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

Oct 20, 2023
Standard ERC-721: Revolutionary technology in the world of non-fungible tokens
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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). 

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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.

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