ERC-721

ERC, which stands for Ethereum Request for Comment, is a standard conveying the essential technical notes and requirements to a group of developers and users. ERC-721, initially proposed by Dieter Shirley as an Ethereum Improvement Proposal (EIP), is the standard for representing ownership of non-fungible tokens (NFTs) on Ethereum.

The ERC-721 token standard allows for the creation of NFTs that can be associated with a physical property, like land and artwork. When an ERC-721 token is created, each token is cryptographically unique, so no other token with the same characteristics exists alongside it.

CryptoKitties was the first project to adopt the ERC-721 standard for its collection.

Key Takeaway

ERC-721 is a token standard representing ownership of non-fungible tokens (NFTs) on Ethereum.

Related Words

Market Cap

Market cap refers to the total dollar value of a cryptocurrency in circulation. It is calculated by multiplying the token price by the total number of tokens.

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Circulating Supply

Circulating supply is the amount of a cryptocurrency currently on the market. The number can grow or shrink for various reasons.

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TradFi

Traditional finance, or TradFi, is a conventional approach to financial activities that relies on established institutions, such as banks, insurance companies, investment companies, and stock exchanges.

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Collection Value

Collection Value is the aggregated monetary value of all the NFTs in a collection.

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NFT Sales Volume Index (7D)

The NFT Sales Volume Index (7D) shows the price and number of editions of a non-fungible token (NFT) collection sold over a 7-day (7D) period.

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Crypto Asset

Crypto assets are transferable digital representations of value made possible by cryptography and blockchain technology.

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24H Volume

24H Volume shows the number of a cryptocurrency’s tokens traded over a 24-hour time frame.

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7D

7D, short for seven days, refers to price data that has been collected for a cryptocurrency over a 7-day period.

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Floor Price

Floor Price is equal to the lowest-priced NFT in a collection.

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Gas (ETH)

Gas is the cost of a transaction on the Ethereum network.

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