How does ERC-721 differ from other token standards in the cryptocurrency industry?

3 answers

• Dec 25, 2021 · 3 years ago
  ERC-721 is a non-fungible token (NFT) standard on the Ethereum blockchain. Unlike other token standards, such as ERC-20, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and indivisible. Each ERC-721 token represents a distinct asset, such as a collectible or a unique piece of digital art. This uniqueness is what sets ERC-721 apart from other token standards in the cryptocurrency industry.
  432216
• Dec 25, 2021 · 3 years ago
  ERC-721 tokens have gained popularity due to their ability to represent ownership and provenance of digital assets. With ERC-721, each token can have its own metadata, allowing for detailed information about the asset it represents. This makes ERC-721 tokens ideal for applications like digital art marketplaces, where the uniqueness and authenticity of each piece are crucial.
  377126
• Dec 25, 2021 · 3 years ago
  From a technical perspective, ERC-721 introduces additional functions and events compared to other token standards. These include functions for transferring ownership, checking token balance, and getting token metadata. The ERC-721 standard also defines events that can be emitted when tokens are transferred or approved for transfer. These features make it easier for developers to build applications that interact with ERC-721 tokens.
  436109