• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Standard ERC-721: Revolutionary technology in the world of non-fungible tokens

Standard ERC-721: Revolutionary technology in the world of non-fungible tokens

user avatar

by dapp_writer_sm

a year ago


With the development of blockchain technology and cryptocurrency markets, many innovative solutions and standards are emerging to enhance the functionality and uniqueness of digital assets. One such standard, ERC-721, has changed the way we interact with digital assets, providing new opportunities for creating, exchanging, and managing non-fungible tokens (NFTs). 

Table of Contents:

ERC-721: A Revolutionary Technology in the World of Non-Fungible Tokens - news

What is ERC-721?

ERC-721 is an Ethereum Request for Comment (ERC) standard designed for creating and managing non-fungible tokens (NFTs) on the Ethereum blockchain. Non-fungibility is a key feature of this standard, meaning that each token created under ERC-721 is unique and non-interchangeable. This sets ERC-721 apart from the more common ERC-20 standard, where tokens can be fungible and have the same value.

History and Features of the Standard

The ERC-721 standard was proposed and developed in 2017 by Jeremy Rabinovich and Diana Zoshik as a response to the need for creating unique digital assets that could represent real-world assets such as:

  • Art;
  • Real estate;
  • Collectibles, and much more.

ERC-721 became the first standard to enable the creation of such non-fungible tokens with individual histories and characteristics.

Features of the Ethereum Standard

Feature Description Non-Fungibility The primary feature of ERC-721 is the ability to create unique tokens. This makes it an ideal tool for representing and managing digital assets with unique value. Individual Characteristics Owners of ERC-721 tokens can add individual characteristics to each token. This can include information about their origin, ownership history, and many other parameters that make the tokens more valuable and interesting. Standard Interface ERC-721 defines a standard set of functions that must be implemented in a contract to comply with the standard. This facilitates the exchange and interaction of tokens from different developers. Extensibility The ERC-721 standard is extensible, allowing developers to create more complex and interesting use cases for their non-fungible tokens.

Applications of ERC-721

ERC-721 has found broad application in various fields. Digital artworks and collectibles can be represented as ERC-721 tokens, enabling artists and collectors to sell and trade digital assets with unique value. ERC-721 allows representing real estate on the blockchain, simplifying rental, sales, and property management procedures.

Many games and applications use ERC-721 to create unique in-game items and characters.

The standard can be used to create digital assets representing ownership shares in real-world assets such as startups or real estate.

ERC-721 has become a key tool for creating and managing non-fungible tokens on the Ethereum blockchain. Its ability to represent unique assets and add individual characteristics makes it an important standard for various industries, from art to finance. ERC-721 continues to evolve, and its potential for innovation and improving business sectors remains boundless.

0

Share

Other articles

Dive into Legends of Elumia: a unique MMORPG with NFT and a blockchain system

Legends of Elumia offers a unique experience by combining elements of a classic MMORPG with blockchain technology. Players gain full control over the characters and equipment, making the game exciting and innovative.

user avatardapp_writer007

10 hours ago

Infinity Heroes role-playing game: Blockchain, NFT and dynamic gameplay

Infinity Heroes is a role—playing game with idle elements from MagicFind and Infinity Games. Players assemble a team of heroes with unique abilities, explore the world, and use NFT to exchange game resources.

user avatardapp_writer007

15 hours ago

Metarun: Explore, Compete, and Earn in the Blockchain-Powered Game

Metarun is a groundbreaking blockchain game that combines action-packed gameplay with a play-to-earn economy. Players can battle, trade NFT assets, and earn real cryptocurrency while enjoying an engaging gaming experience.

user avatardapp_admin013

a day ago

Review of Crystals of Fate — a new CCG with elements of esports and NFT

Crystals of Fate is a multiplatform CCG from Skymarch Entertainment, combining esports, innovative gameplay and Web3. The game allows you to earn and exchange digital assets through the blockchain.

user avatardapp_writer007

a day ago

PudgyPop: Earn Pop Points and Solve Puzzles

PudgyPop is a new game from the creators of Abstract. Players help the lost penguins solve puzzles by bringing them home, and earn Pop Points to receive NFT and bonuses in the future.

user avatardapp_writer007

a day ago

RuniverseGame: A Unique Blockchain Gaming Experience with NFTs and Play-to-Earn Economy

RuniverseGame is an innovative blockchain game combining world-building, strategy, and play-to-earn mechanics. With unique NFT-based asset creation and trading, it offers a full experience in a decentralized ecosystem.

user avatardapp_admin013

a day ago

dapp expert logo
© 2020-2024. DappExpert. All rights reserved.
© 2020-2024. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.