ERC-721 Standard
2018 (June)
The ERC-721 standard is a set of rules and guidelines for creating and managing non-fungible tokens (NFTs) on the Ethereum blockchain. It was introduced in June 2018 and quickly became the preferred standard for creating unique and verifiable digital assets on the Ethereum blockchain.
Unlike traditional cryptocurrencies like bitcoin, which are fungible and interchangeable, NFTs represent unique and one-of-a-kind assets, such as digital art, collectibles, and in-game items. The ERC-721 standard provides a standardized framework for creating and managing these unique tokens, making it easier for developers to create NFT-based applications and marketplaces.
The ERC-721 standard defines a set of functions and events that allow for the creation, ownership, and transfer of NFTs on the Ethereum blockchain. These functions include the ability to create new NFTs, transfer ownership, and verify the authenticity of an NFT.
The introduction of the ERC-721 standard paved the way for a new wave of NFT projects and applications, including CryptoKitties, Decentraland, and many others. It allowed for the creation of unique and verifiable digital assets that could be traded and exchanged like physical assets, opening up new possibilities for creators, collectors, and investors in the digital world.
Today, the ERC-721 standard remains the most widely used standard for creating and managing NFTs on the Ethereum blockchain. It has become an essential part of the NFT ecosystem, enabling the growth of new markets and use cases for digital assets.