ERC-5058 Lockable Non-Fungible Tokens

ERC-5058 introduces a groundbreaking concept - Lockable Non-Fungible Tokens (NFTs) - to extend the functionality of the EIP-721 standard. This proposal offers a secure and convenient locking mechanism for NFT owners, allowing them to participate in smart contracts without having to transfer their prized NFTs to external contracts.

The process begins with NFT owners granting approval to designated operators through the setLockApprovalForAll() or lockApprove() functions. Once approved, these operators can utilize the lock() function to lock the NFTs for a specified period. During the locking period, the NFTs cannot be transferred, ensuring their security and preventing potential risks or loss.

One of the immediate benefits of this proposal is that it enables NFTs to interact with smart contracts without leaving the wallets of their owners. This alleviates the concerns related to smart contract risks, as the NFTs remain under the owner's direct control and custody.

Additionally, owners can enjoy the continuous utility and enjoyment of their NFTs, such as using them as profile pictures or displaying bragging rights. The NFTs retain their inherent value while locked and are not limited to serving solely as passive collectibles within smart contracts.

Furthermore, owners can participate in airdrops directly and claim any associated benefits themselves. This ensures that they don't miss out on valuable airdrops, which can have financial implications considering the potential value and price fluctuations of some airdrops.

By adopting this native locking mechanism, the EIP-721 standard can significantly improve user experience (UX) and provide greater security and flexibility for NFT owners. The proposal empowers users to actively engage with smart contracts while maintaining control over their valuable NFT assets. It represents a significant step towards enhancing the NFT ecosystem and reinforcing the ownership rights and benefits of NFT holders.