What is BEP-721?
Let's find out BEP-721 meaning, definition in crypto, what is BEP-721, and all other detailed facts.
BEP-721 is a standard for tokens placed on a Binance Smart Chain. The most important aspect is that it enables the development of non-fungible tokens (NFTs). Moreover, the very first network that created a standard for NFTs is the Ethereum network.
To be exact, collectibles or real estate tokens have a clear value. The ERC-721 token refers to these particular tokens that represent the ownership of NFTs. This is a great function since the popularity of non-fungible tokens is rapidly growing. It’s only reasonable that a variety of ecosystems follow along.
BEP-721 tokens can showcase antiques, collectibles, items discovered in a game, physical and digital art, real estate, and lottery tickets.
Furthermore, the tokens can be rendered on:
- Juggerworld platforms
- Bakery Swap
- Binance NFT Marketplace
- Others included in the Binance Smar Chain ecosystem
BEP-721 is, in reality, a variant of Ethereum's ERC-721. To be more specific, ERC-721 is a prominent NFT standard, and tokens may be used to tokenize access control and grant it a distinct identity, differentiating these tokens from other BEP-20 tokens. Creators usually use BEP-20 tokens to reproduce the same tokens within a single smart contract.
Every one of the NFTs is different (irreplaceable), and it’s impossible to trade them for another token. Furthermore, the standard always gives a different ID to each token.
For example, the "tokenMetadata" option enables metadata to be placed in a token used to connect to a work of art or another valuable element of the NFT. These can be exchanged and transferred according to their market worth, which is defined by rarity or demand.
Take CryptoPunk, whereby each unit has data in the NFT that relate to a particular punk in a pattern of 10,000 punks. CryptoPunks use metadata, regardless of the fact that they do not adhere to the BEP-721 token standard.
Besides, BEP-721 tokens have a set of functionalities that determine how they interact with the Binance Smart Chain:
- Symbol: A short term for the token, similar to a ticker symbol.
- balanceOf: Displays the total token balance for a particular address.
- totalSupply: Displays the total number of tokens produced.
It’s no secret that almost all of the DeFi and NFT platforms require customers to obtain a digital wallet, as well as pay for assets with cryptocurrencies. Those who don’t already have a digital wallet are required to create one in order to engage with Binance Smart Chain projects. All of the Binance Smart Chain tokens need BNB to pay the fees. That’s the reason users should always have some BNB in their wallets.