Explore the Potential Use Cases of ERC-6551 and Token-Bound Accounts (TBAs)

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).

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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?