According to @SeaLaunch_’s datasheet, the number of ERC-6551 heterogeneous Token-bound accounts (TBAs) created peaked at 701 on July 4, a single-day record.
Currently there are more than 1,500 accounts. On the same day, the number of ERC-6551 transactions also reached the second highest in history.
Source: Dune
Currently, the major NFTs using the ERC-6551 standard include The Managers and Sapienz. The bottom price of Sapienz NFT is up more than 24% over the past 24 months, with a volume spike of more than 8000%, according to CryptoSlam.
Source: CryptoSlam
ERC-6551 is a new Ethereum standard that allows any ERC-721 token to have a smart contract account to build a Token-bound account (TBA). This allows ERC-721 coins to own assets and interact with apps without changing current ERC-721 smart contracts or infrastructure.
The ERC-6551 standard is a significant improvement over the ERC-721 standard, giving the NFT greater functionality and compatibility. For example, the standard NFTs can host other NFTs, engage in DeFi applications, and interact with smart contracts.
ERC-6551 is still in the works, but has the potential to transform the NFT industry in the future. It can increase the value and usage of NFTs by improving their functionality.
This standard offers several benefits, some of which are as follows:
- Increasing NFT functionality: This standard allows NFTs to own other NFTs, participate in DeFi applications, and interact with smart contracts. This expands the use cases for NFTs, making them a more valuable asset.
- Increased security: Since smart contracts protect token-bound accounts, they are more secure than conventional wallets. This makes NFT storage even more secure.
- Enhanced interoperability: The NFT ERC-6551 can be used on a variety of systems and applications. As a result, they are more customizable and accessible to a wider variety of users.
Despite several infrastructural and security issues, ERC-6551 is nonetheless seen as a critical step forward for NFT, making NFT more relevant to Web3 consumers rather than just a trading tool.
DISCLAIMER: The information on this website is intended as general market commentary and does not constitute investment advice. We recommend that you do your research before investing.
