During ETHDenver on March 1st, Ethereum announced the launch of its newest upgrade to the NFT token standard, the ERC-4337. The new standard is aimed at improving the interoperability and ease-of-use of NFTs on the Ethereum network, the world’s leading blockchain platform for decentralized applications. This upgrade will make it more accessible to those who are not familiar with cryptocurrencies. Proposed by Ethereum co-founder Vitalik Buterin and others in September 2021, the ERC-4337 standard builds on the widely-used ERC-721 and ERC-1155 tokens.
The rumors are true… ERC-4337 has been deployed on mainnet 🚀
🔍 Security audit by @OpenZeppelin
🛠️ Bundlers and paymasters by @stackup_fi, @AlchemyPlatform, @biconomy , @etherspot, @candidewallet, @blocknative & more
🏗️ $300K in grants by @ethereum pic.twitter.com/WOjMvaZe6M
— erc4337 (@erc4337) March 2, 2023
The main focus of the upgrade is to improve accessibility by providing benefits such as lost key recovery, the ability to opt-out of seed phrases, and gasless transactions. This will make it easier for buyers and sellers to create wallets, making it more attractive to a mainstream audience. The launch of the new standard further demonstrates Ethereum’s commitment to innovation and leadership in the blockchain space.
As the NFT market continues to grow and evolve, the ERC-4337 standard is expected to become the new standard for high-value NFTs on the Ethereum network. With its ability to provide a new and easier level of usability for digital collectibles, the standard will play an increasingly important role in integrating mass adoption of this exciting new market.
ERC-4337 has several key features that make it an attractive upgrade for the Ethereum network. One of these features is the “social recovery system,” which allows designated users to restore access to a wallet if private keys are lost, significantly improving wallet creation and management. The standard also supports secure wallets that don’t rely on seed phrases, which can be challenging for some users to remember and keep safe. Automated trading is another important feature of ERC-4337, allowing NFT owners to trade their tokens without manual intervention. Lastly, ERC-4337 supports gasless transactions, which will reduce the load on the network, increase the speed of transactions, and eliminate the need for users to pay gas fees in ether.
Overall, the ERC-4337 standard brings significant benefits to the Ethereum network and the NFT market. It will make NFTs more accessible and user-friendly, thus contributing to the further growth and adoption of this exciting new market.