What is ERC-721?
ERC-721 is a non-fungible token standard on the Ethereum blockchain.
It provides a set of guidelines for creating unique tokens that represent digital assets.
ERC-721 has a wide range of applications in gaming, art, collectibles, and more.
The Importance of ERC-721
ERC-721 is a non-fungible token standard on the Ethereum blockchain. It provides a set of guidelines for creating unique tokens that represent digital assets. These tokens are non-fungible, meaning that they cannot be exchanged on a one-to-one basis due to their unique properties. The significance of ERC-721 lies in its potential to facilitate the creation of NFTs, which have a wide range of applications in gaming, art, collectibles, and more.
How does ERC-721 work?
The ERC-721 standard consists of a set of functions that developers can implement in their smart contracts to create, transfer, and manage NFTs. These functions allow for the creation of unique tokens with their own metadata, making them distinguishable from one another. Under the hood, ERC-721 smart contracts maintain a record of token ownership, allowing for the transfer of tokens between users. The contract also keeps track of the total supply of tokens and the balance of tokens owned by individual addresses.
Features of ERC-721 for NFTs
The ERC-721 token standard has several features for unique digital assets in the form of NFTs. It allows users to have, transfer, and manage unique digital assets. The ERC-721 token standard has been used in the context of digital art, where artists can create unique pieces of art as NFTs, providing them with a new avenue for their work. The ERC-721 token standard is used in the gaming industry, where game developers can create unique in-game items as NFTs.
Who Invented ERC-721?
The initial ERC-721 specification was proposed by Dieter Shirley as an Ethereum Improvement Proposal (EIP), which is a process for introducing new standards to Ethereum. The official authors of the ERC-721 standard are William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs. It's important to note that anyone can submit an EIP, but it goes through a process of review and revision before it is accepted by the community.
ERC-721 Use Cases
One of the most widespread uses of the ERC-721 token standard is for digital art. Publishing art, or any type of media, on the blockchain means that it can be exchanged and transferred via the underlying blockchain network. NFTs are transforming a number of other industries, by allowing individuals to have a stake in their digital landscape. This can be seen in non-fungible gaming assets, metaverse land and asset, Web3 community memberships, and more.
