Developers have unveiled a groundbreaking Ethereum Improvement Proposal (EIP) that introduces a novel method of utilizing nonfungible tokens (NFTs). This new system allows all NFTs to possess a smart contract account, enabling them to store other NFTs or cryptocurrencies. In an interview with Cointelegraph, Jayden Windle and Benny Giang from Future Primitive, the authors of EIP-6551, shed light on the proposal’s use cases and its implications for the crypto industry.
Windle explained that the essence of ERC-6551 is to grant NFTs their own crypto wallets, empowering them to own assets and perform actions on the Ethereum blockchain. The idea originated when the team was working on an NFT project that aimed to enable NFTs to wear clothes and accessories, which are also NFTs. Realizing the limitations of existing use cases, they embarked on a journey of experimentation and sought to create a self-sovereign mechanism for NFT ownership.
The developers envision numerous applications for this innovation, including its integration into blockchain gaming as an inventory system. Additionally, it can be leveraged in decentralized autonomous organizations (DAOs) to consolidate a member’s history within the NFT itself. Airdropping assets into NFTs could potentially enhance the value of those assets.
Giang emphasized that this advancement could transform NFTs into unique internet identities, providing new functionalities for buying, selling, and trading. Furthermore, by employing artificial intelligence (AI), NFTs could evolve into fully on-chain network playable characters in blockchain-based games.
The ERC-6551 proposal is already implemented on the Ethereum mainnet and has been deployed in an NFT collection called Sapienz. Its practical application marks a significant milestone, demonstrating the tangible realization of this innovative concept. The integration of crypto wallets within NFTs opens up exciting possibilities for the future of digital asset ownership and interaction.