What if NFTs could own and manage other NFTs?

This focus is at the heart of EIP-6059 and has the potential to bring new possibilities and use cases to the NFT space.

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Adil Kazani

Let's explore EIP-6059 in more detail


EIP-6059 seeks to extend the current capabilities of the ERC-721 standard, creating new relationships between NFTs in the form of a parent-child model. In this thread I will cover concepts in relation to:

Ownership

• Collecting

• Bundling

• Membership

Ownership:

Currently NFTs are owned by wallets as singular items that may come from the same smart contract source, but have no intra-relationship between them. An NFT cannot own or be associated with another, aside from being considered a 'sibling' from the same mint.

EIP-6059 aims to change this by allowing a parent NFT to own other NFTs within it. The process of sending an NFT into another is functionally the same as sending it to another user. The process of sending out involves a transaction from the account owning the parent NFT.

An NFT that is owned by another can in turn own its own set of NFTs, allowing a complex and deep relationship between NFT assets to take shape. This intra-relationship between NFTs can generate many new use cases within the blockchain space. How could this develop?


Collecting:

Some people collect NFTs for rarity, utility or visual appeal. Currently there is no way to collect tokens into one convenient or personal collection. EIP-6059 introduces the ability to group and collect tokens into relationship where a parent NFT owns the others.


Bundling:

By creating collections, such as artworks from a particular artist or related items from the same project, users can then bundle these into one easy transaction if they are selling them or sending them to a new wallet.


Membership:

Minting NFTs into other NFTs will also become an option, potentially simplifying the process of granting membership to closed-access group or DAOs. Extending memberships or granting extra items, as well as further mints by the parent project become a possibility.

By extending ERC-721 the concepts of EIP-6059 have the potential to provide powerful tools in the hands of NFT creators and collectors.

Check out the proposal below to find out more: https://eips.ethereum.org/EIPS/eip-6059


credit: Julo


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