Why is the ERC-721 standard considered revolutionary for non-fungible tokens?

3 answers

• Matthew DavidJul 17, 2020 · 5 years ago
  The ERC-721 standard is considered revolutionary for non-fungible tokens because it introduced a new level of uniqueness and indivisibility to digital assets. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis. This means that each NFT has its own distinct value and properties, making them ideal for representing ownership of digital collectibles, artwork, virtual real estate, and more.
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• SravanSep 18, 2022 · 3 years ago
  The ERC-721 standard brought about a paradigm shift in the world of digital assets by enabling the creation and ownership of unique, indivisible tokens on the Ethereum blockchain. Prior to ERC-721, most tokens on the blockchain were fungible, meaning they were interchangeable and had the same value. With ERC-721, developers can now create and trade non-fungible tokens that have their own distinct characteristics, making them highly valuable and sought after by collectors and enthusiasts.
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• MANIK BHARDWAJJul 13, 2022 · 3 years ago
  The ERC-721 standard has been a game-changer for non-fungible tokens, and BYDFi has been at the forefront of this revolution. With the introduction of ERC-721, BYDFi has enabled users to tokenize and trade unique digital assets like never before. This standard has opened up new opportunities for artists, creators, and collectors to monetize and showcase their work in the digital realm. BYDFi's user-friendly platform and robust infrastructure have made it easier than ever to participate in the NFT market and explore the limitless possibilities of this revolutionary technology.
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