DeutschERC-6551 is a token standard on the Ethereum blockchain that gives each NFT its own smart contract wallet. These wallets are called Token Bound Accounts (TBA). The standard builds on the well-known ERC-721 token and makes them capable of holding other tokens themselves, interacting with decentralized applications, and maintaining their own transaction history.
This transforms an NFT from a simple proof of authenticity into a kind of digital identity that can evolve over time. This enables customizable NFTs, in-game inventories, or access credentials for Web3 applications.
The standard was introduced in February 2023 and has been usable since then: Token Bound Accounts can be deployed today. However, adoption is still in its early stages, as only a few wallets and applications natively support ERC-6551 so far.
