• EIP-6551 is a new Ethereum Improvement Proposal that aims to allow NFTs to store other NFTs and crypto tokens.
• It was developed by Future Primitive’s Jayden Windle and Benny Giang, who wanted to create an inventory system for gaming and DAOs.
• Potential uses of the proposal include blockchain gaming, DAOs, and airdropping assets into NFTs.
EIP-6551: Allowing NFTs to Store Crypto Tokens
The developers behind Future Primitive recently published an Ethereum Improvement Proposal (EIP), introducing a new way to use nonfungible tokens (NFTs). The proposal, known as EIP-6551, allows all NFTs to have their own smart contract account, allowing them to store other NFTs or crypto tokens.
The Origin of EIP-6551
Jayden Windle and Benny Giang from Future Primitive were working on an NFT project when they came up with the idea of giving every NFT its own crypto wallet. According to Windle, this would make it possible for the NTFS to self-sovereignly own any asset on the chain and do anything on chain. The team then went down what he described as a “rabbit hole of experimental oddities” in order to develop their idea further.
Potential Use Cases for ERC-6551
One potential use case of ERC-6551 is that it can be applied as an inventory system for blockchain gaming. Additionally, it can be used in decentralized autonomous organizations (DAOs), where the history of a DAO member can be stored within the same token instead of having two different wallets or tokens associated with it. Other potential uses include airdropping assets into NTFS or using them as users on Ethereum networks.
Implications for Crypto Space
With this system in place, developers will now have more opportunities when it comes to creating projects involving NTFS and cryptocurrencies. Additionally, since all transactions are done through smart contracts on a public ledger, users don’t need to worry about trust issues or security concerns when dealing with these tokens.
Conclusion
By implementing this new system via EIP-6551, developers have given NTFS greater capability when it comes to handling other types of digital assets—from crypto tokens to other types of digital items like clothes or accessories—allowing them to become full users on Ethereum networks while also providing more options for projects involving both cryptocurrencies and nonfungible tokens