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:
Digital and physical art
Physical property and real-estate
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.
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