Create ERC721 tokens for your NFTs – ERC721 Token Development

ERC721 Token Development

What is ERC721?

All of the crypto space depends on public access blockchains. Since the creation of the Bitcoin blockchain, new blockchains have multiplied out of control. But not many blockchains have developed the way the Ethereum network has. While the Bitcoin blockchain was revolutionary, it remains rudimentary in terms of modernizing. It doesn’t support smart contracts, nor is it developer friendly.

That is why the Ethereum network remains the king of smart-contract-based modern blockchains. Ethereum developers community have put their heart and soul into building a diversified multi-utility blockchain. And the ERC standards are one of the core developments.

ERC721 is a technical standard for smart contracts that create non-fungible crypto tokens. In January 2018, four developers Nastassia Sachs, Dieter Shirley, William Entriken, and Jacob Evans, proposed ERC721 (Ethereum Request for Comment 721). It has since then become one of the staples for NFTs.

Let’s take a look at ERC721 token development, shall we?

What is an ERC721 Token?

ERC721 is the token standard used for creating NFTs. NFTs are something we’ve all heard about by now. But what is it exactly? Non-fungible tokens, that’s what it means. But what is non-fungibility? To understand that, we need to know what fungibility means.

For example, imagine that there is a 100-dollar bill; we can exchange it for two $50 bills, five $20 bills, or even ten $10 bills. There is no value loss in that kind of currency exchange. And that easy exchangeability of value is called fungibility. Paper denominations are fungible. After all, we can exchange one note for another, equating to its value. 

Non-fungibility is the opposite of exchangeability. Imagine an exchange in value that is not equal or cannot equate via fragmentation. For example, imagine the deed of a piece of land that’s worth $100K. And you wish to exchange your land for someone else’s, who has two pieces of land worth $50K each. Even though the value of the land can equate, you cannot exchange it. Why? Because years from now, the value of the land may change drastically, but not equally. One land may be worth more than the other. It’s not an equal-value exchange. And that is the core idea behind non-fungibility.

How can you translate this idea into digital assets like cryptocurrencies? And that is where ERC721 token development comes in. It creates an avenue for NFTs to exist on the Ethereum blockchain.

Contents of the ERC721 Standard 

ERC-721 has many functions coded within it. There are methods and events in the code. So essentially, it provides a framework for the NFT smart contract to execute automatically in the right conditions. And this is a part of ERC721 token development.

  • Name: To specify the name of the token.
  • Symbol: To specify the crypto symbol of the token.
  • Balance Of: This function shows the balance of a token owner’s account. And this is necessary for audits and verification from a third party.
  • Owner Of: This function represents the uniqueness of the NFTs and is hence necessary to find the owner address of the token.
  • Transfer From: This function executes the transfer of the crypto token from a specified address.
  • safe Transfer From: This function transfers the token ID from ‘from’ to ‘to’ after checking the contract recipients first. (To prevent tokens from being locked permanently in a null address.)
  • Approve: This function allows users to withdraw the specified crypto token from the authorized account.
  • Transfer: Transfer is an event, not a function. The event happens when the transfer is successful.
  • Approval: Approval is also an event. And this is a record of an approved event.
  • Approval For All: This event authorizes the smart contract to move tokens from a user’s cryptocurrency wallet at a later date.

Even if this is just a rudimentary staple for all ERC721 contracts, there are unique cases where more functions are needed. Let me list the most used additional functions and events during ERC721 token development.

  • Mintable: Authorized accounts can increase the supply of the tokens.
  • Mintable (Auto Increment IDs): Newly minted NFT tokens will be automatically assigned an incremental ID for on-chain ease.
  • Burnable: This function is for token holders so that they can destroy their crypto tokens. (Mostly for record-keeping purposes.)
  • Pausable: This function is for emergency response, so authorized accounts can pause the transfer in the case of illicit action.
  • Votes: DAOs run via online governance from the community. This function in ERC20 token development is for keeping track of individual units for voting in on-chain management.
  • Enumerable: This function allows an on-chain tally of tokens or those owned by an account. 
  • URI Storage: This allows updating token URIs for individual token IDs.

All these complicated crypto transactions are only possible because of ERC721 token development. As the crypto ecosystem grows, there will be even more upgrades and sophisticated transfer systems. Hence why you need skilled technical assistance like the ERC721 token development company.

Why coinsclone to create erc721 token?

We are a software company that specializes in smart contracts and blockchain development. And we offer cost-effective blockchain-based software solutions. 

We have significant experience creating smart contracts for the Ethereum network, and we build flawless smart contracts. We are more than a technical service firm; we are also an Ethereum Token Development company. We are, Coinsclone.

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