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Crypto Terms:  Letter E

What is ERC-721?

ERC-721 - a token standard for non-fungible tokens based on Ethereum.
2 minutes

Let's find out ERC-721 meaning, definition in crypto, what is ERC-721, and all other detailed facts.

ERC-721 is different from ERC-20 in the sense that ERC-721 tokens are non-fungibleNFTs, or non-fungible tokens, are tokens that have different features setting them apart from one another.

For example, a $20 banknote is fungible. This is the case because you can give one of these banknotes to someone, and there is no need for you to get the same one back, because they are all the same. A non-fungible example might be a concert ticket. Even though the two tickets appear to be identical, the places they provide might be completely different. As a result, they cannot be switched.

In the Ethereum community, there is a strong belief that ERC-721 might have a variety of intriguing use cases that go far beyond collecting CryptoKitties, which made this asset class popular.

A number of competing blockchains, including Binance Smart Chain, have also established token specifications that are comparable to ERC-721. These tokens aid in bringing the idea to the blockchain, making sure that sensitive information about the asset can be immortalized.

Furthermore, NFTs can also be used to provide a digital version of one-of-a-kind masterpieces. Ownership of these pieces can easily be proven via blockchain records. Thus, this can become a great tool to reduce counterfeiting.