What is an ERC-721 contract and how does it work in the world of cryptocurrency?

3 answers

• Nov 27, 2021 · 3 years ago
  An ERC-721 contract is a type of smart contract on the Ethereum blockchain that defines the standard for non-fungible tokens (NFTs). Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and indivisible. They can represent ownership or proof of authenticity for digital assets like artwork, collectibles, or virtual real estate. ERC-721 contracts enable the creation, ownership, and transfer of these unique tokens in a secure and transparent manner on the Ethereum network.
  552276
• Nov 27, 2021 · 3 years ago
  Think of an ERC-721 contract as a digital certificate of authenticity. It ensures that a specific digital asset, like a piece of artwork or a collectible, is unique and cannot be duplicated or tampered with. This contract defines the rules and properties of the NFT, including its metadata, ownership, and transferability. It allows artists, creators, and collectors to establish verifiable ownership and provenance for their digital assets, opening up new possibilities for digital ownership and monetization in the world of cryptocurrency.
  541181
• Nov 27, 2021 · 3 years ago
  An ERC-721 contract is a game-changer in the world of cryptocurrency. It revolutionizes the concept of digital ownership and introduces a whole new level of scarcity and value to digital assets. With an ERC-721 contract, you can prove that you own a specific NFT and have the ability to transfer it to others. This has created a booming market for digital collectibles, virtual real estate, and even in-game items. It's an exciting time to be part of the cryptocurrency world, where the possibilities for innovation and creativity seem endless.
  544136