Non-Fungible Tokens (NFTs) are used to identify something or someone in a unique way. So what exactly is ERC721 and what is ERC721 used for. If you do not know yet, let’s take a look at the article below.
What is ERC721?
ERC-721 refers to the token standard that can be found on the Ethereum blockchain.
The more common term used to refer to these assets is non-fungible tokens, an asset class that has seen a lot of popularity in late 2020 and early 2021.
Non-Fungible Tokens (or NFTs for short) are tokens with unique characteristics that distinguish them from other tokens. An airline ticket or transaction card is an example of something that is irreplaceable. While two tickets may look the same, one might offer economy-class travel to New York, while the other guarantees you first-class travel to Barbados. Therefore, they cannot be exchanged on a homogeneous basis.
ERC-721 tokens help bring this concept to the blockchain, ensuring that the unique details of an asset can be immortalized. NFTs can be used to provide a digital representation of a one-of-a-kind artwork whose ownership can be easily proven through blockchain records. This helps fight counterfeiting.
What is ERC721 used for?
ERC721 is a standard that represents ownership of non-fungible tokens, i.e. each token is unique. ERC721 is a more complex standard than ERC20, with multiple optional extensions, and is split into multiple contracts.
I hope this article will help you to learn what is ERC721 and what is ERC721 used for. In order to create ERC-721 tokens, contracts must be compatible with both ERC-721 and ERC-165 interfaces.
