BEP-721 is a token standard on the BNB Chain and is used to create NFTs. This standard was developed as an extension of Ethereum 721. It also has some differences from BEP-20 as it has unique tokens.
What is the BEP-721 Token Standard?
BEP-721 is a BNB Chain (BSC) token standard that allows the creation of NFTs. It is an extension of one of the most widely used NFT standards, Ethereum ERC-721, and is compatible with the Ethereum Virtual Machine (EVM). As it is known, every NFT is unique and cannot be exchanged for any other coin.
BEP-721 tokens add a unique identifier to the data, so the owner of each digital data is identified and cannot be changed. This feature makes the token the only one of its kind, but also makes it different from BEP-20 tokens. Because as it is known, with BEP-20, developers can create multiple identical tokens within a single smart contract. However, with BEP-721, each token is assigned a different ID.
Through these unique IDs, BEP-721 tokens can be collected and used to represent unique items. Users can trade and transfer these tokens based on their rarity or market value based on their usefulness.
The tokens that BEP-721 can represent are:
- Digital and physical art products
- Collection
- In-game items
- Physical property and real estate
- Lottery ticket
How Does BEP-721 Work?
BEP-721 has a list of functions that govern how the token interacts with the BNB Chain. Some of these are fairly standard and are also included in the BEP-20 standard:
- Name:BEP-721 defines the token’s name and other contracts represent it.
- Symbol:The abbreviated name of the token known as the security symbol.
- balanceOF:Shows the token balance at a given address.
- TotalSupply:Defines the total number of tokens produced.
Following this are a number of core ownership and ownership-oriented functions that may be optional. A unique feature unique to NFTs is known as the metadata function:
TokenMetadata:This function allows the inclusion of metadata added to the respective token to be able to link a work of art or another collection-oriented aspect of NFT.
For example; Each CryptoPunk has a specific metadata within the NFT, which includes a certain number of features and features within 10,000 Punk. Although Crypto Punk NFTs are not in the BEP-721 token standard, their metadata usage is very similar.
