Can you explain the concept of 721 in relation to virtual currencies?

1 answers

• Syed Azhar Hussain ShahFeb 04, 2023 · 2 years ago
  Definitely! The concept of 721 in relation to virtual currencies is an important one. 721 refers to the ERC-721 token standard on the Ethereum blockchain. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are unique and non-fungible. This means that each token has its own distinct value and cannot be exchanged on a like-for-like basis. The introduction of ERC-721 tokens has paved the way for the creation and ownership of digital assets that are truly unique and scarce. From virtual collectibles to virtual real estate, the concept of 721 has opened up exciting new possibilities in the world of virtual currencies.
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