ERC 6551

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ERC 6551
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Introduction

• Ethereum's novel approach to token-bound
  accounts. This new approach connects each ERC-721
  NFT to a separate smart contract wallet. This
  significant advancement can be traced back to
  Ethereum Improvement Proposal 6551 (EIP-6551),
  which was the idea of Future Primitive, a
  forward-thinking on-chain startup led by Benny
  Giang and Steve Jang. Going deeper, a token-bound
  account serves as both an interface and a
  registry. Essentially, it connects smart contract
  accounts to their associated ERC-721 coins.

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Key Features of ERC-6551 Token Standard

1. Token Bound Accounts (TBAs) TBAs are important
   to the ERC-6551 NFT token standard. They manifest
   as smart contracts that are intrinsically related
   to a particular NFT. TBAs enable NFTs to hold
   additional assets, link with decentralized apps
   (dApps), and undergo transformations. Visualize
   an NFT representing a home. Its associated TBA
   can secure details such as the property title,
   mortgage information, and so on.
2. Synchronization with Pre-existing NFTs The
   ERC-6551 NFT standard's beauty lies in its
   perfect interoperability with existing NFTs. As a
   result, there is no requirement for adjustments
   when upgrading current NFTs to this new
   specification. For this move, the NFT holder just
   creates a new TBA. This TBA can contain all
   relevant NFT details, including imaging,
   designation, and more.