ERC-721
ERC-721 Key Points
- ERC-721 is a free, open standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain.
- ERC-721 tokens are unique and cannot be replaced with something else.
- ERC-721 standard was proposed in 2018 and has been widely adopted for projects involving digital collectibles.
- ERC-721 tokens are used by games like CryptoKitties and Decentraland.
- ERC-721 standard allows for ownership, transfer, and trading of unique tokens on Ethereum’s blockchain.
ERC-721 Definition
ERC-721 is an Ethereum Improvement Proposal (EIP) that introduces a standard for non-fungible tokens (NFTs) on the Ethereum blockchain. It defines a minimum interface a smart contract must implement to manage, own, and trade unique tokens.
What is ERC-721?
ERC-721 is a type of Ethereum token standard, which is a technical specification that dictates how tokens can be transferred, owned, and managed on the Ethereum blockchain.
ERC-721 tokens are unique, meaning each token has its own distinct value and properties and cannot be replaced with another.
Who Proposed ERC-721?
The ERC-721 standard was proposed by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs.
Their proposal, EIP-721, was submitted to the Ethereum community in January 2018.
When Was ERC-721 Introduced?
The ERC-721 standard was introduced in 2018 after the proposal was accepted by the Ethereum community.
Since then, it has been widely adopted by various projects for creating and managing unique digital assets.
Where is ERC-721 Used?
ERC-721 tokens are used in various Ethereum blockchain-based projects, particularly those involving digital collectibles, games, and digital art.
Popular examples include CryptoKitties, a blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats, and Decentraland, a virtual reality platform powered by the Ethereum blockchain.
Why is ERC-721 Important?
ERC-721 is important because it introduced the concept of non-fungible tokens (NFTs) to the Ethereum blockchain.
NFTs represent unique digital assets, which opens up new possibilities for blockchain technology, including the tokenization of unique physical and digital goods.
How Does ERC-721 Work?
ERC-721 works by defining a set of rules and functions that a smart contract must implement to manage unique tokens.
These functions include mechanisms for transferring tokens from one account to another, checking the balance of an account, and getting the owner of a specific token.
This standard ensures that different applications can interact with the tokens in a consistent and predictable way.