What is BEP-721?
BEP-721 is a Binance Smart Chain (BSC) token standard that may be used as a smart contract standard for tokens such as BEP-20. A BEP's creator must obtain agreement with the Binance community before the proposal can be assessed and accepted by the group as a whole and become a standard. The BEP-721 specification was created to enable the tracking and transfer of NFTs within smart contracts.
The creation of Non-Fungible Tokens is described in an open standard by the name of BEP-721; it is a standard interface for NFTs and it offers a set of rules that can easily deal with NFTs. NFTs can be BEP-1155 tokens as well as BEP-721 tokens, therefore they are not just confined to the former.
Set of BEP721 Token Standards Functionalities
In accordance with BEP-20, BEP-721 defines a few functions. This makes it simpler for current wallets to show basic token information.
Name: Specifies the name of the BEP-721 token, which will be used by other contracts to identify it.
Symbol: A token's abbreviated name, akin to a ticker symbol.
Balance Of: Shows a specific address's token balance.
Total Supply: Specifies the overall quantity of tokens supplied.
Additionally, there are a number of fundamental ownership functions, some of which are optional. The metadata function is a unique attribute of NFTs:
Token Metadata: This feature enables the integration of metadata into a token that links to a file of original art or another collectible NFT component.
Benefits of Creating NFTs on BNB Chain
The frameworks created by BEP-721 and BEP-1155 on the BNB Chain serve as the foundation for NFTs. The NFTs' features are established by these specifications.
Features/Benefits of BEP-721 (NFTs)
- The blockchain tracks ownership.
- An NFT can be created, purchased, or sold by anyone.
- With each sale of the NFT asset, the creator gets paid royalties.
- Gain access to exclusive activities, tickets, and services.
- In-game items, characters, land, rewards, and everyday bonuses are all available.
- Domain names are used to identify websites, projects, and individuals.
- Ownership of collectibles can be tracked down and verified.
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