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Unpacking the ‘Backpack’ Wallet: How ERC-6551 Tokens Are Changing Digital Ownership

coindesk.com · 2,074 words · saved by 1 readers

In the past few months, several Web3 projects have adopted the ERC-6551 standard, or token-bound account. The new standard opens up a plethora of use cases across NFTs, gaming, DAOs and the metaverse. People in crypto tend to hold strong opinions about wallets. Most can agree that the current state of custody concerns, complicated seed phrases and overall user experience make wallets one of the biggest barriers to entry for Web3 newcomers. While several companies in the space claim they’re working to ease the process of connecting a wallet and purchasing a non-fungible token (NFT), some developers in the space are updating the infrastructure to do so. Specifically, the Ethereum blockchain which many NFTs already live on. ERC-6551, an Ethereum Improvement Proposal (EIP) created in February by a group of developers and individuals from Web3 venture studio Future Primitive and NFT creator platform Manifold, allows NFTs to operate as wallets themselves. From receiving token airdrops to pur

What Is ERC-6551? Unpacking The ‘Backpack’ Wallet Learn What Is ERC-6551? Unpacking The ‘Backpack’ Wallet In the past few months, several Web3 projects have adopted the ERC-6551 standard, or token-bound account. The new standard opens up a plethora of use cases across NFTs, gaming, DAOs and the metaverse. By Cam Thompson | Edited by Toby Leah Bochan Updated Jul 21, 2023, 5:23 p.m. Published Jul 21, 2023, 4:57 p.m. 7 min read Make preferred on Share Share this article Copy link X (Twitter) LinkedIn Facebook Email Make preferred on ERC-6551 NFTs are often called "backpack wallets." (Luis Quinter

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