ERC 6551 Token to Build White Label NFT Marketplace Flawlessly



The ERC-6551 token standard, a new version, is transforming how users interact with NFTs on the Ethereum blockchain. Prepare to discover the fascinating world of ERC-6551, where your favorite collectibles become more than just digital assets, as you embark on your journey there

What is ERC 6551 Token?

On May 7, 2023, ERC-6551 became the most recent addition to the Ethereum ecosystem. This new symbolic standard takes the capacities of ERC-721 NFTs to an unheard of level by permitting your NFTs to claim resources, connect with web3 applications, and even act as your on-chain character.

Similar to a typical smart contract wallet, NFTs can now hold both NFTs and other tokens with ERC 6551. They can also interact with other smart contracts, opening up a world of possibilities, and that's not all.

With ERC-6551, Benny Giang and his group are taking NFTs to an entirely different aspect, opening their maximum capacity and providing them with their very own voice. So, ERC 6551 is turning out to be the advanced token standard to be the ideal choice to build white label NFT marketplace smartly.



Major highlights of ERC 6551 

  • Compatible with all NFTs available currently present in the market

  • Capable of holding all tokens including ERC 20, 721, and 1155

  • No wrapping contracts

  • Completely decentralized


Composability

With ERC-6551, combining NFTs and Assets Composability is the goal. It enables you to combine your NFTs and related assets, such as tokens and other NFTs, into a single profile. So when you sell or move your ERC-6551 NFT, every one of the assets inside it come for the ride. Imagine having all of your game-related assets stored in a single location within your ERC-6551 token, which would be both convenient and seamless.

Identity

ERC-6551 allows all NFTs to receive its own personality and can collaborate with decentralized applications freely. They can be linked to your on-chain identity and do not rely on the wallet that holds them. Loyalty programs, in-game rewards, and even determining your creditworthiness based on your NFT's reputation are all now possible thanks to this. Your NFTs are not simply advanced collectibles; they're an expansion of your advanced persona.

Provenance

When you own a NFT, couldn't knowing its finished exchange history and utility past the confirmation of ownership be perfect? ERC-6551, then, makes it possible. You can learn a lot about your NFT's past transactions and interactions by using token-bound accounts. There will be no more enigmas regarding who purchased your NFT and at what price. It's like getting a sneak peek inside your NFT's metaverse journey.

Dependency

Imagine having your NFTs interact with other on-chain assets or platforms thanks to their on-chain superpowers. ERC-6551 brings precisely that to the table. Other assets or tokens that enhance the performance or appearance of your ERC-6551 NFT can be owned by it. It can draw in with different stages or brilliant agreements, turning out to be something other than a static piece of computerized workmanship. It resembles your NFT and has its own extraordinary character and story, making it more intelligent and important.


There are a lot of other opportunities and potentials of ERC 6551 that we can expect in the coming time. 

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