Analysis

ERC-6551 Account Number Surge, New Boom Of NFT Market

Key Points:

The ERC-6551 standard for NFTs saw a surge in new Token-bound accounts created on July 4, indicating growing adoption.
NFT projects like The Managers and Sapienz are already using the standard, with Sapienz experiencing a significant increase in floor price and trading volume.
ERC-6551 enhances NFT functionality, security, and interoperability, allowing them to own other NFTs, interact with DeFi, and engage with smart contracts.

ERC-6551, a new standard for NFTs, saw a spike in the number of accounts on July 4, providing a positive signal for wider adoption.

According to the @SeaLaunch_ data sheet, the number of ERC-6551 heterogeneous Token-bound accounts (TBAs) created spiked on July 4, reaching 701, a one-day record high.

Currently, there are more than 1,500 accounts. On the same day, the number of ERC-6551 transactions also reached the second highest in history.

Source: Dune

At the moment, major NFTs using the ERC-6551 standard include The Managers and Sapienz. The floor price of Sapienz NFT has increased by more than 175% in the last 24, with a volume spike of more than 8000%, according to CryptoSlam.

Source: CryptoSlam

ERC-6551 is a new Ethereum standard that allows any ERC-721 token to possess a smart contract account in order to construct a Token-bound account (TBA). This enables ERC-721 coins to own assets and interact with apps without altering current ERC-721 smart contracts or infrastructure.

The ERC-6551 standard is a considerable improvement over the ERC-721 standard, allowing the NFT to have more functionality and compatibility. The standard NFTs, for example, may host other NFTs, engage in DeFi applications, and interact with smart contracts.

ERC-6551 is still in the works, but it has the potential to transform the NFT sector in the future. It may increase the value and use of NFTs by enhancing their functionality.

This standard offers several advantages, some of which are as follows:

Increasing NFT functionality: This standard allows NFTs to own other NFTs, engage in DeFi applications, and interact with smart contracts. This expands the use cases for NFTs, making them a more valuable asset.
Increased security: Since smart contracts safeguard token-bound accounts, they are more secure than conventional wallets. This makes NFT storage even more secure.
Improved interoperability: The NFT ERC-6551 may be utilized on a variety of systems and applications. As a result, they are more adaptable and accessible to a wider variety of users.

Despite several infrastructural and security concerns, ERC-6551 is nevertheless seen as a crucial step forward for NFT, making NFT more relevant to Web3 consumers rather than only being a trading asset.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.