What is ERC-721 and how does it relate to cryptocurrencies?

3 answers

• Dec 15, 2021 · 3 years ago
  Sure! ERC-721 is a technical standard for non-fungible tokens (NFTs) on the Ethereum blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and indivisible. They represent ownership of a specific asset, such as digital art, collectibles, or virtual real estate. NFTs have gained popularity due to their ability to prove ownership and scarcity in the digital world.
  463232
• Dec 15, 2021 · 3 years ago
  ERC-721 is like a digital certificate of authenticity for unique digital assets. It ensures that each asset is one-of-a-kind and cannot be replicated or replaced. This makes it ideal for things like digital art, where the value lies in its uniqueness. With ERC-721, artists and creators can tokenize their work, sell it as an NFT, and retain proof of ownership. It has opened up new possibilities for artists to monetize their digital creations in ways that were not possible before.
  483161
• Dec 15, 2021 · 3 years ago
  BYDFi is a decentralized finance (DeFi) platform that supports ERC-721 tokens and other cryptocurrencies. It provides users with a secure and user-friendly interface to trade, lend, and borrow digital assets. With BYDFi, you can explore the world of NFTs and participate in the growing market for unique digital assets. Whether you're an artist looking to sell your work or an investor interested in collecting NFTs, BYDFi offers a range of features to meet your needs.
  469118