Developers have recently published an Ethereum Improvement Proposal (EIP) that introduces a new way to use nonfungible tokens (NFTs). With this system, all NFTs can have a smart contract account, allowing them to store other NFTs or crypto tokens.
Cointelegraph spoke with Future Primitive’s Jayden Windle and Benny Giang, the authors of EIP-6551, to explain the use cases of ERC-6551 and its implications for the crypto space.
According to Windle, while there are a lot of complicated workings behind the feature, the simple way to explain it is that they are giving NFTs their own crypto wallets. He explained:
“The real simple idea behind the ERC-6551 is that every NFT has a wallet. So, your NFT has a full wallet that your NFT owns. That means your NFT can own any asset on chain, and your NFT can do anything on chain. By giving NFTs wallets, NFTs now become users on Ethereum.”
When asked how the idea came to life, the Future Primitive developer explained that their team went down to what he described as a “rabbit hole of experimental oddities.” He shared that they were working on an NFT project where they wanted to add equipping as a mechanic. The project lets NFTs wear clothes and other accessories that are also NFTs.
“What we realized was nothing really sets the use case that we really wanted to achieve. We really wanted to have NFTs own their own items in kind of a self-sovereign way. We really wanted to be able to do that in a way that would just work with all the existing tooling,” he explained.
Moreover, Windle also shared that they wanted other projects to be able to also take advantage of this new mechanic and build something that could apply to NFTs in general.
Potential use cases for ERC-6551
In terms of use cases, the developer also said that this can be applied to blockchain gaming and take the form of an inventory system. Furthermore, it can also be used in decentralized autonomous organizations (DAOs) where instead of the history of a DAO member being separated by an NFT and a wallet, it can all be placed into the NFT itself. Apart from these, airdropping assets into NFTs can also potentially increase the value of NFTs as well.
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As the new mechanic seemingly has endless possibilities, Cointelegraph asked Giang what this could potentially mean for the crypto space. The NFT…
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