Besides ERC-20, What Is Another Common Token Standard and Its Primary Use?
A common alternative is ERC-721, which is the standard for Non-Fungible Tokens (NFTs) on Ethereum. Unlike ERC-20, ERC-721 tokens are unique and non-interchangeable, each having a distinct ID and metadata.
Its primary use is to prove ownership of unique digital or physical assets, such as art, music, or virtual real estate.
Glossar
Non-Fungible Tokens
Token ⎊ Non-Fungible Tokens (NFTs) represent a paradigm shift in digital asset ownership, extending beyond traditional cryptocurrency fungibility.
ERC-1155 Token
Token ⎊ An ERC-1155 token represents a standardized framework for creating and managing multiple types of assets on an Ethereum blockchain, extending beyond the limitations of ERC-20 fungible tokens and ERC-721 non-fungible tokens.
Erc-721 Tokens
Token ⎊ ERC-721 tokens represent a unique standard for non-fungible tokens (NFTs) on the Ethereum blockchain, enabling verifiable ownership of digital assets.
Token Standard
Architecture ⎊ Token standards define a common set of rules governing the creation and management of digital assets on a blockchain, establishing interoperability between decentralized applications and exchanges.