What Are the Key Differences between a Tokenized Option and a Perpetual Futures Contract in Terms of the Underlying Token Standard?

A tokenized option is often represented by an NFT (ERC-721) because it has a unique expiration date and strike price, making each contract unique. A perpetual futures contract, however, is typically represented by a fungible token (ERC-20) because all contracts on the same asset share the same specifications (no expiry).

The ERC-20 token represents a standardized, tradable long or short position.