ERC-721
Web3 / cryptocurrency types
ERC-721 is the Ethereum token standard that enables the creation and management of non-fungible tokens (NFTs), where each token is unique and indivisible. Unlike ERC-20's fungible tokens where any unit is interchangeable, ERC-721 assigns unique identifiers and metadata to each token, making them suitable for representing digital ownership of art, collectibles, real estate, and other unique assets. The standard includes functions for transferring ownership, approving transfers, and querying token ownership, establishing the technical foundation for digital scarcity and verifiable ownership on blockchain. ERC-721's introduction in 2018 catalyzed the entire NFT market and demonstrated blockchain's applicability beyond financial transactions. Example: CryptoPunks, one of the first and most valuable NFT collections, was created as an ERC-721 project in 2017 and each Punk represents a unique digital character with provable ownership stored on the Ethereum blockchain. Why it matters for cryptocurrency: ERC-721 established the technical framework that enabled the multi-billion dollar NFT market and opened blockchain applications beyond finance. It proved that blockchain could verify and transfer digital ownership, inspiring innovations in digital art, gaming, and intellectual property management.
Explore the full Web3 Glossary — 2,062+ expert-curated definitions. Need guidance? Talk to our consultants.