Most tokens on blockchains serve as a currency, a store of value such as gold, or a type of stock or equity. With the ERC-721, generating tokens that could be collected like a digital cat or used to symbolize something like a real living cat became simple. Cryptokitties has shown that producing ERC-721 compatible crypto-collectibles could be the way to go when it comes to widespread acceptance. ERC-721 is somewhat similar to ERC-20. It is now becoming an essential component of the Ethereum ecosystem. In this article, we will get a complete understanding of a ERC-721 tokens.
Summary( Tl; Dr)Also Read: How to get a Free NFT (Non-Fungible Tokens)?
Representation2017
2018
In this section, we will understand major use cases of ERC-721 tokens.
If a smart contract wants to use the ERC721 token, it must adhere to specific criteria called ERC standards. In other situations, if we do not follow these conditions, it will not be appropriate to call it an ERC 721 token. There are nine methods and three events.
MethodsIf a Smart Contract implements the following methods and events, it is referred to as an ERC-721 Token Contract. It will be responsible for keeping track of the generated tokens on Ethereum once deployed.
Also Read: How to Mint NFT on Coinbase?
Major ProjectsIn this section, we will understand major projects of ERC-721 tokens.
CryptoKittiesAlso Read: How to Mint your First NFT on FTX?
ERC-721 project: Enjin Ethereum Name ServicesAlso Read: Ethereum Name Service (ENS)- An Overview
CryptopunksERC-721’s future will be to tokenize everything. This might be everything from a person’s birth certificate to real estate, art, or rare video game items. There is still a lot of work to be done before we can accomplish that. Nevertheless, the concept of producing non-fungible tokens on the blockchain has a lot of potentials and will grow more over time.
Frequently Asked Questions What is a Non-Fungible Token?Also Read,
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