BEP-721 is a token protocol used for the creation of NFTs, not for the cryptocurrency system. Recently, NFT exchanges have been making a slow comeback. Largely due to the movements that some exchanges have experienced, many questions about their standards are coming to the forefront.
The first thing to note is that the BEP-721 standard is different from the BEP-20 standard and is designed to extend Ethereum.
BEP-721 is a token standard that enables the creation of NFTs for the BNB chain (BSC). It is an extension of Ethereum ERC-721, one of the most widely used NFT standards, and can interact with the Ethereum Virtual Machine (EVM). Each NFT is unique and cannot be exchanged for another coin. Basically, this difference expresses both the importance of NFTs and their difference from coins.
Adding a unique ID to the data through BEP-721 tokens ensures that each piece of digital information is unique and cannot be traded. This feature not only distinguishes the token from BEP-20 tokens, but also makes it distinctive. This is evidenced by the fact that BEP-20 allows for the creation of multiple identical tokens in a single smart contract. When using BEP-721, each token is assigned a unique identifier.
This Is Consistent With The Logic Of The NFTs
BEP 721 is unique. Thanks to these unique identifiers, BEP-721 tokens can be grouped and used for different products. Users can exchange and transfer these tokens based on their rarity or utility depending on their market value.
Where Can They Be Used?
They can be used in the integration of all real products with the virtual world, especially in the collection of digital and physical artworks. It is also known that they can be used in the use of all objects in the game, especially in the metaverse. In addition, products such as real estate – facilities and equipment, as well as lotteries – raffles and other options can be supported.
How Does BEP-721 Work?
BEP-721 has a number of functions that control the token’s interaction with the BNB chain. Some of these functions are quite typical and are also included in BEP-20:
- BEP-721 determines the name of the token and other contracts that represent it.
- The abbreviated name of the token is commonly known as the security token.
- BalanceOF: Specifies the token balance at a given address.
- TotalSupply: Indicates the total amount of tokens created.
- There are several optional core features and feature-oriented features. The Metadata property refers to a unique attribute specific to NFTs.
- This property can be used to add metadata to each token to associate it with an artwork or other collection-oriented properties of the NFT.
You may be interested in: The Rise Of Bitcoin Also Led To A Rise In Altcoins
