ERC-998 is a standard in the Ethereum blockchain that allows non-fungible tokens (NFTs) to own and manage other NFTs or fungible tokens within a single smart contract. In simpler terms, it enables the creation of complex, hierarchical NFT structures where one NFT can contain or be connected to other NFTs.
This is significant because it opens up a wide range of possibilities for creating more dynamic and interactive NFTs within the Ethereum ecosystem. With ERC-998, NFTs can now have the ability to own, transfer, and interact with other tokens, creating a more versatile and interconnected system of digital assets.
By utilizing ERC-998, developers can create more sophisticated and interactive applications, such as collectible games, decentralized autonomous organizations (DAOs), and token-based economies. This standard enhances the possibilities for NFTs to be used in a variety of ways beyond simple ownership, bringing more depth and functionality to the world of blockchain-based assets.
