What is BEP-721?
BEP-721 is a proposed standard for representing non-fungible tokens (NFTs) on the Binance blockchain. The standard defines a set of rules for creating and managing NFTs on the BNB Chain and is intended to provide a common framework for developers to create interoperable NFTs.
We hear a lot about NFTs, but what are they? Non-fungible tokens are unique digital assets that cannot be replaced or exchanged for other tokens on a one-to-one basis. On the other hand, the more commonly known fungible tokens, such as Bitcoin or Ether, can be interchanged.
People can exchange one Bitcoin for another because both Bitcoins are the same. It is like swapping one $10 bill for another. There is no value loss in it. However, you cannot exchange the painting Starry Night for the Mona Lisa, even if both portraits are equally famous. It is not an equal trade. And that is where NFTs come in use. It gives way for a complicated exchange to happen but under certain conditions.
And this is where BEP-721 token development comes into play. Let us discuss that, shall we?
What is BEP-721 token development?
The BEP-721 standard defines a set of rules for creating and managing NFTs on the BNB Chain. It provides a common framework for developers to create interoperable NFTs. And this allows users to create a wide range of unique digital assets, such as collectible items, virtual real estate, and even digital art.
One of the main features of the BEP-721 standard is the use of a unique identifier for each NFT. This identifier, known as a token ID, allows for easy tracking; and verification of the ownership and provenance of a particular NFT. Additionally, the BEP-721 standard also defines a set of metadata fields. These metadata fields provide additional information about the NFT, such as its name, description, and any associated external URLs.
The adoption of the BEP-721 standard promoted the growth of the NFT market on the BNB Chain. It enabled the creation of a wide range of unique and valuable digital assets. It also provides a level of standardization and interoperability that will make it easier for developers to create and manage NFTs. As for users, it allows them to transfer and trade NFTs with ease.
Across the board, the BEP-721 standard is a vital step in NFT technology. Why? Because after the Ethereum blockchain, BNB Chain is the most used blockchain in the market. It represents a significant advancement in the use of blockchain technology for publishing and managing unique digital assets. And that is why we deal in BEP-721 token development.
Contents of BEP-721 Token Standard
Knowing the contents of a token standard is the first of developing it further. After all, how can you develop or modify something if you do not have a proper handle? But with blockchain technology being a new thing, not many out there have the technical expertise.
Let me summarize the contents of the BEP-721 token standard for development.
Name: Determines the BEP-721 token’s name, which other contracts will identify it by.
Symbol: A name for the token akin to a ticker symbol.
BalanceOf: Exhibits the token balance of a specific address.
TotalSupply: Defines the total number of tokens created.
TokenMetadata: This function permits the inclusion of metadata into a token utilized to link to an artwork file or another collectible aspect of the NFT.
NFTs are collectibles for the most part. And each collectible is unique. And the value of the NFT depends on the owner and the demand for it, which can vary.
On the BNB chain, any NFT created will be valued in BNB. But on the machine level or in binary, how do you differentiate one NFT from another? How do you compute the uniqueness of an NFT? You need these standards that give way for identification, verification, and value.
Keep in mind that none of these guidelines are; set in stone. It is still a developmental process. As these tokens become more lucrative and creative, you will need more identifiers and indicators. And that is why BEP-721 token development is necessary.
Why choose Coinsclone for BEP-721 Token Development?
Blockchain is an emerging field in technology that is necessary in this increasingly centralized world. It brings forth a complex route into decentralization. As you know, too much of anything is a bad deal. Too much centralization concentrates power in the hands of big organizations. And that is why the crypto ecosystem is thriving. It is a way of self-correction.
BEP-721 token development is a part of that process. We need more specifics and guidelines to build these digital ecosystems, but controlled from the ground up. And that is what Coinsclone is trying to promote.
At Coinsclone, we employ teams of developers from various industries. Software professionals, blockchain engineers, and programmers. We have a diverse group of subject-matter experts. Our BEP20 token development company is a viable option for aspiring entrepreneurs.