ERC-721

ERC-721 Definition: A standard for non-fungible tokens (NFTs) on Ethereum, enabling the creation and transfer of unique digital assets.

ERC-721 is a leading Ethereum token standard designed for non-fungible tokens (NFTs). Unlike fungible tokens, which are identical and interchangeable, each NFT is unique and represents a distinct asset or value. This uniqueness, defined by metadata or specific attributes, makes ERC-721 ideal for digital art, collectibles, virtual real estate, and more.

Fungible tokens, like Bitcoin or Ethereum, hold the same value and are interchangeable. In contrast, non-fungible tokens are one-of-a-kind, offering verifiable ownership and the ability to represent unique assets. ERC-721 tokens are interoperable with dApps and platforms supporting the standard, enabling creative applications such as cross-platform use of virtual items.

NFTs can be bought, sold, or traded on marketplaces, often valued for their rarity and demand. Smart contracts also enable features like royalties for creators. One notable use case is CryptoKitties, a platform for trading and breeding unique digital cats. Its success highlighted the demand for NFTs and demonstrated their transformative potential.

The ERC-721 standard has revolutionized digital ownership, providing a framework for a growing economy of unique digital assets, from art to collectibles and beyond.