BEP-721 Definition
BEP-721 is a standard for non-fungible tokens (NFTs) on the Binance Smart Chain (BSC). Non-fungible tokens are unique blockchain assets that represent ownership of a one-of-a-kind item or piece of content. The BEP-721 standard allows for the creation of these unique tokens on the BSC.
BEP-721 Key Points
- BEP-721 is the Binance Smart Chain standard for creating non-fungible tokens (NFTs).
- Unlike BEP-20 tokens, BEP-721 tokens are unique and cannot be replaced with another.
- These tokens can represent ownership of a unique digital item or piece of content.
- The BEP-721 standard ensures compatibility with other platforms and wallets that support NFTs.
What is BEP-721?
BEP-721 is a token standard developed for use on the Binance Smart Chain. It specifically deals with non-fungible tokens or NFTs. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and similar to each other, NFTs are unique and can’t be replaced with something else.
Why was BEP-721 created?
BEP-721 was created to support the unique characteristics of NFTs. Regular tokens, represented by BEP-20, are fungible – each unit or “coin” is the same as the next. On the other hand, NFTs are unique and irreplaceable, hence a different kind of standard was required. The BEP-721 standard was created to cater to this uniqueness.
Who can use BEP-721?
Anyone who wishes to create, buy, sell, or trade NFTs on the Binance Smart Chain can utilize BEP-721. This includes artists, creators, collectors, investors, and blockchain developers. It’s also used by decentralized applications (dApps) built on BSC that incorporate NFTs.
Where is BEP-721 used?
BEP-721 is used within the Binance Smart Chain ecosystem. It’s seen in various NFT marketplaces, digital art platforms, and blockchain-based games on BSC. Anywhere within the BSC where unique digital assets are being created, bought, sold or traded, you’ll likely find the BEP-721 standard being used.
When should BEP-721 be used?
BEP-721 should be used whenever a unique, non-fungible token needs to be represented on the Binance Smart Chain. Whenever uniqueness and irreplaceability are integral to the value of a digital asset, BEP-721 becomes relevant.
How does BEP-721 work?
BEP-721 works by allowing each token to have an owner and a unique identifier, making them different from any other token. This allows for digital scarcity and uniqueness, two attributes that are key to the concept of NFTs. These tokens can be transferred from one party to another, just like fungible tokens, retaining their uniqueness throughout their life span.
