What is BEP-721?
BEP-721 is a token standard for the Binance Smart Chain (BSC), a high-performance blockchain platform developed by Binance, one of the world's largest cryptocurrency exchanges. BEP-721 defines a specific type of token known as a Non-Fungible Token (NFT), which represents unique, one-of-a-kind digital assets.
NFTs created using the BEP-721 standard have unique characteristics that distinguish them from other tokens on the Binance Smart Chain, such as fungible tokens created using the BEP-20 standard. NFTs can be used to represent a wide variety of digital assets, including art, music, and collectibles.
The BEP-721 standard specifies the format and structure of NFTs on the Binance Smart Chain, including the information that must be included in the NTfs metadata, such as the NFT's name, symbol, and owner. It also outlines the rules for NFT creation, transfer, and destruction, ensuring that NFTs created on the Binance Smart Chain follow a consistent set of rules and protocols.
BEP-721 NFTs have several benefits compared to traditional NFT standards, such as increased liquidity, faster transaction speeds, and lower fees. This can make it easier for creators and collectors to trade and interact with NFTs, leading to increased utility and adoption.
Simplified Example
BEP-721 can be compared to a unique and collectible toy. Just as unique and collectible toys might have different designs and features, BEP-721 tokens can have unique and specific information and properties. Just as unique and collectible toys might be rare and valuable, BEP-721 tokens might have limited availability or be valuable in their own right. Just as unique and collectible toys might be traded or collected, BEP-721 tokens can be traded or held as investments. In short, BEP-721 is like a unique and collectible toy, providing a way to create and trade tokens with specific information and properties on the Binance Smart Chain.
History of the Term BEP-721
The BEP-721 token standard originated as an extension of the Binance Smart Chain (BSC) protocol, inspired by Ethereum's ERC-721 standard. Introduced in the evolution of the BSC ecosystem around mid-2021, BEP-721 tokens were designed to represent unique digital assets, particularly emphasizing individual ownership and distinct characteristics. This standardization enabled the creation of non-fungible tokens (NFTs) on the Binance Smart Chain, empowering developers to tokenize one-of-a-kind digital assets such as artworks, collectibles, or in-game items, each with its distinct attributes and value. The BEP-721 standard provided a framework for the creation, management, and trade of these unique tokens, enhancing their interoperability and utility across various applications and marketplaces within the Binance Smart Chain ecosystem.
Examples
Ethereum’s ERC-721: one of the most commonly used NFT standards and is compatible with the Ethereum Virtual Machine (EVM). Each NFT is unique and is not interchangeable with any other token.
TRC-721: It is a non-fungible token standard on the TRON blockchain that is similar to ERC-721 and BEP-721. It allows for the creation of unique tokens that can be used to represent a wide range of digital assets.
NEP-11: It is a non-fungible token standard on the NEO blockchain that is similar to ERC-721 and BEP-721. It enables the creation of unique tokens that can be used to represent anything from digital art to in-game assets. NEP-11 also allows for the creation of smart contracts that govern the ownership and transfer of tokens.