ERC-721

ERC-721 is a widely adopted Ethereum token standard that defines a non-fungible token (NFT). Unlike traditional cryptocurrencies like Bitcoin or ERC-20 tokens, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and indivisible. Each ERC-721 token has distinct properties, making it distinguishable from other tokens.

Here's a breakdown of ERC-721:

• Non-Fungible Tokens (NFTs): ERC-721 tokens represent unique digital or physical assets, such as digital art, collectibles, virtual real estate, in-game items, and more. Each token is distinguishable from others and can have its own value based on rarity, utility, or other factors.
• Unique Identifiers: ERC-721 tokens are identified by unique identifiers (token IDs), and each token ID corresponds to a specific asset or item. Token IDs are non-interchangeable, meaning they cannot be replaced or replicated.
• Token Ownership: ERC-721 tokens can be transferred from one Ethereum address to another, similar to other cryptocurrencies. However, each token transfer involves the unique token ID, and ownership of the token is transferred along with the token ID.
• Smart Contracts: ERC-721 tokens are managed by smart contracts deployed on the Ethereum blockchain. These contracts define the token standard and implement functions for token creation, ownership transfer, and querying token metadata.
• Metadata: ERC-721 tokens can include metadata that provides additional information about the token, such as its name, description, image URI, and other attributes. Metadata allows applications and marketplaces to display and interact with tokens in a user-friendly manner.

ERC-721 has gained significant popularity for powering various decentralized applications (DApps) and marketplaces for digital collectibles, gaming assets, virtual worlds, and more. Projects like CryptoKitties, Decentraland, and NBA Top Shot have utilized ERC-721 tokens to create unique and valuable digital assets.

Overall, ERC-721 tokens enable the creation, ownership, and transfer of unique digital assets on the Ethereum blockchain, opening up new possibilities for ownership, provenance, and monetization of digital content.