ERC-721 is a non-fungible token (NFT) standard on the Ethereum blockchain used to represent unique digital assets such as art and collectables.
ERC-721 is a technical standard protocol for creating non-fungible tokens (NFTs) on the Ethereum blockchain. Unlike ERC-20 tokens, which are fungible and interchangeable with each other, ERC-721 tokens are unique and represent a specific asset or item. This makes ERC-721 tokens ideal for representing one-of-a-kind digital assets such as art, collectables, and even virtual real estate.
ERC-721 defines a set of rules and requirements for creating and managing NFTs on the Ethereum blockchain. Each token is assigned a unique identifier that is used to differentiate it from other tokens. ERC-721 tokens also have a set of functions that allow them to be transferred between different addresses, checked for ownership, and even traded on decentralized marketplaces.
One of the key features of ERC-721 is its ability to represent ownership and provenance of digital assets. Because each ERC-721 token is unique, it can be used to prove ownership and authenticity of a specific asset. This has led to the creation of a booming market for digital art and collectables, with some NFTs selling for millions of dollars.
To create an ERC-721 token, developers must write and deploy a smart contract on the Ethereum blockchain that implements the required functions of the ERC-721 standard. Once deployed, the token can be used to represent a specific asset or item, and can be bought, sold, and traded on decentralized marketplaces.