Crypto Trader & Defi Guru
The Blockchain
Joined April 2021
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CoinStats: Overall, this standard opens up new possibilities for utilizing NFTs 🚪
So is it a game-changer or simply a technical improvement?
CoinStats: Each NFT can contain multiple TBAs, each serving a specific purpose 🔨
With TBAs, each NFT becomes unique and can interact with decentralized applications (dApps) independently of the wallet it is associated with.
CoinStats: Here are some advantages of token-linked accounts (TBAs):
- They can hold any asset within any NFT you own.
- You can combine your NFTs and tokens withing the same portfolio.
This makes asset management and transfers simpmler.
CoinStats: What does that mean? 🖼
In simple terms, the NFT itself acts as a wallet with its own unique address, expanding its functionality and potential use cases.
CoinStats: So what is ERC-6551? 🤔
It's a new pack of features that enable "token-linked accounts".
What it simply means is that NFTs can interact with smart contracts and accounts on Ethereum.
CoinStats: Did you know you can use NFTs as wallets now? 😳
With the new ERC standard you can interact with dApps using your overpriced monkey jpegs.
Let us break down ERC-6551 for you 🧵
