{"id":9301,"date":"2021-05-05T08:04:07","date_gmt":"2021-05-05T08:04:07","guid":{"rendered":"https:\/\/www.antiersolutions.com\/?p=9301"},"modified":"2024-12-27T10:36:27","modified_gmt":"2024-12-27T10:36:27","slug":"an-in-depth-insight-into-erc-721-and-other-nft-standards","status":"publish","type":"post","link":"https:\/\/www.antiersolutions.com\/blogs\/an-in-depth-insight-into-erc-721-and-other-nft-standards\/","title":{"rendered":"An In-depth Insight into ERC-721 and Other NFT Standards","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p>A Non-Fungible Token or an NFT is a token that identifies something unique on a blockchain. Effectively, NFTs are being used to represent digital collectibles, lottery tickets, sports matches, and other such items. While the non fungible token development offers amazing possibilities, the tokens do need a proper standard to define what they are actually capable of doing. ERC-721 is the first NFT standard that was developed in 2018. It implements API for tokens within a smart contract, helping people to interact with the token and receive proof of interaction too.<\/p>\n<h4><strong>What is ERC-721?<\/strong><\/h4>\n<p>ERC-721 is an Ethereum standard used in <strong><a href=\"https:\/\/www.antiersolutions.com\/non-fungible-token-development\/\" target=\"_blank\" rel=\"noopener\">non fungible token development<\/a><\/strong>. It ensures the token is non-fungible or unique. Moreover, it can come from the same smart contract and yet have a different value because of its age or rarity.<\/p>\n<h4><strong>What ensures an NFT is unique? <\/strong><\/h4>\n<p>An NFT smart contract has a token ID which is defined by a uint256 variable. For any ERC-721 smart contract, it is important that the uint256 token ID must be globally unique. This token ID is used as an input by the dApp which uses a converter to get the output of the token as a digital collectible item like a CryptoKitty.<\/p>\n<p>These token IDs are also known as NFT Identifiers and they do not change for the life of the smart contract.<\/p>\n<h4><strong>How is an NFT transferred? <\/strong><\/h4>\n<p>ERC-721 provides a standard safe transfer function. This function, known as safe Transfer From, is used during non-fungible token platform development to categorize a safe and unsafe transfer. The NFT Transfers can only be initiated by:<\/p>\n<p>\u2022 Someone who owns the NFT<br \/>\n\u2022 Someone who holds an approved address of the NFT or<br \/>\n\u2022 Someone who is an authorized operator for the actual owner of the NFT<\/p>\n<p>To authorize an operator, one needs to set the approved address. This comes across as a very powerful method that supports the development of wallet, broker, and auction applications.<\/p>\n<h4><strong>Does the token standard define the minting and burning of NFTs? <\/strong><\/h4>\n<p>The creation of NFTs is known as minting and destroying the NFTs is termed as burning. The minting and burning are not defined by the ERC-721 token standard. But the non-fungible token platform development service provider must implement these using different methods.<\/p>\n<h4><strong>What are other NFT standards? <\/strong><\/h4>\n<p><strong> \u2022 ERC-1155<\/strong><br \/>\nERC-1155\u00a0is another very popular NFT standard. It was created by Enjin and became an official token standard for NFTs. Interestingly, it is a multi-asset token standard that can be used to create both fungible and non-fungible assets on Ethereum. Just like ERC-721, ERC-1155 also uses\u00a0the Ethereum network, which ensures the tokens developed using these standards are secure, tradable, and protected against hacking.<\/p>\n<p>While it supports the creation of multiple assets, it also saves transaction costs. Along with that, the developers can build escrow\/atomic swaps of multiple tokens using ERC-1155. The standard eliminates the need to separately approve individual token contracts. In addition to that, both fungible and non-fungible tokens can be described in the same contract using this standard. As a result, it supports safer and efficient trade of tokens.<\/p>\n<p><strong> \u2022 ERC-998 <\/strong><br \/>\nERC-998 is basically an extension of the ERC-721 standard and takes the NFT standard a step ahead. It makes the non-fungible tokens capable of owning other NFTs and ERC-20 tokens. It can also be regarded as a portfolio of digital assets. NFTs that implement ERC998 automatically implement ERC-721.<\/p>\n<p><strong>Under the ERC-998 token standard are 4 different token standards, including the following: <\/strong><\/p>\n<p><strong> \u25e6 ERC998ERC721 (Top-down composable) <\/strong><br \/>\nThese ERC998 tokens receive, hold, and transfer ERC721 tokens.<\/p>\n<p><strong> \u25e6 ERC998ERC20 (Top-down composable)<\/strong><br \/>\nThese tokens receive, hold, and transfer ERC20 tokens<\/p>\n<p><strong> \u25e6 ERC998ERC721 (Bottom-up composable)<\/strong><br \/>\nThese tokens attach themselves to other ERC721 tokens.<\/p>\n<p><strong> \u25e6 ERC998ERC20 (Bottom-up composable)<\/strong><br \/>\nThese tokens attach themselves to ERC20 tokens.<\/p>\n<h4><strong>To wrap<\/strong><\/h4>\n<p>Well before coming to the point of development of a non-fungible token, it is very important to understand which token standard can help you garnish your business.<\/p>\n<p>Antier Solutions holds years of expertise in the development of tokens across multiple standards. Our blockchain developers understand how to develop tokens that suit your business dynamics. In addition to <strong><a href=\"https:\/\/www.antiersolutions.com\/non-fungible-token-development\/\" target=\"_blank\" rel=\"noopener\">non fungible token development<\/a><\/strong>, we specialize in building non-fungible marketplace and wallets.<\/p>\n<p>Connect with our subject matter experts to share your business needs.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>A Non-Fungible Token or an NFT is a token that identifies something<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":9307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1248,1966],"class_list":["post-9301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-development","tag-non-fungible-token-development","tag-non-fungible-token-platform-development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Understanding Different Standards for Non fungible Token Development<\/title>\n<meta name=\"description\" content=\"With the increasing popularity of non-fungible tokens, the demand for non fungible token development is growing. But is ERC-721 the only standard for token development or do any more standards exist?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.antiersolutions.com\/blogs\/an-in-depth-insight-into-erc-721-and-other-nft-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An In-depth Insight into ERC-721 and Other NFT Standards\" \/>\n<meta property=\"og:description\" content=\"With the increasing popularity of non-fungible tokens, the demand for non fungible token development is growing. 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