BEP-721 is a smart contract standard on the Binance Smart Chain used for creating non-fungible tokens (NFTs) representing unique digital assets.
BEP-721 is a technical standard on the Binance Smart Chain (BSC) that outlines the requirements for creating non-fungible tokens (NFTs). NFTs are digital assets that are unique and indivisible, and BEP-721 enables the creation and management of these tokens.
BEP-721 is similar to the ERC-721 standard on the Ethereum network, which is the most widely used standard for creating NFTs. However, BEP-721 is specifically designed for the Binance Smart Chain.
Using BEP-721, developers can create NFTs representing various types of digital assets, such as artwork, music, or collectibles. Each NFT is unique and has its own set of properties, such as its name, description, and image. These properties are stored on the blockchain and can be accessed by anyone with the appropriate permissions.
BEP-721 also enables the transfer of ownership of NFTs between users. When an NFT is transferred, the ownership record is updated on the blockchain, and the new owner can access the asset and its associated properties. This allows for the creation of marketplaces and other applications that enable the buying, selling, and trading of NFTs.