ERC-6551: The new Ethereum standard unlocking fresh possibilities for NFTs

What is ERC-6551?

ERC-6551 Token Bound Accounts (TBA) is a new and innovative Ethereum standard that expands the functionality of NFTs by allowing them to operate as their own smart contract accounts. This exciting development, created by the Future Primitive team with contributions from Manifold and the token-bound developer community, brings newfound versatility and utility to NFTs, transforming them into powerful digital assets.

In 1992 JPEGs allowed us to view and transmit images to each other; in 2017, NFTs let us buy, sell and trade, but what's next for 2023? The answer could be ERC-6551, which will provide seamless interactions and functionality.

ERC-6551 was created to address a limitation on ERC-721 tokens. Before, ERC-721 tokens couldn't act as owners of other on-chain assets or perform actions like an Ethereum account. This limited their usefulness in the real world.

To overcome this, ERC-6551 introduces token-bound accounts (TBA) — unique smart contract accounts associated with each ERC-721 token. These accounts are created through a permissionless registry and come with all the capabilities of an Ethereum account, allowing for more practical and user-friendly interactions.

Start now

The benefits of ERC-6551

While the token standard is still new, since its release on May 7, 2023, it has offered a much-needed rewrite to NFTs, making them more dynamic and interactive.

  • Improved capabilities: TBA can be used to engage with other smart contracts and dApps, opening up near endless possibilities for NFTs.
  • Greater interoperability: TBA is compatible with other Ethereum standards, which makes it easier for NFTs to be used across different platforms.
  • Enhanced user friendliness: The key to mass adoption is to keep both crypto natives and the crypto curious in mind. TBA makes it easier for users to manage their NFTs and can be accessed from any web3 wallet.

The limitations of ERC-6551

While getting caught up in the excitement of a new token standard is normal, doing your own research to get the full picture is also essential. With that in mind, there are some limitations with ERC-6551.

  • High gas fees: The gas fees associated with ERC-6551 can increase, especially during periods of network congestion. This can make it expensive to use ERC-6551 NFTs.
  • Limited compatibility: While this new token standard is exciting, it's essential to know not all wallets and platforms support ERC-6551.
  • Lack of awareness: ERC-6551 is a new standard and is not yet widely known. Only some users know of it and how to use it. What's next for ERC-6551

ERC-6551 unlocks new possibilities for NFTs, going beyond their conventional uses. For example, NFTs can now become repositories for in-game wearables and digital items, enhancing user immersion and familiarity. Additionally, PFP (Profile-for-Proof) projects can incentivize collectors by rewarding token bound account holders. Finally, having multiple token bound accounts and support for multiple chains further enhances the utility and stimulates innovation in the NFT ecosystem.

Start now


Disclaimer: THIS ARTICLE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE OR SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

免责声明
本内容仅供参考,可能包含您所在地区不支持的产品信息。本内容无意提供 (i) 投资建议或投资推荐;(ii) 购买、出售或持有数字货币/数字资产的要约或邀约;或 (iii) 财务、会计、法律或税务建议。持有数字货币/数字资产 (包括稳定币和 NFT) 存在较高风险,其价值可能大幅波动。您应根据您的财务状况和风险承受能力,仔细考虑交易或持有数字货币/数字资产是否适合您。有关您的具体情况,请咨询您的法律/税务/投资专业人士。本帖中的所有信息 (包括市场数据与统计资料) 仅作一般性参考。某些内容可能由人工智能 (AI) 工具生成或辅助。虽然我们在编写相关数据和图表时已采取一切合理措施确保准确,但我们不对其中可能存在的任何事实错误或遗漏承担任何责任。OKX Wallet 及相关服务并非由欧易交易所直接提供,受 OKX Web3 生态系统服务条款 约束。

相关推荐

查看更多
Layer-2 generic thumb
Layer2

What is BEVM: evolving Bitcoin into a platform for DApps

Bitcoin is often referred to as digital gold, but what if it could be more than that? Imagine using Bitcoin not just for transactions or holding money, but also to run powerful apps and create new decentralized apps (DApps), like Ethereum does.
2025年10月21日
中级
32
MP Cover
Blockchain
DeFi
Protocols

Band Protocol: A Comprehensive Guide to Real-World Data

Most people in the crypto industry are familiar with the concept of decentralized oracles. Originally introduced by Chainlink (LINK), a decentralized oracle network delivers external data to the block
2025年10月21日
2
ERC-7579 thumbnail

What is ERC-7579? Exploring the new standard for enhanced smart account interoperability

ERC-7579 has arrived with a promise to fine-tune existing standards, primarily ERC-6900, for a simpler and more supportive user and developer experience. At the same time, ERC-7579 aims to compliment capabilities, bringing fresh opportunities to the space.
2025年10月21日
中级
trade-academy-spot-3
DeFi

How To Use Aave To Lend and Borrow Cryptocurrencies

Crypto lending platforms have acquired a bad reputation, but only in the space of centralized finance. In contrast, decentralized lending protocols like Aave are doing just fine. Learn why that is the
2025年10月21日
4
Crypto adoption generic thumbnail
DeFi

What is DeFi?

A collection of decentralized blockchain-based protocols offering similar services to the traditional financial industry Short for decentralized finance, DeFi is an emerging industry enabled by blockc
2025年10月20日
新手
BlockDAG thumbnail
Mining

What is BlockDAG: better network scalability with directed acyclic graph

The BlockDAG distributed ledger has been turning heads with its novel approach to data processing and transaction management. Unlike many of today's leading chains, BlockDAG uses a directed acyclic graph (DAG) structure, which allows multiple blocks to be added simultaneously. This change helps to solve problems like network congestion and transaction speed, while also providing a more scalable and efficient solution for decentralized networks.
2025年10月15日
中级
25
查看更多