Here’s how developers aim to store crypto inside NFTs

cointelegraph.com:

Developers have recently published an Ethereum Improvement Proposal (EIP) introducing a new way to use nonfungible tokens (NFTs). With this system, all NFTs can have a smart contract account, allowing them to store other NFTs or crypto tokens. 

Cointelegraph spoke with Future Primitive’s Jayden Windle and Benny Giang, the authors of EIP-6551, to explain the use cases of the proposal and its implications for the crypto space.

According to Windle, while there are a lot of complicated workings behind the feature, the simplest way to explain it is that they are giving NFTs their own crypto wallets. He explained:

When asked how the idea came to life, the Future Primitive developer explained that the team went down what he described as a “rabbit hole of experimental oddities.” He shared that they were working on an NFT project where they wanted to add equipping as a mechanism. The project lets NFTs wear clothes and other accessories, which are also NFTs.

“What we realized was nothing really sets the use case that we really wanted to achieve. We really wanted to have NFTs own their own items in kind of a self-sovereign way. We really wanted to be able to do that in a way that would just work with all the existing tooling,” he explained. 

Moreover, Windle also shared that they wanted other projects to be able to also take advantage of this new mechanism and build something that could apply to NFTs in general.

In terms of use cases, the developer said that this could be applied to blockchain gaming and take the form of an inventory system. Furthermore, it can be used in decentralized autonomous organizations (DAOs), where instead of the history of a DAO member being separated by an NFT and a wallet, it can be placed into the NFT