ERC-6551 is a new Ethereum standard for token bound accounts, which creates a smart contract wallet for every ERC-721 NFT. The update is based on the Proposal 6551 (EIP-6551) created by Future Primitive — an on-chain product studio led by Benny Giang and Steve Jang.Why do we need ERC-6551?Pain points of current NFT market users: Inability to own other assets such as tokens or other NFTs. Inability to interact with other smart contracts. Inability to change state, where user input or external ...