What is ERC-721?

Last Modified:
March 1, 2024

ERC-721 is a standard for non-fungible tokens on the Ethereum network.

Non-fungible tokens, or NFTs, are like unique collectibles that are stored on the blockchain. They do not have the same value and they cannot be exchanged for each other.

To make NFTs compatible with different marketplaces, apps, and wallets, developers follow a standard format when creating the smart contract for NFTs. One of these token standards is called ERC-721.

ERC-721 defines the rules for managing, owning, transferring, and trading non-fungible tokens on the Ethereum blockchain.

The functions of ERC-721 include:

  • Listing the name and symbol of the NFT
  • Allowing the transfer of NFTs from one wallet address to another
  • Stating the owner of an NFT
  • Stating the total supply of an NFT
  • Describing the unique characteristics of an NFT

Through ERC-721, anyone can create and exchange unique digital assets on the Ethereum blockchain. By providing a standard format for all NFT creators to follow, it helps make NFT collecting fun and hassle-free!