The story begins

Benny Giang, the first author of ERC, conceived a series of NFT projects based on ERC-6551 when he founded FP with Jayden Windle a few years ago: customers hope to have a series of NFTs, in which each NFT itself contains any benefits provided to it in the future, and if the original NFT is traded in the future, these benefits will not be lost.

Have you ever encountered these troubles?

Let's first look at the scenario mode of Web2.0 application:

When you create your own account in a platform called "A" in the Web2.0 world, you use the "A" application to create a lot of works, and you get paid when fans pay tips for your works. Then, when your works are sold to advertisers, it means that you no longer own the copyright, and if fans continue to provide tips for your works, you will no longer get paid.

harm:

1. About data ownership: Your works and data are stored on the server of "A" platform. This means that if "A" platform goes bankrupt, your data will also be lost.

2. Once a work is traded, it is impossible to provide the creator with sustained compensation.

How does ERC-6551 provide sustainable benefits to creators?

issues that need resolving:

1. Data ownership: Creators have independent digital identities and smart contract accounts to manage their works.

2. The work becomes an on-chain asset, namely “NFT”.

3. Provide sustainable returns.

How to do?

You can create your Profile through the ERC-6551 protocol, a decentralized "smart contract account". It also supports multi-chain storage, which means your Profile is like a wallet that supports multiple chains, and you can switch to any blockchain to use it. You can publish your works through this account, and each work is a tradable "NFT".

When your work "NFT" is recognized by fan A, how should he buy your "NFT"? He needs to pay the NFT price (assuming it is $100) to mint your "NFT" into a new NFT. You will receive a reward of $100, and "NFT-1" will still exist in your account address and will not be lost. (To distinguish, we named the new NFT "NFT-2". The original name is "NFT-1")

Then when more fans purchase "NFT-1", your NFT will be created into N new NFTs (NFT-3, NFT-4, NFT-5........NFT-n), and you will also receive a reward of N*$100.

At the same time, the value of your "NFT-1" = N*$100 (mint times N*$100)

It is worth noting that: "NFT-n" will contain the information mark of "NFT-1". This is to protect the works of the original author.

How does PoPP Echo innovate using ERC-6551?

Create a PoPP Profile and publish an Echo, each Echo is stored on the blockchain. If PoPP Profile supports BSC and Ethereum in the future, you can also interact with dApps in the BSC or Ethereum ecosystem.

On sustainable income:

When your work on Echo is shared by users as a "mirror", and every "collection" (the platform's term for content investment, similar to collection) will be paid. The difference is that when the first person pays $100 to collect your content, the cost of "collection" paid by the second, third, fourth, and nth participants will increase.

This means that the value of your "NFT-1" and the compensation you receive are no longer the number of mints N*$100.

It is worth noting that when “NFT-2” is collected by new users, “NFT-1” will also be rewarded.

Will fans get paid for participating in collections?

We can tell from the current product models that this is certain.

Fans don’t have to act as “creators”. When fans collect your work “NFT”, they will get “NFT-2” and display it on their own window “Profile” page. When someone sees it, he can also participate, and the cycle repeats ♻️!

It turns out that this is how the ERC6551 use case can be used.

If you have better discoveries, please share them with me. Let’s explore the infinite possibilities brought by the Web3.0 world together!

Disclaimer: This article does not provide any investment advice!