ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

The New Non-Fungible Token Standard ERC-6551: What Does It Mean?

Share On Facebook
share on Linkedin
Print

The ERC-6551 is the latest standard for Non-fungible tokens (NFTs), and it has the potential to revolutionize the Non-fungible token ecosystem. In addition, TBAs (Token Bound Accounts) which are the latest category of NFTs is compatible with the already existing ERC-721 Non-fungible tokens.

©

The TBAs enable NFTs to have smart contract capabilities, thereby improving their functionality, and this makes them function as smart contract wallets. Therefore, this type of NFT will be able to contain other digital assets and NFTs.

The addition of this functionality makes Non-fungible tokens more useful and valuable by introducing some nice features. Thereby making this class of digital assets worth more than just an overpriced picture. These features include

The New Non-Fungible Token Standard ERC-6551: What Does It Mean?

Composability: This functionality makes it possible for holders to combine Non-fungible tokens with other assets into a single profile. These assets can then be moved together.

Identity: Non-fungible tokens can relate to decentralized applications on their own, as they can now have their own account.

Provenance: A holder can have a total understanding of an NFT’s history beyond just ownership.

Dependency: An NFT can now relate to platforms and on-chain properties, which enhances its worth and functions.

Nevertheless, it should be known that there are still some challenges to this standard, and they include security, user-friendliness, and adoption.

The New Non-Fungible Token Standard ERC-6551: What Does It Mean?

To Investors
With the wide adoption of NFTs, one should expect to witness a surge in the value of this group of assets. Non-fungible tokens have a lot of possible uses in the identity, gaming, and art industries. Also, there are other use cases that may soon be uncovered. As an investor, you should monitor this sector closely and stay tuned.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: 1-888-992-3836 | help@advfn.com