An ERC-721 token is a type of non-fungible token (NFT) on the Ethereum blockchain. Unlike fungible tokens such as ERC-20, each ERC-721 token is unique and not interchangeable with any other token - it has its own distinct properties and value. This makes ERC-721 tokens ideal for representing ownership of unique items or collectibles in the digital world.
"CryptoKitties, a popular blockchain game, uses ERC-721 tokens to represent each unique digital cat."
The ERC-721 standard defines a set of rules and functions that each ERC-721 token contract must implement. These include functions for transferring tokens from one account to another, checking the balance of tokens at a certain address, and getting the owner of a specific token.
"The ERC-721 standard has enabled a new class of digital assets, leading to the rise of NFTs in the art world and beyond."
ERC-721 tokens have a wide range of use cases beyond digital art and collectibles. They can represent ownership of any unique asset, digital or physical. This includes real estate, domain names, event tickets, and more.
"Decentraland, a virtual reality platform, uses ERC-721 tokens to represent ownership of virtual land parcels."
* All terms and definitions may update as the Cryptionary improves.