ERC-6551: NFT as Wallet Bringing a New Paradigm to SocialFi

The ERC-6551 proposal, a new token standard that greatly enhances the functionality of ERC-721, or NFT, was released on the main ethereum network on May 7, 2023: with ERC-6551, one or more smart contract wallets can be created for NFT, making it more composable, dynamic and interactive.

In the crypto world nowadays, more and more people are using NFT as a form of on-chain identity. And the current ERC-721 token (NFT) does not function as a proxy or own other on-chain assets, which is out of sync with the real-world use case of irreplaceable assets. Hence the emergence of the ERC-6551 proposal. It solves this problem by granting the full functionality of an Ether account for each NFT while maintaining compatibility with existing ERC-721 contracts.


yes, stoked about ERC-6551, at its core it would allow any token to become dynamic and have a graph of metadata that can evolve or devolve depending on its interaction in relation to dapps, the chain and its user.

1 Like