Ethereum revolutionized the world of digital trading with its development of a standard specifically designed for non-fungible tokens. The ERC-721 token is proof that ownership in rare items such as collectibles or real estate can be digitally represented and valued – each one having their own unique worth.
However, due to high fees for transactions and slow speeds within the Ethereum network itself, users have been finding it increasingly difficult when engaging with decentralized finance protocols.
That is where BEP-721 came in. BEP-721 is an advanced form of Ethereum’s popular ERC-721 standard, unlocking a world of opportunity for those working with non-fungible tokens (NFTs). Unlike traditional BEP 20 tokens, each NFT created through the deployment of BEP 721 has its own distinctive identity represented by a unique ID. This opens up possibilities such as tokenizing data ownership and assigning individual value to assets based on their scarcity or usage.
Additionally, using ‘tokenMetadata’ allows users to enhance their NFT experience even further – granting access to exclusive artwork or other coveted resources linked directly to it.
To purchase NFTs and interact with DeFi platforms on the Binance Smart Chain, buyers typically need a digital wallet and the ability to pay with cryptocurrencies. Without a digital wallet, such as MetaMask, users will need to create one to participate in BSC projects. To transfer these tokens, like other Binance Smart Chain tokens, a small amount of BNB is required to cover transaction fees.
What Is BEP-721?
BEP-721 on Binance Smart Chain (BSC) is an expansive way to create non-fungible tokens. It takes ERC-721 and gives it a new layer of security beyond token fungibility; allowing each NFT created with this standard to be truly unique.
BEP-721 tokens revolutionize data ownership. They do so by offering a unique identifier for each token that sets it apart from the traditional BEP-20 standard. By creating individualized identifiers and allowing only one of its kind within any given smart contract, these game-changing tokens create limitless possibilities for secure digital asset management.
Investing in BEP-721 tokens is a fantastic way to collect, trade and own valuable assets that can’t be swapped out. These distinctive items add an extra element of rarity and practicality into the crypto world.
BEP-721 token functions
BEP-721 facilitates a dynamic user experience on the Binance Smart Chain (BSC) with its suite of functions, designed to enhance control over token interactions.
Some of these functions are standard and also found in the BEP-20 standard, such as:
Name
The BEP-721 Token has a unique identifier that allows other contracts to recognize and interact with it.
Symbol
Symbol defines a shorter name for the token.
Balance
Balance shows the token balance of a specific address.
Total Supply
Total Supply specifies the total number of tokens created.
Various Use Cases of BEP-721 Tokens
BEP-721 tokens offer a revolutionary way to tokenize valuable, non-fungible assets on the cutting edge of cryptocurrency. By bringing this technology to a wider range of users and projects, they may just be the ticket into an entire new world economy.
From antiques and collectibles to everyday items, this cutting-edge solution offers an entirely new way for people to experience ownership.
Some examples of the types of assets that can be represented by BEP-721 tokens include:
Digital and physical art
BEP-721 tokens offer a new layer of accessibility to the art world, enabling you to own and trade digital artwork creations such as illustrations, paintings or sculptures – either in physical form or virtually.
With BEP-721 tokens, art lovers across the world can own digital and physical artwork alike – everything from illustrations to abstract sculptures.
Collectibles
BEP-721 tokens are the perfect addition to any collector’s arsenal, allowing you to own and trade rare coins, stamps, trading cards or even in-game items from your favorite video games. With these powerful tokens at play, now there is no limit on what kinds of exciting goods collectors can access.
Physical property and real estate
BEP-721 tokens offer a revolutionary way to own physical property, allowing individuals to hold legal rights of ownership over tangible assets such as land, buildings, and other real estate.
Lottery tickets
BEP-721 tokens allow holders to confidently purchase and sell lottery tickets in an open market, providing secure, traceable transfer of ownership.
Overall, BEP-721 tokens can be used to represent ownership of any unique, non-interchangeable asset. Their unique identifier, assigned by the standard, allows them to track ownership and provenance of the assets. Besides that, to facilitate buying, selling, and transferring these assets.
Minting Of NFT tokens with BEP-721 Tokens
From selecting an NFT minting platform that fits your needs, BEP-721 token holders have plenty of choices.
Juggernaut, BakerySwap and Treasureland are just a few platforms offering user-friendly interfaces with low fees for minting.
The first step is selecting a compatible wallet that supports BEP 721 tokens. This way you can mint your very own Non-Fungible Tokens on multiple platforms. Popular choice MetaMask makes it easy. Once linked up with your platform of choice, simply deposit some BNB as service charge.
Advantages of Choosing Binance Smart Chain for Token Development
Binance Smart Chain stands apart from other blockchains with its incredibly rapid speed and superior scalability. Its self-supporting infrastructure promises uninterrupted continuity even if the main network goes offline, ensuring transactions remain unaffected.
This blockchain offers a revolutionary platform where you can create and manage your own smart contracts or tokens. By doing so, this platform empowers individuals with unlimited access to the rapidly-advancing global landscape.
The platform’s token standard – BEP-721 – is based on Ethereum’s highly popular ERC-721. Allowing developers this way to build an array of creative digital assets that can be distributed easily over the blockchain.
This token standard enables the creation of Non- Fungible Tokens (NFTs). Each Non-Fungible Token is a truly niche digital asset, making them priceless and irreplaceable.
That is one of the main differences that this token standard has with BEP-20. BEP-721 allows you to assign each token a unique identity, whereas, BEP-20 lets developers create multiple identical tokens at once.
