The ERC-721 token standard has opened up a world of possibilities for blockchain asset digitization by tokenizing non-fungible assets. The collection market benefits from blockchain’s increased security and digital scarcity, particularly ensuring asset authenticity and preventing counterfeiting.
Here are the core reasons Kollect.me is implementing the ERC-271 Standard:
(1) Leaner, better technical implementation (so fewer bugs and headaches and more possibilities)
(2) Faster minting at a greater scale
(3) Anyone can mint; it’s fully decentralized (whereas mNFT, our old standard, wasn’t)
“While this will not have much impact on the end-user experience, as they usually don’t really know what happens under the hood. However, it’s really important for developers and platforms. This allows us to mint NFTs in a way that other platforms can manage, so any other marketplace that supports the standard will be able to handle our NFTs”Kollect.me Tech Lead – Ramiro
NFTs are widely utilized in the digital art and gaming industries. Aside from gaming, NFTs can be used to digitize anything considered valuable, such as paintings, Pokémon, cars, and real estate, but they are now primarily employed for digital art tokenization.
What is ERC-721?
ERCs are Ethereum ecosystem application-level standards that can be used as a smart contract standard for tokens like ERC-20. ERC-721 was intended to propose smart contract capabilities for tracking and transferring NFTs.
ERC-721 is an open standard that explains how to create Non-Fungible Tokens on EVM (Ethereum Virtual Machine) compliant blockchains; it provides a standard interface for Non-Fungible Tokens, and it has a set of rules that make working with NFTs simple.
ERC-721 specifies the number of functions that are compliant with ERC-20. Existing wallets will be able to display simple token information more easily as a result of this.
Use cases of Non-Fungible Tokens (NFTs):
Digital art (or physical art): Art pieces are the most popular use cases of NFTs. Digital art auctions were the first application of NFTs and continue to grow.
Gaming: Providing in-game purchases and collectibles of games.
Real estate: Tokenizing properties and intelligent contracts and carry buying and selling.
Finance: Financial instruments like loans, futures, and other responsibilities.
Software titles: Software licenses to ensure anti-piracy and privacy.
Concert tickets/Sports match tickets: To ensure that no fraud happens in ticket selling and fans can have a single place to view past experiences.
KYC compliance: Creating a token for a specific user’s KYC.