ERC-6551 is the next big thing in NFTs.
Here's all you need to know. 🧵
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ERC-6551 allows every NFT on Ethereum to get its own wallet.
Most people don't know about it.
Instead of connecting your wallet, you can now connect your NFT.
New possibilities that this will unlock are insane👇
1️⃣ Imagine you have a Mutant, and you collect in-game items. You also stake ApeCoin.
With ERC-6551, all the tokens can now be tied to the Mutant rather than the wallet.
This has never been possible before.
2️⃣ Imagine your DAO membership card receives POAPs or SBTs as a reward for you being an active participant.
These can now be connected directly to the card, so your participation makes the NFT more valuable.
You can also upgrade the artwork without changing metadata.
3️⃣ This one is exciting! 😲
Imagine you connect your PFP with AI and turn it into a trader.
You can add any NFT or ERC-20 token to your PFP account.
For example, you give your Nakamigo 5 ETH and send it to trade for you.
4️⃣ You can message a PFP directly without knowing the holder's Twitter.
This allows projects to start integrating decentralized messaging.
5️⃣ Your PFP can now show a transaction history.
Did your Doodle get a loan, receive an airdrop, or was owned by a celebrity?
Its history and previous actions will never get lost.
6️⃣ ERC-6551 can lower the risk of taking a loan.
Imagine you take a 5 ETH loan against your 10 ETH Mutant.
If the floor drops, you can send additional ETH to your Mutant to prevent liquidation.
7️⃣ You can make NFTs more non-fungible.
The first real example is Sapienz by @jeffstaple.
You can add different NFTs by Jeff into Sapienz's wallet, and they will be turned into different wearables and backgrounds.
The functionality already works on @opensea. 👏
What are the limitations?
ERC-6551 is still very new, and you might not want to risk bundling higher-value assets until it gets more tested.
Most of the features are still experimental and need a few more months to be developed.
ERC-6551 is the next innovation for NFTs and a big step in turning your PFP into an on-chain identity.
It allows history to be created from the NFT rather than your wallet.
This opens up many new possibilities in trading, gaming, provenance, and governance.
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Follow me @beast_eth for more.
Thank you!!
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