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Can an Options Contract Be Represented by an ERC-721 Token?

Yes, an options contract is a perfect candidate for an ERC-721 NFT. Since each contract has unique terms (underlying asset, strike price, expiration date, premium), the non-fungible nature of the ERC-721 token is ideal for encoding and uniquely owning that specific contract.

This allows the option to be traded as a unique asset on secondary NFT marketplaces.

How Does an ERC-1155 Token Standard Combine Aspects of Both ERC-20 and ERC-721?
Can a Tokenized Stock Option Be Represented as an NFT?
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How Does the ERC-721 Standard Differ Fundamentally from ERC-20?