What do you think about the latest innovation in the world of NFTs?
From what I've heard ERC-6551 standard enables digital assets on Ethereum to overcome several current limitations by introducing token-bound accounts.
Generally, I don't have so much experience with NFTs, I only use them in GameFi, I used recently MagicCraft NFT Marketplace and for now that's my only connection with NFTs.
But I was curious about this innovation and I read about it online, so if anyone's interested, here are some facts about it.
ERC-6551 enables NFTs to be more than static assets while retaining the advantages and features of ERC-721. The process follows converting the asset into a TBA. Token-bound accounts provide NFTs with an interface and registry for smart contract accounts based on ERC-721.
Based on ERC-4337, smart accounts can be customized and used to store assets and make transactions. Furthermore, token-bound accounts record all the activities performed on the blockchain in an unalterable fashion.
Even though token-bound accounts technically belong to an ERC-721 NFT, their control is delegated to the NFT's owner. An owner can initiate on-chain actions on behalf of an NFT by using a token-bound account.
βI believe that the future of ERC-6551 and token-bound accounts is promising, as it unlocks new use cases for NFTs and makes them more accessible to a broader audience.
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