Here's how one EIP can boost entire concept of non-fungible tokens in EVM blockchains
The launch of ERC 6551 or Token Bound Accounts is arguably the most impressive addition to Ethereum's open-source stack in the segment of NFTs since the onset of ERC-721, a mainstream digital collectible standard.
ERC 6551 allows every ERC 721 token to achieve all the functionalities of a cryptocurrency wallet: sending/receiving transactions, storing its own NFTs, participating in airdrops and so on; ERC 6551-enabled NFTs can be used in decentralized gaming, reputation management, on-chain messaging, analytics, trading and so on.
On the other hand, ERC 721 is a sample of a smart contract, i.e., a code template that describes basic NFT functionality. All mainstream NFT collections — Bored Ape Yacht Club, Azuki, RTFKT — include ERC 721 tokens. Also, it is a backbone element of the tooling of all of the top NFT marketplaces: OpenSea, LooksRare, Rarible, Blur and so on.Basically, there are two ways to create non-fungible tokens yourself. First, you can try using no-code instruments like Mintable.
The standard is fully open source and is subject to active discussion in the Ethereum community. ERC 6551 is backward compatible; every existing NFT can be turned into TBA. Support for ERC 6551-enabled tokens has already been researched by OpenSea and a number of other blue-chip NFT institutions.Technically, ERC 6551 is an adjustment to ERC 721, the most common standard for Ethereum's NFTs.
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