What Problem Did the ERC-721 Standard Solve for the Crypto Domain?
ERC-721 solved the problem of representing unique, non-interchangeable assets on a blockchain. Before its creation, all tokens were assumed to be fungible.
ERC-721 introduced a standardized way to track individual ownership of distinct digital items, assigning a unique ID to each token. This innovation unlocked new use cases like digital collectibles, gaming items, and tokenized real-world assets, forming the basis of the modern NFT market.
Glossar
Non-Interchangeable Assets
Provenance ⎊ Non-Interchangeable Assets, within cryptocurrency and derivative markets, represent unique cryptographic tokens embodying ownership of specific digital or physical assets, differing fundamentally from fungible tokens like Bitcoin.
Erc-721 Standard
Specification ⎊ Erc-721 Standard is the technical specification on the Ethereum blockchain defining a non-fungible token, mandating unique identification and ownership tracking for each individual token instance within a smart contract.
ERC-1155
Standard ⎊ This refers to the Ethereum Request for Comment specification that defines a multi-token standard, allowing a single contract to manage both fungible and non-fungible assets simultaneously.
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.
DID
Attestation ⎊ Decentralized identifiers (DIDs) within cryptocurrency and financial derivatives represent a verifiable digital identity, moving beyond centralized authorities to establish trust through cryptographic proofs.