BEP-721

Intermediate
BEP-721 is a BNB Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It’s an extension of 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 interchanged with any other token.
BEP-721 tokens allow you to tokenize the ownership of data and attach to it a unique identifier. This aspect makes the token one of a kind and vastly different from BEP-20 tokens. With BEP-20, developers can create multiple identical tokens within one smart contract. However, with BEP-721, each token is assigned a different token ID.

Through these unique IDs, BEP-721 tokens can be used to represent collectible, non-fungible items. Users can trade and transfer these tokens based on their market value, which depends on the token’s rarity or utility.

BEP-721 tokens can represent:

  1. Digital and physical art

  2. Collectibles

  3. In-game items 

  4. Physical property and real-estate

  5. Lottery tickets

Like other tokens on BNB Smart Chain, BEP-721 token transfers require BNB for gas fees. BEP-721 tokens can be created on various platforms in the BSC ecosystem, including the Binance NFT Marketplace, Featured By Binance, BakerySwap, and Juggerworld.

BEP-721 token functions

BEP-721 has a list of functions that govern how the token interacts with the BNB Smart Chain. Some of these are fairly standard and are also present in the BEP-20 standard:

  • name: Defines the BEP-721 token’s name, which other contracts will identify it by

  • Symbol: A shorter name for the token similar to a ticker symbol

  • balanceOf: Shows the token balance of a specific address

  • totalSupply: Defines the total number of the tokens created.

There’s also a set of basic ownership functions, some of which are optional to include. A unique feature for NFTs is the metadata function:

tokenMetadata: This function allows for the inclusion of metadata into a token used to link to an artwork file or another collectible aspect of the NFT. 

For example, each CryptoPunk has metadata contained within the NFT that points it to a particular punk in a grid of 10,000 punks. Although CryptoPunks don’t use the BEP-721 token standard, their use of metadata is the same.
قاموس المُصطلحات

Launched by Binance after an initial coin offering that ended on July 3rd, 2017. Used for receiving exchang...

قاموس المُصطلحات

A technical standard used to issue and implement tokens on the Ethereum blockchain proposed in November 201...

قاموس المُصطلحات

An Ethereum based non-fungible token. This means that each token is unique and as a result, not interchange...

قاموس المُصطلحات

A type of cryptographic token that represents a unique digital or real-world asset and isn't interchangeable.

قاموس المُصطلحات

A technical standard that defines a set of rules for the issuance and management of tokens in the BNB Beaco...

قاموس المُصطلحات

BEP-20 is a token standard on BNB Smart Chain that extends ERC-20, the most common Ethereum token standard....