Move over ERC-721, there is a new kid on the block, ERC-6551. ERC-6551 is Ethereum’s new standard for NFTs, aiming to make them more dynamic and interactive. This new standard has the potential to take Web3 to the next level. Here’s everything you need to know.
What is ERC-6551?
Before we explore what ERC-6551 is, let’s recap on ERC-721. The introduction of the ERC-721 standard was monumental, as it introduced NFTs to the world. At the time, ERC-721 was the gold standard that revolutionized the NFT industry by introducing new applications through static images, generative art, and more.
However, as NFTs continue to develop, the old standard shows limitations, and progress is hindered. This is where ERC-6551 comes in. ERC-6551 is designed to accelerate all NFTs to become more dynamic and interactive. Additionally, it gives ERC-721 NFTs the full capabilities of an Ethereum account using token-bound accounts. In other words, the NFT functions as a wallet with its address.
It cannot be denied that ERC-721 NFTs laid the path for mainstream adoption and unlocked new use cases for blockchain assets. However, they present many issues such as limited provenance, lack of composability, and being too static. The new standard, ERC-6551, tends to all of the problems mentioned above and more. As a result, more opportunities for innovation will surface.
Could this be the start of a new era? It’s looking likely. Despite the dry NFT market due to bearish conditions, plenty’s still happening in the background.