A new sensation is stirring up the digital landscape – the ERC-6551 standard. It heralds an era where NFTs are no longer mere collectibles but dynamic, multifunctional assets. NFT collections pioneering this standard, like ‘The Managers’ and ‘Sapienz’, are seeing their trading volumes grow exponentially.
The surge of ERC-6551
The rise of the ERC-6551 standard has been nothing short of spectacular. The embodiment of this trend is the striking 175% surge in the floor price of Sapienz NFTs within a span of just 24 hours. Not just content with shaking up price indices, the trading volume has also ballooned by a staggering 8000%, according to CryptoSlam.
The growing traction of ERC-6551 is reflected in the creation of Token-bound accounts (TBAs). Data from @SeaLaunch_ indicates a record single-day spike of 701 accounts on July 4th. Currently, a total of over 1,500 accounts have been created so far.
The unmatched potential of ERC-6551
The magnetic draw of ERC-6551 stems from the host of advantages it offers over the now seemingly archaic ERC-721 standard. Firstly, ERC-6551 has turbocharged the functionality of NFTs, freeing them from the confines of being just trading assets. They can now own other NFTs, engage in DeFi applications, and interact with smart contracts. This expansion in potential use cases is turning them into significantly more valuable assets.
In addition to enhanced functionality, the novel standard also fortifies the security of NFTs. With smart contracts guarding the token-bound accounts, ERC-6551 provides a safer haven for NFT storage than traditional wallets.
Last but not least, ERC-6551’s gift to the NFT world is its splendid interoperability. This allows it to be utilized seamlessly across different platforms and applications, enhancing its reach and accessibility to a wider array of users.
Despite being a work-in-progress, the ERC-6551 standard is emerging as a game-changer for NFTs. Like any disruptive innovation, it faces challenges around infrastructure and security.