An ERC-721 token is a type of token on the Ethereum blockchain. This token standard is used for the majority of non-fungible tokens (NFTs) deployed on this blockchain. How does this token standard differ from others?
What is an ERC-721 token?
A ERC-721 token is a type of token that is based on the Ethereum blockchain. It is a non-fungible token (NFT), which means that each ERC-721 token is unique and cannot be replaced by another token. This makes ERC-721 tokens ideal for representing unique assets, such as collectibles, lottery tickets, numbered tickets to concerts, or even virtual real estate.
The ERC-721 standard was developed to provide a framework for creating and managing non-fungible tokens on the Ethereum blockchain. It defines a set of rules and functions that must be adhered to by any ERC-721 token smart contract, including how to create and manage tokens, transfer tokens between accounts, and deal with token ownership.
It is this token standard that introduces NFTs to the Ethereum blockchain., in particular because it introduces a new variable: “tokenID”. A platform or a protocol can then convert this unique identifier into an image or anything else, such as the characteristics of a virtual weapon, links to various resources, etc.
One of the key features of ERC-721 tokens is that they are fully programmable, meaning they can be customized to meet the needs of a specific application or use case. For example, an ERC-721 token can be used to represent a unique virtual item in a game, such as a rare sword or armor, or to represent a plot of land in a metaverse.
💡 The majority of non-fungible tokens in circulation on the Ethereum blockchain are therefore ERC-721 tokens.
ERC-721 tokens have gained popularity in recent years due to their ability to represent unique assets and their use in various applications, especially games and other decentralized platforms.
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