What does 721 mean in the context of cryptocurrency?

3 answers

• Dec 25, 2021 · 3 years ago
  In the context of cryptocurrency, 721 refers to the ERC-721 token standard on the Ethereum blockchain. It is a non-fungible token (NFT) standard that allows for the creation and ownership of unique digital assets. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and cannot be exchanged on a like-for-like basis. This uniqueness makes ERC-721 tokens ideal for representing ownership of digital collectibles, virtual real estate, and other unique assets in the digital world.
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• Dec 25, 2021 · 3 years ago
  721 in the context of cryptocurrency specifically refers to the ERC-721 token standard. This standard was introduced by Ethereum to enable the creation of non-fungible tokens (NFTs). NFTs are unique digital assets that can represent ownership of items such as digital art, virtual real estate, and in-game items. The ERC-721 standard provides a framework for developers to create and interact with these unique tokens on the Ethereum blockchain.
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• Dec 25, 2021 · 3 years ago
  You might have heard of ERC-20 tokens, which are the most common type of token on the Ethereum blockchain. Well, ERC-721 is a different kind of token standard that is specifically designed for non-fungible tokens. Non-fungible tokens are unique and cannot be exchanged on a like-for-like basis. The ERC-721 standard allows for the creation and ownership of unique digital assets, such as collectibles, virtual real estate, and in-game items. It's a pretty cool concept that has gained a lot of popularity in the world of cryptocurrency and blockchain.
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