ERC-721 News

ERC-721 is a standard developed specifically for nonfungible tokens (NFTs) and was first proposed as an Ethereum Improvement Proposal (EIP) by William Entriken, Dieter Shirley, Jacob Evan, and Nastassia Sachs in January 2018. Keeping in mind that NFTs may have an intrinsic value (a measure of what an asset is worth) attributed to their age, rarity or the visual they represent, the ERC-721 standard provides functionalities such as transferring a token from one account to another, retrieving the token balance, extracting ownership details, and even returning the total token supply available on a network.

Since every NFT is unique, the ERC-721 standard is more complex than the ERC-20 standard developed for crypto tokens and provides several extensions that can be split among a number of smart contracts. In order to maintain transaction records of NFTs on the Ethereum network, smart contracts implementing the ERC-721 standard are deployed, and different NFT-focused platforms may also offer additional events in order to implement a custom application programming interface (API) for NFTs.