AKA ERC-721 / EIP-721 was proposed by Jacob Evans, Nastassia Sachs, William Entriken, and Dieter Shirley in January 2018. ERC-721 created a non-fungible token standard that uses an API for tokens within smart contracts representing a unique digital (or physical) asset. The asset is recorded on the Ethereum blockchain using a unique ID that certifies ownership, authenticity, and related info like copyrights. So in theory, any asset that can be represented digitally can be bought or sold as an NFT.
The ERC-721 standard provides for:
– Token supply
– Token balance
– Token ownership
– Token transfer between accounts
NFTs are non-fungible, meaning the asset is not divisible and cannot be copied. For example, a dollar can be broken into 100 pennies, but a work of art cannot.
NFTs can be used to represent and authenticate everyday content from your mobile phone such as audio, video, and photos.
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