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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Dr. Jassim Haji, communiqués the advantage of maximising work efficiency by computing infrastructure

Dr. Haji, President of the Artificial Intelligence Society / President International Group of Artificial Intelligence, considers that optimising your computing infrastructure is the initial step in improving the overall efficiency of your firm. Without optimised technology, you will be unable to achieve your company's full potential.

Guest Author

Dr. Jassim Haji, Bahrain

Further, it is unlikely to be able to compete with its competitors. Optimizing your computing infrastructure will allow you to make the best use of it. In the past, the application of computers was not essential. Nevertheless, companies engaging with tech used them to their complete ability. The many benefits of technology involve enhanced production, developed customer service, and advancement in competition. The present day’s tech environment offers a wider range of tools to expand the productivity of an enterprise.

• CUSTOMER SERVICE The use of tech decreases the cost of delivering efficient service to consumers. With the use of a contact center, you have access to a wide range of communication with customers using a variety of techniques. This system can operate with independence or as a cohesive structure. Employees can easily view up-to-date consumer data when incorporating a records management system and telecommunication into their CRM.

• OPERATION COSTS- Capitalizing on service-based tech and software can heavily decrease excess costs. Software involving print management is an example of lowering expenditures through control. In addition to this, the use of cloud computing tech is an advantage for easily accessing stored apps and data both off-site and virtual. This can be beneficial when managing the costs of maintaining hardware and developing system security.

• EMPLOYEE EFFICIENCY- Reliable execution is provided with the use of technology within a company, even throughout financial difficulty. Data retrieval and duplication facilities can greatly benefit a company following a service failure. This promotes maximum output from employees and reduces interruption of production. The simplification of prolonged duties can benefit production within the company by using technology. A document management program is one example of substituting manual assignments within the filing. As well as this, the optimization of internal IT supplies and declined routine system maintenance can be achieved with controlled IT services.

• PRODUCTIVITY IN OPERATIONS- For a business to develop, it is essential to streamline procedures. Tech services we have today include content management solutions and BPM software that allow the enhancement of a business’ practices. This lessens the hardship of repeated paper-based methods, for example when processing work orders and outstanding account processes. In addition, important data can be transmitted quickly through modern communication techniques such as email, video conferences, and instant messaging.

• REINFORCING NETWORKS- The performance of your server and the power of computing can be developed through network solutions. This is a vital action to keep workloads steady and to carry out tasks efficiently. Decreasing the density of your system and removing the requirement for network hardware can be done with the use of network virtualization. This supports the enhancement of efficiency within a business.

• ENHANCED EMPLOYEE RETENTION- The investment in technology results in a higher success rate from employees which is crucial when retaining exceptional staff. This also supports the enhancement of employee morale during challenging times. Technology helps to meet the demand of the present digital generation. An example of this is a reliable virtual network and the installation of a hosted telephone system to deliver flexibility to employees within telework. The proficiency of a business can be enhanced through a wide variety of methods with the use of technology. Your business can be developed across various performance indicators with the use of even a singular business application. You are able to establish the goals and KPIs best suited to your company when applying technology. The technology of today assists in the improvement of your company’s efficacy with the advancement of reporting capabilities. It allows you to achieve an awareness of consumer preferences, business performance, and market trends. Technology gives you the opportunity to remodel your strategies easily when utilizing analytical reports and performance metrics.

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Paris Hilton's Avatar Collection will be launched by The Sandbox and 11:11 Media.

As this summer's first highly anticipated collection, 5,555 unique avatars playable in The Sandbox with iconic Paris Hilton-themed features will be released on May 31, 2023.

Swati Bhat

Image: Sandbox Official

The Sandbox, a prominent decentralised gaming virtual world and a subsidiary of Animoca Brands, and 11:11 Media, Paris Hilton's next-generation media company, have unveiled a new Paris Hilton metaverse avatar line. The collection will be released on May 31, 2023, and will include a special subset of eleven special 1-of-1 hand-crafted NFTs that will provide holders exclusive access to a complimentary VIP ticket to Paris: Live in Concert at the Fonda Theatre in Los Angeles on June 7, 2023.

The long-awaited collection of 5,555 entirely distinct NFT avatars, each playable in The Sandbox, is a real celebration of Paris Hilton's style and inventiveness. The stunningly attractive avatars wear classic haute couture outfits from Paris, well-known Halloween costumes and signature accessories ranging from DJ headphones to Sliving gloves and fantastical fairy wings.

The Paris Hilton avatar collection will be released in three waves, each hosted on The Sandbox’s dedicated drop page:

• Allowlist mint wave 1 – 31 May 2023, 2pm UTC / 6am PST / 9am EST

Dedicated to Paris Hilton’s OG community, consisting of people from her Discord and holders of NFT collections she has already launched. Allow-listed wallets will be notified via email of their selection and will have a chance to mint a maximum of two avatars per wallet within a 24-hour time period.

• Allowlist mint wave 2 – 2pm UTC / 6am PST / 9am EST

Dedicated to holders of The Sandbox avatars and LAND owners, the Animoca Brands ecosystem, and those who register through heymint.xyz

• Public Sale – 2pm UTC / 6am PST / 9am EST Once the public sale is live, anyone will have the chance to mint up to four avatars per wallet, subject to availability.

“The Paris Hilton avatar collection from 11:11 Media will empower players to proudly express their inner Paris Hilton in The Sandbox,” said Sebastien Borget, COO and Co-Founder of The Sandbox. “Following multiple successful metaverse activations by Paris’s team, fans have been eagerly awaiting this collection. We’re excited that they’ll soon be able to equip their new avatars to show off in the metaverse.”

“11:11 Media’s collaborations with The Sandbox marks a significant leap into a world where virtual and real experiences blend seamlessly,” said Cynthia Miller, Director of web3 and metaverse at 11:11 Media. “By combining the unmistakable presence of Paris Hilton with the cutting-edge technology of The Sandbox, we are ushering in a new era of immersive entertainment and limitless creativity.”

#thecommunique #tcn #tc #metatainment #sandbox #NFT #Avatar #ParisHilton