Ethereum : ERC721

ERC-721 is a standard for non-fungible tokens (NFTs) on the Ethereum blockchain. NFTs are unique digital assets that cannot be replicated or replaced. This is in contrast to fungible tokens, such as ERC-20 tokens, which are interchangeable and can be replaced with one another.

 

ERC-721 tokens are often used to represent digital collectibles, such as artwork, music, or game items. They can also be used to represent real-world assets, such as property or ownership rights.

 

The ERC-721 standard defines a set of functions that must be implemented by all ERC-721 tokens. These functions allow for the creation, transfer, and ownership of NFTs.

 

Some of the key functions in the ERC-721 standard include:

• balanceOf(address owner): Returns the balance of the owner's account.
• ownerOf(uint256 tokenId): Returns the address of the owner of the given token ID.
• transferFrom(address from, address to, uint256 tokenId): Transfers the ownership of the given token ID from the from address to the to address.
• approve(address to, uint256 tokenId): Approves the to address to transfer the ownership of the given token ID on behalf of the owner.
• setApprovalForAll(address operator, bool approved): Approves the operator address to transfer any of the owner's tokens on their behalf.

The ERC-721 standard is a widely used standard for NFTs. It is supported by most Ethereum wallets and exchanges.

Some of the benefits of using ERC-721 tokens include:

• Uniqueness: ERC-721 tokens are unique and cannot be replicated or replaced. This makes them ideal for representing digital collectibles and other unique assets.
• Provable ownership: The ownership of ERC-721 tokens is stored on the Ethereum blockchain. This makes it possible to prove ownership of an NFT.
• Transferability: ERC-721 tokens can be transferred between addresses. This makes them easy to buy, sell, or trade.

The ERC-721 standard is a powerful tool for creating and managing digital assets. It is a versatile standard that can be used for a wide variety of applications.

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