The key feature of ERC-6551 is the concept of token-bound accounts (TBAs), which provide NFTs with an interface and registry for smart contract accounts.
Unlocking the Potential of NFTs with Token-Bound Accounts
The rise of Non-Fungible Tokens (NFTs) has revolutionized the world of blockchain-based digital assets, with the ERC-721 standard paving the way for a multitude of unique use cases.
However, one significant limitation of ERC-721 tokens is their limited traceability. This makes it challenging to verify the authenticity and ownership of the asset, which can be a problem in the case of high-value transactions.
Another limitation is the lack of composability, meaning users cannot embed additional utility on top of existing NFTs. This leaves room for more innovation as new use cases for NFTs emerge.
The latest innovation in the world of NFTs is the ERC-6551 standard. It enables digital assets on Ethereum to overcome several current limitations by introducing token-bound accounts (TBAs).
What is ERC-6551?
ERC-6551 is an emerging Ethereum standard for NFTs, enabling them to be more…