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ERC-6551 is a new token standard for NFT. With this, NFTs will develop more utility than just being PFPs.
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It will increase the functionality and value of NFT by adding smart contract capabilities.
ERC-6551 acts like a smart contract wallet. It means it can hold and transfer other NFTs. They are token-bound accounts (TBA) created and managed through a permissionless registry that is compatible with ERC-721 NFTs. It is co-authored by Benny Giang. He is a founding member of Dapper Labs and has previously worked on the ERC-721 token.
Working of ERC-6551 and How it Improves the NFTs
ERC-6551 is an advanced version that solves the incapabilities of ERC-721. ERC-721 is not capable of iterating with other smart contracts. Neither can change and develop with time. These limitations are ruled out by ERC-6551. It uses the permissionless registry and is compatible with ERC-721.
This registry is a smart contract that acts as a factory and directory for TBA. S
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