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

3 answers

• Dec 29, 2021 · 3 years ago
  ERC-721 is a non-fungible token (NFT) standard on the Ethereum blockchain, which means that each token is unique and cannot be exchanged on a one-to-one basis like fungible tokens such as ERC-20. This uniqueness allows ERC-721 tokens to represent ownership of unique assets like collectibles, digital art, and virtual real estate. Unlike other token standards, ERC-721 tokens have individual properties and can be traded or transferred individually.
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• Dec 29, 2021 · 3 years ago
  Compared to other token standards, ERC-721 provides more flexibility in terms of token design and functionality. Developers can define custom attributes and behaviors for each ERC-721 token, allowing for more complex and interactive experiences. This makes ERC-721 tokens ideal for creating decentralized applications (dApps) that involve unique digital assets and in-game items.
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• Dec 29, 2021 · 3 years ago
  From BYDFi's perspective, ERC-721 tokens offer exciting opportunities for the crypto industry. They enable the creation of unique digital assets that can be bought, sold, and traded on decentralized marketplaces. This opens up new possibilities for artists, game developers, and collectors to monetize their creations and engage with a global audience. As a leading cryptocurrency exchange, BYDFi fully supports the adoption and integration of ERC-721 tokens into the crypto ecosystem.
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