ERC-6551: The NFT Game-Changer 🎆

ERC-6551, a new Ethereum token standard that launched on mainnet on May 7, 2023, lets ERC-721 NFTs act as their own smart contract accounts, able to own assets and interact with web3 apps. The standard deploys unique "token bound accounts" for each NFT through a permissionless registry, and a single NFT can own multiple such accounts. The article notes that original unwrapped CryptoPunks are not supported, while Wrapped Punks are. It also flags risks: fraud, such as a seller withdrawing ETH after a sale, and ownership cycles that can make assets permanently inaccessible.