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Single NFT (ERC-721)
This type of Token is perfect for platforms that offer collectible items, access keys, lottery tickets, numbered seats for concerts, sports matches, etc. This special type of token has amazing possibilities so it deserved a proper standard, and that standard became ERC-721.
We refer to this as "Single NFT" to emphasize that each token created using this standard has a maximum balance of 1, and zero decimal places ("precision 0") which means the entire NFT can only be owned by one person at a time.
The ERC-721 introduces a standard for NFTs. This type of token can be entirely unique and have different attributes than another token from the same contract, and a different value! The different value might be due to its age, rarity or even something else like its visual. Wait, visual?
Yes! All NFTs can have information and data tied to the token. The marketplace can display all the properties that compose the NFT, its rarity, and an image of something cool and interesting, like zombies, weapons, skills, or a unique mystical kitty!
We refer to this as "Single NFT" to emphasize that each token created using this standard has a maximum balance of 1, and zero decimal places ("precision 0") which means each NFT can only be owned by one person at a time.
Last modified 1yr ago