ERC-6551 is a system of smart contracts that gives every NFT its own wallet address. This allows all NFTs to own assets, interact with applications, and participate as sovereign agents in the Ethereum ecosystem.
ERC-6551 is unique in its approach because it requires zero changes to existing NFT smart contracts or infrastructure. Non-fungible tokens are increasingly becoming a form of onchain identity. This follows quite naturally from the ERC-721 specification - each non-fungible token has a globally unique identifier, and by extension, a unique identity.
Unlike other forms of onchain identity, ERC-721 tokens cannot act as an agent or associate with other onchain assets. This limitation stands in contrast with many real-world instances of non-fungible assets. For example:
A character in a role-playing game that accumulates assets and abilities over time based on actions they have taken
An automobile composed of many fungible and non-fungible components
An automated investment portfolio composed of multiple fungible assets
A punch pass membership card granting access to an establishment and recording a history of past interactions
ERC-6551 grants every ERC-721 token the full capabilities of an Ethereum account while maintaining backwards compatibility with previously deployed ERC-721 token contracts. It does so by deploying unique, deterministically-addressed smart contract accounts for each ERC-721 token via a permissionless registry.
How do I know if my NFT has an account/wallet address?
Every NFT already has an Address we can compute using ERC-6551 and Token Bound. You can view the tokens inside of your Token Bound Accounts on https://tokenbound.org/. As adoption grows we are pushing for further integration into wallet apps such as Metamask, Rainbow Wallet, Coinbase, and marketplaces like OpenSea, Zora, and blur. Our SDK tooling and documentation also makes it easy for creators and developers to integrate this functionality right into their own websites and apps.
What can I put in my NFT’s token bound account?
Absolutely anything you would put into your old wallet. ETH, USDC, ERC-20, ERC-721, ERC-1155, and any other tokens you would normally send to your Metamask, Ledger, etc.
Can I nest my Token Bound NFTs inside of each other?
Yes! Since every NFT is a Token Bound Account, there are no limits to how many tokens you may have nested in your NFTs, or how far down you go. If you want to put an NFT inside of an NFT inside of an NFT you can. When you transfer that NFT to someone else, everything inside automatically goes along with it. This opens up many new patterns of bundling NFTs together for trading, gaming, governance and more.