Let’s find out how ERC-6551 is altering the NFT market!
ERC-6551 is now here to hold other assets, interact with smart contracts, and a lot more. ERC-6551 is a brand-new token standard for non-fungible tokens (NFTs) that has the potential to revolutionize the industry. Very soon, NFTs might turn out to be more than profile pictures (PFPs) and open doors to create NFT tokens and take your NFT journey to the next level.
ERC-6551 tokens are wallets for smart contracts. That implies ERC-6551s can hold tokens and other NFTs very much like an ordinary brilliant agreement wallet can. Transactions are the same way. A permissionless registry is used to create and manage these so-called token-bound accounts (TBAs), which are compatible with existing ERC-721 NFTs.
Common use cases of ERC-6551:
- Composability
- Fully on-chain identities
- Provenance
- Dependency
Source: https://nftdevelopmentcompany.blogspot.com/2023/05/erc-6551-token-to-build-white-label-nft.html