ERC-721 Definition
ERC-721 is a free, open standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain. While most tokens are fungible (every token is the same as every other token; for example, one Bitcoin is always equal to another Bitcoin), ERC-721 tokens are all unique.
ERC-721 Key Points
- ERC-721 is a standard for representing ownership of non-fungible tokens, where each token is unique.
- The ERC-721 standard is used for creating digital collectibles and represents ownership of an asset.
- ERC-721 tokens are built on the Ethereum blockchain.
- Each ERC-721 token is unique and can represent ownership over an asset, both digital and physical.
What is ERC-721?
ERC-721 is a type of token standard on the Ethereum blockchain that is used to create non-fungible tokens (NFTs). Unlike ERC-20 tokens which are fungible and can be exchanged on a one-for-one basis, ERC-721 tokens are unique and cannot be exchanged on a like-for-like basis. This uniqueness and inability to be directly replaced by another token is what makes NFTs particularly useful for proving ownership and authenticity of digital assets.
Why is ERC-721 important?
ERC-721 is important because it provides a standard for creating NFTs on the Ethereum blockchain. This has opened up a whole new world of possibilities for digital ownership and asset transfer in the digital world. From digital art and music to virtual real estate and virtual goods in video games, ERC-721 has enabled a new economy of digital goods to be created, bought, and sold on the blockchain.
Who uses ERC-721?
ERC-721 is used by developers who want to create and manage unique digital assets on the Ethereum blockchain. It’s also used by users who want to buy, sell, or trade these unique digital assets. One of the most famous examples of ERC-721 tokens in use is CryptoKitties, a blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats.
When was ERC-721 created?
The ERC-721 standard was proposed in 2017 by Dieter Shirley. It was later adopted by the Ethereum community and has since become the standard for creating non-fungible tokens on the Ethereum blockchain.
How does ERC-721 work?
ERC-721 works by providing a set of standards that allow for the creation, transaction, and management of unique tokens on the Ethereum blockchain. These standards include a set of functions that allow for the transfer of ownership of the tokens, as well as a set of events that allow third parties to track the creation and movement of tokens. This standardization allows for a wide range of applications to be built on top of the ERC-721 standard, from digital art marketplaces to virtual real estate platforms.
