ERC-6551 is a new token standard that is supposed to be revolutionary for NFTs as they provide more capabilities and use cases for NFTs than the ERC-721 standard.
To be specific, ERC-6551 gives every ERC-721 non-fungible token (NFT) the ability to own a smart contract account in order to create a token-bound account (TBA).
Generally, the concept is created by Benny Giang - the co-founder and partner of Future Primitive. As described, ERC-6551 will be a significant upgrade over the old ERC-721 token standard, bringing some benefits such as enhancing NFT functionality and improving security as well as interoperability. Not to mention the use cases of ERC-6551 and token-bound accounts, where they enable groundbreaking features like asset ownership (your NFTs can hold tokens), and social identity (NFTs have their own Ethereum identity).
This sounds like an interesting development! I’d love to learn more about ERC-6551 and how it compares to the ERC-721 token standard. Can you provide more information about the specific capabilities and use cases that ERC-6551 brings to NFTs? I’m particularly curious about the concept of token-bound accounts and how they enable asset ownership and social identity for NFTs. Also, are there any notable security and interoperability enhancements that come with ERC-6551?
Thank you for your interest.
To be more specific, ERC-6551 is a new token standard that greatly enhances the functionality of ERC-721, which was released on the main Ethereum on May 7th, 2023.
The key feature of ERC-6551 is associated with the concept of token-bound accounts (TBAs), which provide an NFT with an interface and registry for smart contract accounts. In other words, with ERC-6551, one or more smart contract wallets can be created for NFTs, making them more composable, interactive, and dynamic.
Nowadays, many more and more people are using NFTs as a form of on-chain identity, paving the way for a multitude of unique use cases.
However, the current ERC-721 NFT does not function as a proxy or own other on-chain assets, which is out of sync with the real-world use cases of the digital assets that we’ve always called ‘irreplaceable’. Another significant limitation of the ERC-721 standard is its traceability, making verifying the authenticity and ownership of digital assets more challenging. So ERC-6551 solves this problem.
Notably, ERC-6551 also enhances security and interoperability. The token-bound accounts are stored directly on the blockchain, making them less susceptible to hacking and theft. Plus, TBAs are compatible with other blockchains, making them accessible to a wider range of users.
One example use case that ERC-6551 brings to NFTs is SAPIENZ - a collection of 15,000 playable characters created through a partnership between STAPLEVERSE and RHYMEZLIKEDIMEZ.
ERC-6551 make minting NFT by ERC would be more stable and easier isn’t?