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ERC-6551 NFT Standard: Exploring Token Bound Accounts

Intermediate
NFT
Jun 16, 2023
9 min read
0

Since their creation back in 2014, non-fungible tokens (NFTs) have remained largely the same. The majority of NFTs still run on the ERC-721 standard. While this older method can be useful in certain situations, many innovators are looking for newer and more effective ways of managing NFTs. The ERC-6551 standard proposes a new way of handling NFTs through token bound accounts (TBAs). What is ERC-6551, and how does it work? Keep reading to learn about this exciting new project, and how it can change the way people use NFTs.

Key Takeaways:

  • ERC-6551 is an Ethereum standard that creates token bound accounts. Its smart contract makes a unique wallet for each NFT.
  • A token bound account links an individual NFT to a proprietary wallet that holds all sorts of digital assets, such as cryptocurrency and proof of attendance protocols.

What Is ERC-6551?

ERC-6551 is an Ethereum standard that creates token bound accounts. This new protocol is a smart contract that makes a unique wallet for each NFT. The wallet is linked to the NFT, and can store digital assets related to that NFT.

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