What is the ERC-721 token standard?

@althea_dooley 

The ERC-721 token standard is a technical specifiocation for non-fungible tokens (NFTs) on the Ethereum blockchain. It outlines a set of rules and functionalities that enable the creation, ownership, and transfer of unique digital assets. Unlike fungible tokens (such as cryptocurrencies) where each unit is interchangeable, ERC-721 tokens are unique and indivisible. This standard has gained significant popularity for applications like digital collectibles, gaming assets, virtual real estate, and other unique items in the blockchain ecosystem. It allows developers to create and interact with NFTs in a consistent and interoperable manner.

@althea_dooley 

The ERC-721 token standard, also known as Non-Fungible Token (NFT) standard, is an Ethereum-based token standard that defines a set of rules for creating unique tokens on the blockchain. Unlike other token standards (such as ERC-20), ERC-721 tokens are not interchangeable with each other as each token has a distinct value and properties.

ERC-721 tokens are primarily used to represent ownership or proof of authenticity of a unique item, such as digital collectibles, in-game assets, virtual real estate, artwork, etc. Each token is identified by a unique identifier (token ID) that distinguishes it from others.

The ERC-721 standard specifies the core functions and events that a smart contract must implement to comply with the standard. These include functions for transferring tokens, getting token owner details, token metadata, approval mechanisms, and enumerating token supply. This standard allows for easy interoperability between different applications and platforms that support ERC-721 tokens, enabling the seamless transfer and showcasing of unique digital assets.