BlockchainIntermediate#NFT#Tech
ERC-721
E
Definition
The free, open standard that describes how to build non-fungible tokens (NFTs) on the Ethereum blockchain.
Verified by CryptoLV Alpha
Concept Diagram
Key Takeaways
1
ERC-721 enables creation of unique non-fungible tokens (NFTs) on Ethereum
2
Each token has a unique TokenID and metadata unlike fungible ERC-20 tokens
3
Foundation for digital art, real estate deeds, and unique gaming items
4
Powers self-sovereign identity and digital property ownership
Practical Example
A CryptoPunk #3100 sold for $7.58M - it is a single ERC-721 token with a unique TokenID that can never be duplicated or replaced.
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Related Terms
Blockchain
dApp (Decentralized Application)An application built on a decentralized network that combines a smart contract and a frontend user interface.
Blockchain
ERC-20The technical standard used for all smart contracts on the Ethereum blockchain for fungible token implementation.
Blockchain
MintingThe process of creating new tokens on a blockchain, such as when a new NFT is generated or a stablecoin is issued.
Blockchain
Smart ContractA self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
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