ERC 6551 Ethereum Standard Changes Game in Ethereum NFTs: Guide

However, this standard cannot go mainstream as it is technically sophisticated: to create Ordinals, you need to run a full Bitcoin node. Also, the activity of Ordinals creators made the Bitcoin network almost unusable.Account Abstraction, or ERC 4337, is a technology that allows Ethereum wallets to act like decentralized banks. It blurs the line between wallets and smart contracts and paves the way for a new type of entity in Ethereum and EVM compatible blockchains, i.e.,"smart wallets.

Vitalik Buterin described this concept as one of the three pillars of Ethereum's progress in its transition toward a mature tech stack.ERC 6551 is a novel mechanism in the Ethereum segment. It allows NFTs to be equipped with an additional layer of wallet functionality.ERC 6551 is a protocol that makes"regular" NFTs on Ethereum and other EVM blockchains act like"smart contract wallets," i.e., to perform all actions that are normal for noncustodial crypto wallets.

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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