hospitality industry?

How has AI impacted the efficiency and operations of travel and hospitality businesses?

Are there any concerns or challenges associated with AI in the travel and hospitality industry?

How is AI expected to shape the future of the travel and hospitality industry?

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