Dec 7, 2022

Why Choose the ERC721 Token Standard for Token Development?

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Over the past few years, the creation of new crypto tokens has grown to an extent. Many startups and entrepreneurs have started creating their tokens for crowdfunding. In general, Crypto tokens are categorized into several types fungible, non-fungible, and semi-fungible tokens. 

Fungible tokens are exchangeable tokens whereas non-fungible tokens are non-exchangeable as each NFT has its characteristics. Non-fungible tokens are the tokenized version of digital collectibles. A real-world asset like art, paintings, GIFs, music files, etc can be converted into a non-fungible token.

Every prominent blockchain like Ethereum, Tron, and BNB chain has its token standard for NFT creation like ERC721, TRC721, BEP721, etc. Among these standards, ERC721 is a well-known token standard for non-fungible token creation. In this article, we shall discuss ERC721 tokens and their characteristics, etc.

Now, we shall start the article with…

What is meant by the ERC721 token?

ERC721 is a popular token standard used for non-fungible token creation. Here, ERC stands for Ethereum request for comments and 721 is its proposal identifier. ERC721 is a replica of the ERC20 standard that has different functionalities and characteristics. This token standard is also popularly known as the solidity smart contract standard. 

The non-fungible tokens that are created using the ERC721 standard can be listed and traded in popular NFT marketplaces like opensea, rarible, etc. As discussed earlier, ERC721 tokens can be created by converting any of the assets like art, GIFs, gaming items, etc. Now, we shall see some of the popular ERC721 tokens in the crypto marketplace.

  • Cryptokitties
  • Axie
  • VNFT
  • Avastar
  • Sorare
  • Swapo
  • God unchained cards
  • DCL registrar, etc.

Admiring features of ERC721 token development

  1. High compliance
  2. Unique ID
  3. ERC721 token wallet app
  4. Great non-fungible functions
  5. Affiliate programs
  6. Easy transfers
  7. Subscriptions
  8. Roles-based permission
  9. High-end security systems
  10. ERC721 compatibility
  11. Embeddable Web3 checkout
  12. Multiple products

These are the key highlights of ERC721 token development. These are the main factors that play a major role in choosing ERC721 tokens among others. On considering these features, many entrepreneurs are interested in creating ERC721 tokens.

Business sectors involved in ERC721 token development

  • Finance verticals and banking sector
  • Education and E-learning
  • Retail marketing and Ecommerce
  • Travel sector and tourism
  • Media & Entertainment
  • Medical and healthcare

Not only these sectors, but many are in a move to create non-fungible tokens for their businesses. Now, we shall discuss the development methods of non-fungible tokens.

How to develop an NFT?

An NFT can be developed using two methods developing on its own or approaching a service provider. Creating a non-fungible token on your own might lead to some errors. A high level of technical knowledge is required for creating an NFT on your own. So, you can go with the alternative method.

The other method is approaching an ERC721 token development company in the crypto ecosystem. They’ll be experienced in creating your ERC721 token in an ideal manner. So, choosing a reputed ERC721 token development service provider in the crypto space will lead to the best results. 

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