What are Erc-721(Nfts)

 

ERC-721 is a token standard for non-fungible tokens (NFTs) on the Ethereum blockchain. It defines how to create unique digital assets that are individually distinct and non-interchangeable, meaning each token has a unique ID and metadata

🔑 Key Characteristics of ERC-721

1. Non-Fungibility

Each token is unique and cannot be replaced with another. 1.

Example: Unlike ETH or USDC (fungible), one ERC-721 token (e.g., a specific piece of digital art) is not equal to another. 

2. Unique ID and Metadata

Every ERC-721 token has:

A unique token ID. 

Optional metadata (e.g., name, description, image URL). 

A token URI that links to external metadata, often hosted on IPFS.

3. Ownership and Transferability

Supports:

Ownership tracking 

Transfer between wallets 

Approval mechanisms for third-party transfers 

🧩 Common Use Cases

Digital Art (e.g., Beeple artworks) 

Collectibles (e.g., CryptoPunks, Bored Ape Yacht Club) 

In-Game Assets (e.g., unique characters, items) 

Event Tickets (with unique access features) 4

Virtual Real Estate (e.g., unique land plots in metaverse platforms)