BEP-721 is a Binance Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It’s an extension of Ethereum’s ERC-721, one of the most commonly used NFT standards and is compatible with the Ethereum Virtual Machine (EVM). People may ask: which tokens are used for NFT and which NFT marketplace is the biggest？
Each NFT is unique and is not interchanged with any other token.BEP-721 tokens allow you to tokenize the ownership of data and attach to it a unique identifier. This aspect makes the token one of a kind and vastly different from BEP-20 tokens. With BEP-20, developers can create multiple identical tokens within one smart contract. However, with BEP-721, each token is assigned a different token ID.
Through these unique IDs, BEP-721 tokens can be used to represent collectible, non-fungible items. Users can trade and transfer these tokens based on their market value, which depends on the token’s rarity or utility.
BEP-721 tokens can represent:
Digital and physical art
Collectibles
In-game items
Physical property and real-estate
Lottery tickets
BEP-721 token functions
BEP-721 has a list of functions. Some of these are fairly standard and are also present in the BEP-20 standard:
name: Defines the BEP-721 token’s name, which other contracts will identify it by
Symbol: A shorter name for the token similar to a ticker symbol
balanceOf: Shows the token balance of a specific address
totalSupply: Defines the total number of the tokens created.
On the one hand, this article briefly introduce which tokens are used for NFT and which NFT marketplace is the biggest. On the other hand, we also introduce the BEP-721 token functions. Hope you can get a better understanding through reading this article.
