Comment by @huugo • Hey
Ryan, how do you see this as different than a multisig or just a regular shared address? What is the value in having an NFT - be that a lens account, a pos
Comments
- Apologies if this posts twice, having trouble posting.
Well the beauty of this implementation (ERC-6551) is that in some ways it changes nothing. It's everything we've already been doing, but at the NFT level instead of the Wallet level. If you simply want more of the same out of this then that's totally possible!
But here's where it can differ:
• With TBAs the focus is on the interactions and capabilities of the NFT itself. It's about giving individual NFTs their own agency and capabilities. These are unique assets with their own behaviors and properties which don't require the signatories' actions for approval. The Shared Object is its own thing, usable in apps and elsewhere. And actually capable of more complex actions due to the nature of it being a bundle of data.
• With multi-sig wallets the focus is on the interactions and decisions of the wallet's signatories. These are wallets first, which are about shared control and decision-making among multiple parties. Governance. Using these in conjunction with TBAs becomes incredibly powerful.
In the physical world people come together to create newspapers and magazines. When I purchase a newspaper, though, I don't need anyone's permission to use it. I can read it, I can use it for wrapping paper, or I can turn it into bedding for my bird cage. The creators collaborated, they made an object, and then they released it to the world. TBAs can be thought of as the newspaper object, bought and sold everywhere, and a multi-sig is more for the corporate structure (like that of The New York Times).
Two TBA+Multi-sig examples which might make sense:
Art Community
• Artists form a Community and create collaborative digital art pieces.
• Each art piece is a TBA NFT, so they accrue royalties, participate in exhibitions, or even evolve over time based on community interactions. These pieces can be used in apps, making them valuable.
• The multi-sig Community Wallet ensures that decisions like selling the art piece or reinvesting the royalties require consensus among the artists.
Film Production
• A community funds and produces films or media projects.
• Each film or project can be an NFT with a TBA, accruing revenue from streaming, licensing, or merchandise.
• The multi-sig setup ensures that revenue distribution, licensing deals, or sequel decisions are made collaboratively.
- It cuts off steps, transactions, approvals and fees.
It can be a tool for web3 socials, gaming, art, onchain AI, onchain nl, etc.
When higher level of security will be required or you dont trust your “nft shareholders” that much other tools and systems are already in place and will defo become better and siimpler. ☺️
There’s a huge risk tho.., having one NFT only holding stuff…
- Also, an interesting aside: if you ever want to do an airdrop you can send it directly to the NFTs. No need for snapshots and deadlines with fluctuating floor prices.