- Although ERC-721 introduced NFTs to the world, it still suffers from many limitations.
- So, Ethereum has released a new standard that addresses all issues with ERC-721.
- ERC-6551 is looking to usher in a new era of NFTs.
The ERC-721 standard made history with its introduction NFTs to the world. Since their inception, NFTs have revolutionized industries by introducing new applications in the form of still images, breedable cats, generative artwork, tickets, and more.
As NFT adoption grows, developers keep revealing New use cases for NFTs. However, the standard upon which they are built has limitations that may hinder NFTs from achieving their true potential. This is where the new Ethereum standard, ERC-6551, comes into play.
The ERC-6551 is specifically designed to drive every NFT on the network to become more dynamic, thus ushering in a new era.
What is ERC-6551?
ERC-6551 It is the new Ethereum standard for NFTs that aims to make them more dynamic and interactive. It does this by giving ERC-721 NFTs the full capabilities of a file Ethereum Account using Token Linked Accounts (TBA).
The new standard allows standard NFTs to bypass fixed assets and undertake improved functionality and interactivity. It deploys smart contracts or wallets that are unique to each ERC-721 NFT and then uses a permissionless ledger to record all activity that the account performs on-chain.
In addition, thanks to the ERC-4337 standard, a smart contract Posted by ERC-6551 it will act as a wallet that can store assets and perform transactions. What’s more, the new standard is backwards compatible with all ERC-721 tokens, meaning that existing NFTs can implement the new standard without going through No hassles of wrapping assets Or more.
While ERC-721 NFTs paved the way for mainstream adoption of NFTs and opening up new use cases for blockchain-based assets, they are riddled with issues such as limited source, lack of composability, and extreme immutability. The new NFT standard addresses all the issues in the previous standard and brings new opportunities to the table.
What does ERC-6551 bring to the table?
ERC-6551 is set to change the NFT industry by allowing every NFT to be more dynamic and functional. In hindsight, the new standard could revolutionize many industries, especially Web 3 games and series recognition.
Prior to the new standard, players who owned in-game NFTs would sit their assets separately in their wallets. With ERC-6551 and its token-linked accounts in the mix, game developers can introduce new use cases such as inventories, gear, and other mechanics that require multiple assets to interact with each other.
ERC-6551 also opens up opportunities for on-chain identification in various areas, such as loyalty programs, listing permission, rewards, and credit rating. Implementing on-chain identification can enhance the reliability and security of protocols, resulting in more robust systems.
The sky’s the limit for NFTs with ERC-6551, and it will be interesting to see the new variety of applications that emerge in the future.
on the flip side
- Recently, Ethereum gas prices skyrocketed to levels not seen since May 2022 due to the ongoing PEPE mania of the meme coin. Network gas prices averaged more than 100 gwei.
- 1 user paid 64 ETH in gas fees for a single transaction, equivalent to $120,000 USD, due to a recent congestion in the Ethereum network.
Why should you bother
The new Ethereum standard has the potential to take Web3 to another level by evolving the nature of static NFTs to be more dynamic, configurable, and interactive.
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