ERC-6551

We all know ERC-721 but now it's the time to learn about ERC-6551 the knew game changer token standard that aim to revolutionise the NFT market by introducing new utility and functionality to the Non Fungible Tokens.
How it aims to do that you may wonder , by directly enabling you to own assets, interact with web3 apps, and better serve as your onchain identity. This will happen by using token-bound accounts meaning that your NFT is essentially an wallet wallet

source

What all that means?

Think of it like this: You own a piece of an NFT, for the sake of argument, let's say it's a highly hyped Frog. If you wonder about the value of that frog, essentially, the value is what someone is willing to pay for it. So, if I spend 10 ETH to buy it, that becomes its value. Its only purpose is to hold this value.

Now, let's consider ERC-6551, which transforms that frog into a wallet. From now on, the frog becomes my identity in any interaction. When others see that frog, they will know it's me. Additionally, I can also store coins in the frog, maybe 100 ETH. So, from a simple JPEG NFT, my frog now becomes my wallet that holds 100 ETH, plus the initial 10 ETH I believed it was worth. Essentially, it becomes an extension of myself.

I really like this concept, and I believe it will be the next big thing that will once again fuel the explosive growth of NFTs. Finally, it will provide more practical uses for NFTs.

https://eips.ethereum.org/EIPS/eip-6551

https://twitter.com/ZakaiMill/status/1658110118288916490

Posted Using LeoFinance Alpha