ERC-6551 Can Turn Any NFT Into A Wallet

The ERC-6551 protocol has introduced token-bound accounts, enabling individual NFTs to function as a wallet of sorts. This innovation was discussed by Benny Giang, the co-founder of Future Primitive and the renowned CryptoKitties NFT collection.

The concept behind this development originated from a collaboration between Giang and streetwear designer Jeff Staple called Sapienz. They sought to reimagine the future of storytelling, streetwear, and fashion through profile pictures (PFPs).

By assigning each NFT its own smart contract account or wallet, which became ERC-6551, a breakthrough was achieved. According to Giang, all NFTs on the Ethereum mainnet, from CryptoKitties to the latest projects, now possess their own account addresses capable of holding various tokens.

Token-bound accounts endow NFTs with two significant properties. Firstly, they can own assets, including ETH, USDC, and other NFTs. Secondly, they can participate in social governance. As Giang explains, NFTs can become signers on multisig transactions, possess their own ENS sub-domains, and engage in voting on proposals.

Giang metaphorically describes this as granting NFTs a passport, providing users access to diverse functions like bank accounts and voting. Taking it a step further, Giang suggests that incorporating AI into NFTs could infuse them with personalities, allowing them to tweet and execute on-chain actions.

Ultimately, Giang views this as a natural progression for human interaction and digital interfaces, facilitating deeper engagement and interaction among users worldwide.