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ERC-6551: Transforming NFTs into Web3 Wallets

Unleash the power of NFTs with ERC-6551, the revolutionary protocol transforming every NFT into a Web3 wallet, capable of holding other tokens and participating in social governance.

ERC-6551: Transforming NFTs into Web3 Wallets

Imagine a world where your favorite NFTs are more than just digital collectibles. They become gateways to the web3 space, opening a world of possibilities. This is the groundbreaking concept being introduced by the ERC-6551 protocol, a revolutionary shift that makes every NFT on Ethereum a potential wallet for other tokens.

Often, the world of web3 technology can be confusing with words that don't quite capture the essence of their true capabilities. Take "wallet," for example. Web3 wallets such as MetaMask, while named after a familiar real-world item, do so much more. They are gateways to an entire ecosystem of decentralized apps and transactions, acting as virtual passports to the web3 world.

This is where ERC-6551 comes into the picture. This intriguing new protocol pushes the boundaries even further, allowing NFTs to become "wallets" themselves. From CryptoKitties to the newest blockchain-based innovations, any NFT could hold a diverse array of other tokens.

In an illuminating chat on the On the Other Side podcast, Benny Giang, the CryptoKitties pioneer and co-founder of Future Primitive, shed light on this exciting development. The idea was sparked during a collaboration with legendary streetwear designer Jeff Staple on a project called Sapienz. They envisioned a dynamic digital world where profile pictures (PFPs) could express their individuality by changing their outfits multiple times a day, reflecting their owner's personality.

A pivotal moment occurred at a hackathon in San Francisco. Frustrated by on-chain complexities hindering NFTs' potential, they wondered, "What if NFTs had their own wallets?" Thus, ERC-6551 was born. This remarkable innovation allows each NFT to hold assets, from ETH and USDC to pepe coins and other NFTs.

But it doesn't stop there. ERC-6551 also paves the way for NFTs to actively participate in social governance, becoming signers on multisig, owning ENS sub-domains, and even voting on proposals. It's akin to handing your NFT a digital passport to the web3 world, enabling a host of novel interactions.

Looking to the future, Giang envisions adding AI to the mix, giving NFTs their own personalities and the ability to tweet or execute on-chain actions. "It's a natural progression," he asserts, ushering in a new way for us to interact and engage with each other on the internet.