The proposed ERC 6551 token standard for NFTs is generating interest among crypto enthusiasts, as it would enable digital assets to own other tokens, a development that could significantly transform the NFT and metaverse landscape.
Speaking to Laura Shin on a recent episode of the Unchained Podcast, Benny Giang and Jayden Windle, two of the authors of the Ethereum Improvement Proposal (EIP) for ERC 6551, stated this new standard allows NFTs to own other tokens, essentially equipping them with their own ‘wallets.’
What is ERC 6551?
The token standard proposal, introduced in February, focuses on creating a system that assigns every ERC-721 (non-fungible token) a smart contract account. This will allow these tokens to own assets and interact with applications without changing existing ERC-721 smart contracts or infrastructure.
This system comprises two main components: a permissionless registry for deploying token-bound accounts and a standard implementation interface.
The registry will deploy a unique smart contract account for each ERC-721 token, allowing the token to interact with the blockchain, record transaction history, and own on-chain assets. Control of each token-bound account is delegated to the owner of the ERC-721 token, allowing the owner to initiate on-chain actions on behalf of their token.
The proposal seeks to be maximally backward compatible with existing non-fungible token contracts. It also uses EIP-155 chain IDs to uniquely identify ERC-721 tokens, allowing for optional support of multi-chain token-bound accounts.
Developer reaction
The initial developer discussion for the proposal centered on potential security implications, such as the risk of duplicating registries and the need for trust verification. Suggestions included creating a registry for broad registration of account Implementations and making the proposal’s registry canonical due to its permissionless nature.
The proposal’s potential implications for reducing airdrop costs were…
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