The ERC-721 token standard on Ethereum ignited the frenzied world of NFTs. Yet, as the dust settled, their limitations became apparent. Enter ERC-6551, a new standard designed to overcome these challenges.
Benny Giang and Jayden Windle, cofounder and founding developer of Future Primitive, respectively, delve into the transformative potential of ERC-6551, a standard which allows every NFT to have a smart contract wallet associated with it. They discuss the exciting new possibilities it unlocks in the spheres of gaming, the metaverse, identity, messaging, and more.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
- what ERC-6551 is and how the idea was born
- the differences between NFT token standards
- the four big categories of applications for this new token standard
- why Benny thinks that "network playable characters" will solve many of the problems in the digital space
- how the token bound accounts work and whether they can interact with existing wallets
- the security implications of using ERC-6551
- what Future Primitive does in the web3 space
- how creators can benefit from this new development
- whether it's possible for soulbound tokens to work with token bound accounts
- how blue chip NFT collections are using ERC-6551, if at all
- what could go wrong with token-bound accounts that are combined with AI
- what new things are being envisioned with this new standard
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