ERC-721 Summary
- ERC-721 is a standard for creating non-fungible tokens (NFTs) on the Ethereum blockchain.
- Unlike ERC-20 tokens, each ERC-721 token is unique and cannot be exchanged on a one-to-one basis.
- ERC-721 tokens are primarily used for digital art, collectibles, and gaming assets.
- It was introduced to provide a standardized way for developers to create and manage unique assets on the blockchain.
- ERC-721 has paved the way for the growth of the NFT market.
ERC-721 Definition
ERC-721 is a standard protocol on the Ethereum blockchain that defines how to create and manage non-fungible tokens (NFTs).
Each token created under this standard is unique, making it ideal for applications that require distinct, indivisible assets.
This standardization facilitates interoperability between applications and ensures that NFTs can be easily traded, sold, or transferred across different platforms.
What Is ERC-721?
ERC-721 is a technical standard used to define unique, non-fungible tokens on the Ethereum blockchain.
Unlike ERC-20 tokens, which are fungible and identical to each other, each ERC-721 token is unique and has its own distinct value.
This makes ERC-721 ideal for applications such as digital art, collectibles, and gaming assets.
Who Created ERC-721?
The ERC-721 standard was proposed by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs.
These individuals collaborated to create a standard that would allow for the creation and management of unique digital assets on the Ethereum blockchain.
Their proposal was submitted as an Ethereum Improvement Proposal (EIP) in January 2018.
When Was ERC-721 Introduced?
ERC-721 was introduced in January 2018.
The proposal was submitted as Ethereum Improvement Proposal (EIP) 721 and was officially accepted as a standard in the same year.
Since its introduction, ERC-721 has been widely adopted for creating NFTs.
Where Is ERC-721 Used?
ERC-721 tokens are primarily used on the Ethereum blockchain.
They are popular in various applications, including digital art platforms, online gaming, and virtual real estate.
Notable examples include CryptoKitties, Decentraland, and numerous NFT marketplaces.
Why Is ERC-721 Important?
ERC-721 is important because it provides a standardized way to create and manage unique digital assets.
This standardization ensures interoperability between different applications and platforms, making it easier to trade and transfer NFTs.
It has also played a significant role in the growth of the NFT market, enabling the creation of new business models and revenue streams.
How Does ERC-721 Work?
ERC-721 works by defining a set of rules and functions that a smart contract must implement to create and manage non-fungible tokens.
These rules include functions for transferring tokens, querying token ownership, and managing approvals.
Each ERC-721 token is represented by a unique identifier, which distinguishes it from other tokens.
This unique identifier ensures that each token is distinct and cannot be exchanged on a one-to-one basis with another token.
