NFT (Non-Fungible Tokens) ERC-721 Marketplace - The MMP (2024)

FAQs

What is ERC-721 token in NFT? ›

ERC-721 is an open standard that describes how to build Non-Fungible tokens on EVM (Ethereum Virtual Machine) compatible blockchains; it is a standard interface for Non-Fungible tokens; it has a set of rules which make it easy to work with NFTs. NFTs are not only of ERC-721 type; they can also be ERC-1155 tokens.

ERC-721A is a significantly improved version of ERC-721 but has most features similar to the latter. ERC-721A is more gas-efficient than ERC-721 token. Unlike its predecessor, ERC-721A does not have to be pre-minted but can be minted on-demand all at once, which is more cost-effective too.

For ERC-721 NFTs, use the tokenURI function, which is part of the ERC-721 standard. This function retrieves a token's metadata so you can view it. For ERC-1155, use the uri method. Note the tokenURI and uri methods are optional for contracts.

The key difference between ERC20 and ERC721 tokens lies in their fungibility. ERC20 tokens are fungible and represent a uniform asset, while ERC721 tokens are non-fungible and symbolize a set of unique assets. Additionally, ERC721 tokens cannot be divided into smaller units.

Some key use cases for ERC-721 NFTs include: Digital Collectibles: ERC-721 NFTs are extensively used for creating and trading unique digital collectibles. These collectibles can represent various items such as artwork, trading cards, virtual pets, in-game assets, and more.

The ERC-721 token smart contract demonstrates how to create and transfer non-fungible tokens. Non-fungible tokens represent ownership over digital or physical assets. Example assets are artworks, houses, tickets, etc. Non-fungible tokens are distinguishable and we can track the ownership of each one separately.

This means that ERC-1155 tokens can be used for fractional ownership or as a form of currency, while ERC-721 tokens are typically used for digital collectibles and other unique digital assets. Another difference is that ERC-721 tokens can only be traded one at a time, while ERC-1155 tokens can be traded in bulk.

ERC-721 tokens are the standards for non-fungible tokens (NFTs). These tokens cannot be exchanged for anything of equal value since they are unique in themselves, representing a unique asset. Each NFT token is linked to different owners and has its own tokenID or metadata that makes them unique.

Sending an NFT (ERC-721) in MetaMask is very similar to sending conventional tokens (usually ERC-20 tokens, often just referred to as coins or crypto). Please note that sending ERC-1155 NFTs is not supported in either MetaMask Extension or Mobile.

ERC-721 is popular for creating NFTs, enabling the representation of unique digital assets such as artwork, collectibles, and in-game items. ERC-1155 provides flexibility by supporting multiple token types in a single contract, making it suitable for complex token ecosystems like gaming platforms.

What are the benefits of ERC-721? ›

ERC-721 tokens provide a secure and transparent way to prove ownership of unique assets. Their flexibility allows creators to add extra features. They work seamlessly on various platforms, ensuring transparent and protected digital ownership, and this sets the stage for innovative applications.

The Importance of ERC-721

ERC-721 is a non-fungible token standard on the Ethereum blockchain. It provides a set of guidelines for creating unique tokens that represent digital assets. These tokens are non-fungible, meaning that they cannot be exchanged on a one-to-one basis due to their unique properties.

The cost of creating an ERC721 token with desirable features will range from $5.5K to $7K.

The ERC-721 standard refers to the characteristics of non-fungibility which represents a unique token. This standard is automatically assigned when creating an NFT. The main standard of an NFT will be based on a set of unique token information such as its popularity, its age, its degree of rarity.

ERC-20 is the technical standard for fungible tokens created using the Ethereum blockchain. A fungible token is one that is exchangeable with another token, whereas the well-known ERC-721 non-fungible tokens (NFTs) are not.

This means that ERC-1155 tokens can be used for fractional ownership or as a form of currency, while ERC-721 tokens are typically used for digital collectibles and other unique digital assets. Another difference is that ERC-721 tokens can only be traded one at a time, while ERC-1155 tokens can be traded in bulk.

ERC-721 focuses on making each token unique and represents the claim of something special you can't copy. It's great for things like one-of-a-kind digital art or rare collectibles. ERC-1155 is more flexible. It lets you build NFTs that can be either exclusive or interchangeable.