Are you searching for the best ERC721 token development company? Or want to know how ERC721 standard token development helps for various online business or gaming business?
In this article, we will explain separately about what is ERC721 tokens, and also you can understand How it works? And why it is needed according to many businesses?
Table of the content
- What is Token?
- What is ERC?
- What is ERC721?
- What is Non-Fungible Token?
- What is the Difference Between ERC-20 & ERC-712?
- How ERC721 Token Works on Real-Time Business?
- What are the Benefits of ERC721 in Gaming Business?
- How to Create ERC721 token?
- How to Find out the best ERC721 Token Development Company?
Let’s start with What is Token? in a simple term!
Tokens are usually built by an Ethereum blockchain, Creating a token is an easy process as you don’t need to modify the codes from the particular protocol, Tokens are digital assets or unit of value issued by a company, that can be used by a method of payment inside the project. Most of the tokens are launched on Ethereum blockchain.
I think now you can exactly know about what is token right?
Ok, let’s see about what is ERC721 Token?
Before going into ERC721 tokens We have to know about What is ERC?
ERC - Ethereum Request for Comments states that a unique ID number is to distinguish the standards from others. All ERC is authored by Ethereum community developers
What is ERC721 Token?
This is a type of unique token, Mainly used for Gaming purpose Because these tokens are the advanced version which is used by many gaming platforms. This token can be developed on the Ethereum blockchain network and it allows unique tokens to be managed, owned and traded. In ERC721 token each tokens can hold a different value.
ERC721 tokens are also called as Non-Fungible Tokens
What are Non-Fungible Tokens (NFT)?
Non-Fungible Tokens are not interchangeable and not divisible. These tokens are unique and cannot be replaced by another item. The ERC-721 Standard is the backbone for the creation and trading of non-fungible assets.
How does ERC721 Token work on Gaming Industries?
Gaming Industries are increasing high intersection with cryptocurrencies. It has seen a number of advances in the concept of this Non-Fungible Tokens. Among them, Cryptokitties is the most popular game made by this ERC721 tokens and it’s going viral.
This Game become the first to implement the standard on huge scale, The main purpose of this game is to buy a cryptokitties, Some of the cryptokitties are precious and rare, After the success of this game there have been number of games that built their platforms on top of the ERC721 token standard such as Cryptocelebrities and Ethertulips.
The ERC721 has quickly gained popularity and expanding the scope of serious implementation.ERC721 is not similar to another token due to its non-fungible functionality.
The idea of developing non-fungible collectibles on Ethereum blockchain holds a lot of possibilities and it becomes more popular in overtime.
Key Differences Between ERC-20 (Fungible) & ERC721(Non-Fungible) Tokens:
What are the benefits of using ERC721 token in real-time business?
ERC721 standard token was introduced to allow anyone to create tokens on Ethereum blockchain that are entirely unique from one another.
ERC721 tokens can be used to represent ownership over assets, includes physical assets such as land, houses or virtual assets like digital assets.
Anyone can create unique tokens that exist and operate on the Ethereum blockchain.
It is easy to create your own crypto collectible like Cryptokitties.
Field Coin: Fieldcoin will enable us to buy Non-Fungible ERC 721 tokens representing a whole land property ownership. It will be able to manage their lands.
How to create ERC721 Tokens?
There is a huge demand for creating ERC721 Standard Tokens, Among them, Developcoins furnishes in offering you the customized token with an innovative platform as per your business demands and also offers high-end secure and completely unique business solutions to create your own ERC721 token independently. Our dedicated developers help you to create Fungible & Non-fungible tokens as per your business requirements with a short duration of time.
As a leading Ethereum token development company, Developcoins provides end-to-end ERC721 token development services and solutions globally. They can also provide cutting edge ERC-20 Token Development Services for businesses, entrepreneurs and start-ups. The team of dedicated blockchain developers is specialized in creating the ERC-20, ERC721 & ERC-1400 tokens with the set of protocols.
Do you want to create your own ERC721 tokens with Developcoins? Get a free ERC721 token creation checklist here!