With the ERC-6551 standard, NFTs (contracts) have wallet addresses they are permanently bound to without any changes to the original ERC-721 Non-fungible token standard. Now, every NFT can own ETH and other ERC-20, ERC-721, and ERC-1155 tokens. This capability opens up new on-chain use cases, allowing for anything from bulk collection transfers with a single NFT to enabling each NFT to record its own provenance.