Also known as:

Definition

The ERC-721 standard is a technical specification for non-fungible tokens (NFTs) on the Ethereum blockchain. It defines a minimum interface for the ownership, trading, and management of unique digital assets.

Why it matters

• Enables the creation of unique digital assets.
• Facilitates ownership verification on the blockchain.
• Supports a wide range of applications, including art, gaming, and collectibles.
• Promotes interoperability between different platforms and marketplaces.

Risks & Pitfalls

• Potential for smart contract vulnerabilities.
• Market volatility affecting asset values.
• Regulatory uncertainties surrounding NFTs.

Examples

• Digital art pieces sold as NFTs.
• In-game items that are unique and tradable.

Related

None.