ERC-721
The ERC-721 standard is very different from the other Ethereum token standards, ERC-20 and ERC-223. It describes a non-fungible token. This means that each token is completely different, and each token has different value to different users. One way to understand this token is to recall CryptoKittes. Each digital cat is independent, and its value depends on its scarcity and users' desire to buy.
ERC-721 tokens can be used on any exchange, but the token value is "the result of the uniqueness and scarcity of each token." The interface functions specified in the standard include name, symbol, totalSupply, balanceOf, ownerOf, approve, takeOwnership, transfer, tokenOfOwnerByIndex, and tokenMetadata. It also defines two events: Transfer and Approval. This article by Gerald Nash explains the concept of fungibility well.
- Standard Status: Open
- Proposed date: 9/22/2017
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