{"id":7228,"date":"2023-05-17T12:57:52","date_gmt":"2023-05-17T12:57:52","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/17\/what-is-erc-6551-and-why-does-it-matter\/"},"modified":"2023-05-17T12:57:52","modified_gmt":"2023-05-17T12:57:52","slug":"what-is-erc-6551-and-why-does-it-matter","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/17\/what-is-erc-6551-and-why-does-it-matter\/","title":{"rendered":"What is ERC-6551 and Why Does it Matter?"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400\">Move over <a href=\"https:\/\/nftevening.com\/what-is-erc-721r-about-the-safest-new-nft-standard\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">ERC-721<\/a>, there is a new kid on the block, ERC-6551. ERC-6551 is Ethereum\u2019s new standard for NFTs, aiming to make them more <a href=\"https:\/\/nftevening.com\/a-guide-to-dynamic-nfts\/?swcfpc=1\" target=\"_blank\" rel=\"noopener\">dynamic<\/a> and interactive. This new standard has the potential to take Web3 to the next level. Here\u2019s everything you need to know.<\/span><\/p>\n<figure id=\"attachment_104409\" aria-describedby=\"caption-attachment-104409\" style=\"width: 1140px\" class=\"wp-caption aligncenter\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-104409 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551.jpg.webp\" alt=\"Still from ERC-6551\" width=\"1140\" height=\"570\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551.jpg.webp 1140w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-300x150.jpg.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-1024x512.jpg.webp 1024w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-768x384.jpg.webp 768w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-112x56.jpg.webp 112w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-150x75.jpg.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551-450x225.jpg.webp 450w\" sizes=\"(max-width: 1140px) 100vw, 1140px\"\/><\/noscript><figcaption id=\"caption-attachment-104409\" class=\"wp-caption-text\">ERC-6551 \u2013 Ethereum\u2019s New Standard<\/figcaption><\/figure>\n<h2><span id=\"What_is_ERC-6551\"><b>What is ERC-6551?<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Before we explore what ERC-6551 is, let\u2019s recap on ERC-721. The introduction of the ERC-721 standard was monumental, as it introduced NFTs to the world. At the time, ERC-721 was the gold standard that revolutionized the NFT industry by introducing new applications through static images, generative art, and more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, as NFTs continue to develop, the old standard shows limitations, and progress is hindered. This is where ERC-6551 comes in. ERC-6551 is designed to accelerate all NFTs to become more dynamic and interactive. Additionally, it gives ERC-721 NFTs the full capabilities of an Ethereum account using <\/span><a href=\"https:\/\/twitter.com\/ZakaiMill\/status\/1658110118288916490\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">token-bound accounts<\/span><\/a><span style=\"font-weight: 400\">. In other words, the NFT functions as a wallet with its address.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It cannot be denied that ERC-721 NFTs laid the path for mainstream adoption and unlocked new use cases for blockchain assets. However, they present many issues such as limited provenance, lack of composability, and being too static. The new standard, ERC-6551, tends to all of the problems mentioned above and more. As a result, more opportunities for innovation will surface.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Could this be the start of a new era? It\u2019s looking likely. Despite the dry NFT market due to bearish conditions, plenty\u2019s still happening in the background.\u00a0<\/span><\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftevening.com\/what-is-erc-6551-and-why-does-it-matter\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Move over ERC-721, there is a new kid on the block, ERC-6551. ERC-6551 is Ethereum\u2019s new standard for NFTs, aiming to make them more dynamic and interactive. This new standard has the potential to take Web3 to the next level. Here\u2019s everything you need to know. ERC-6551 \u2013 Ethereum\u2019s New Standard What is ERC-6551? Before [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/05\/ERC-6551.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7228"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=7228"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/7228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/7229"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=7228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=7228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=7228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}