BEP-721 is a Binance Smart Chain (BSC) custom token standard designed to facilitate the creation of non-fungible tokens (NFTs). As an extension of the popular ERC-721, BEP-721 introduces new possibilities in the realm of tokenization.

Get to know what BEP-721 is

BEP-721 is a token standard from BSC that was created specifically as an updated version of Ethereum's ERC-721, a widely adopted NFT standard. 

Each BEP-721 token is unique and non-substitutable, setting it apart from other tokens. This token plays a role in the data ownership tokenization process, providing a unique identity for each data.

In contrast to BEP-20 tokens which can generate identical tokens in one smart contract , BEP-721 assigns a unique ID to each token. This uniqueness makes it suitable for representing certain non-fungible objects.

The inclusion of "tokenMetadata" is a distinctive feature of BEP-721, allowing metadata to be associated with tokens. This metadata can represent artwork or other collectible features of the NFT, adding depth to the token's identity.

The market value of BEP-721 tokens is determined by factors such as scarcity and usage, influencing their trading and transferability.

Interaction with BEP-721 Token

To seamlessly interact with BEP-721 tokens on platforms like Juggerworld, Featured by Binance, BakerySwap, and Binance NFT Marketplace, users typically need a digital wallet like MetaMask.

Crypto wallets allow buyers to make transactions using cryptocurrency . Primarily, BNB is required to cover transaction fees when transferring BEP-721 tokens, in line with the Binance Smart Chain ecosystem in general.

5 Examples of Using BEP-721 Tokens

BEP-721 tokens find applications in a variety of domains, including:

1. Physical or digital art

2. Antique or collectible items

3. In-game items

4. Lottery ticket

5. Real estate and physical property

BEP-721 Token Key Operation

BEP-721 tokens include important operations, some of which parallel the BEP-20 standard:

• Name: Specifies the name recognized by other contracts for the BEP-721 token.
• Symbol: A concise token name, similar to a ticker symbol.
• BalanceOf: Displays the token balance of a specified address.
• TotalSupply: Menu shows the total number of tokens generated.

Additionally, BEP-721 tokens have basic proprietary functionality, with metadata functionality being a unique feature.

For example, in the case of CryptoPunk, each NFT unit is linked to specific information in the NFT , even though it does not fully comply with the BEP-721 standard.

Conclusion

The BEP-721 token is a significant advancement in the world of non-fungible tokens, offering unique possibilities for ownership and representation. As part of the Binance Smart Chain ecosystem, this token shows the potential for diverse applications, from art to real estate, providing a versatile and secure platform for tokenization.

Read Also

What is TRC20?

What is BEP-95 and How Does It Work?

What is BEP-2 (Binance Chain Tokenization Standard)

What is ERC20?

What are Ethereum ERC-1155 Tokens?

DISCLAIMER : This article is informative and is not an offer or invitation to sell or buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are highly volatile, where prices can change significantly over time, and Bittime is not responsible for changes in crypto asset exchange rate fluctuations.