Английская Википедия:ERC-721

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Шаблон:Short description Шаблон:Notability Шаблон:Infobox technology standard The ERC-721 Non-fungible Token Standard, is a technical framework, defining a set of rules and interfaces for creating and managing unique, non-fungible tokens (NFTs) on the Ethereum blockchain. ERC-721 is recognized for formalizing the concept of an NFT and establishing the foundation of the multi-billion dollar digital collectibles eco-system that emerged alongside its adoption. It is one of the most widely used NFT standards across use cases and has been utilized in various high profile projects.

The development of the standard was a community-driven effort that was formally published into a paper of the same name in 2018 and is accredited to William Entriken and co-authors Dieter Shirley, Jacob Evans, and Nastassia Sachs. ERC stands for "Ethereum Request for Comments," and is a part of the Ethereum community's peer-review process in which new proposals are considered for publication; the "721" is a unique identifier, each proposal is assigned one arbitrarily after an editor approves it in the draft phase. The blockchain game featuring digital cat artworks known as CryptoKitties is credited with pioneering ERC-721 when it achieved mainstream attention shortly after its launch in 2017.

History

Predecessor “NFT” digital collectibles

The property of fungibility is well described with cash, each unit has the same value no matter which individual one you possess. The concept of blockchain digital assets that could be owned and have the property of non-fungibility pre-dated ERC-721 with projects like Colored Coins on Bitcoin in 2012. In 2017 just prior to ERC-721’s publication, Larva Labs launched the CryptoPunks NFT project on Ethereum using ERC-20 (a fungible token standard). CryptoPunks served as a direct inspiration for ERC-721’s initial drafting. Before ERC-721, commonly traded tokens including some digital collectibles on Ethereum used ERC-20.

Formalizing the term "NFT"

The term "non-fungible token" (NFT) is not known to have been used to refer to NFT projects prior to ERC-721. ERC-721: Non-Fungible Token Standard is credited with formalizing and defining the term NFT.

During the standard's drafting phase, lead author Entriken held a vote among the stakeholders where different words were considered including deed, title and asset, but ultimately "NFT" was chosen for the standard's final publication.

Use of the term's popularity grew through CryptoKitties, the blockchain game featuring digital cats NFT utilizing ERC-721.

Initial adoption

CryptoKitties

The blockchain game CryptoKitties by Dapper Labs of which the CTO Dieter Shirley is a fellow co-author of ERC-721, is recognized as the earliest pioneering and popular instance of the ERC-721 standard. It utilized an early version of ERC-721 that was not fully compliant with the standard published in 2018. CryptoKitties is regarded as among the first NFT applications to achieve widespread adoption, earning millions of dollars initially and taking up to 70% of Ethereum's usage capacity at its height in some moments.

Su Squares

Launched in 2018 by Entriken and inspired by the Million Dollar Homepage, this NFT project is the first fully compliant demonstration of the ERC-721 NFT standard.

NFT marketplaces

In 2017, one of the earliest and most successful NFT marketplaces, Open Sea, was launched by co-founders Alex Atallah and Devin Finzer who intended to capitalize off of the emergence of ERC-721 NFTs on Ethereum. They initially focused on capturing the market activity around the blockchain NFT game CryptoKitties, which was one of the first use cases of ERC-721, and ultimately planned to scale the platform for other emerging projects utilizing it.

The NFT marketplace SuperRare also emerged in 2018 to enable trading of tokens of this standard.

Notable functionality

Custom metadata

ERC-721 implementation requires "name" and "symbol" identifiers, and the token is assigned a contract address upon deployment to the blockchain. Also, a mechanism to implement a URI (Uniform Resource Identifier) to the contract, is defined in the standard, providing functionality to assign each NFT unique metadata.

Trackable ownership

Trackable ownership is the key feature which adds non-fungibility to the ERC-721 standard. Each NFT is assigned a token identification number, and linked to its owner through the "ownerOf" function. Through the optional "ERC-721 Enumerable" extension, functionality for full ownership tracking is implemented. This differs from the ERC-20 token standard, which only tracks an owners token balance though ERC-721 also tracks it as well.

Security

The ERC-721 standard defines both safe and unsafe transfer functions, offering different levels of security for various implementations. These functions allow transfers initiated by the token owner, or an approved operator of their individual tokens. Further, developers can implement custom logic to these transfer functions, providing the functionality for NFT protocols to operate. For example, marketplaces like Opensea, make use of approved operators to facilitate the sale of NFTs.

Influence of work

The influence of the paper ERC-721: Non-Fungible Token Standard that Entriken lead authorship of spans across various sectors, profoundly shaping the landscape of digital collectibles and the use cases within the broader NFT eco-system.

Art world

ERC-721 was awarded rank #1 in ArtReview's Power 100 in 2021 indicating it as "the most powerful art entity in the world" and being the first non-human entity to be ranked as such. The Guardian quoted the review for ERC-721 having "given rise to a whole new generation of collectors and allowed artists to find ways around the traditional gatekeepers of the market."

Beeple's Everydays: The First 5000 Days

For a more detailed discussion, see Everydays: the First 5000 Days

Digital collectibles infrastructures

NFT marketplaces Open Sea, Rarible and SuperRare built their operations to transact ERC-721 NFTs.

In 2021, cryptocurrency exchange Coinbase announced it was creating an NFT marketplace platform to compete with Open Sea that included support for ERC-721 tokens.

Fortune 500 adoption

In 2022, Meta announced NFT support for Instagram for the Ethereum and Polygon blockchains that included the ability to create and sell ERC-721 tokens, referring to them as “digital collectibles.” Support ended in 2023 to focus on other initiatives.

In 2022, Twitter (rebranded currently as X) announced support for Ethereum ERC-721 NFT images to be utilized as profile pictures for Twitter Blue subscribers.

Real estate

A 3-bedroom house in South Carolina was sold for the value of $175,000 through the purchase of an ERC-721 NFT on Ethereum. The NFT effectively acted as a deed for the house in that ownership of it entailed ownership of the house. Applications extending off of ERC-721 for real estate have been proposed including for smart home rentals.

High profile projects

Numerous NFT projects receiving mainstream press coverage have utilized the ERC-721 standard to create NFTs on both the Ethereum and Polygon blockchains.

Jack Dorsey’s first tweet

In 2021, Jack Dorsey created an ERC-721 NFT on the Polygon blockchain of his first tweet on Twitter which he sold at auction to Iranian-born crypto entrepreneur Sina Estavi for $2.9 million.Шаблон:Cite web</ref> A year later, Estavi listed the NFT for auction for approximately $50 million (priced in Ethereum’s native cryptocurrency Ether), but received bids for less than 99% of the value he paid for it.Шаблон:Cite web</ref>

Bored Ape Yacht Club

For a more detailed discussion, see Bored Ape

The Sandbox

For a more detailed discussion, see The Sandbox (company)

Decentraland

For a more detailed discussion, see Decentraland

Sorare

For a more detailed discussion, see Sorare

Autograph

For a more detailed discussion, see Autograph

Donald Trump NFT collection

For a more detailed discussion, see Trump Cards

Market capitalization

In 2021, a total of 44.2 billion in cryptocurrencies was spent in NFT marketplaces using ERC-721 and its derivative standard ERC1155

Derivative standards

Several months after ERC-721: Non-Fungible Token Standard was published, a semi-fungible token standard was introduced, called ERC-1155, that was intended to expand on the functionality and flexibility of ERC-721's purpose.

The same ERC-721 standard is utilized on the Polygon blockchain.

Out of approximately 85 currently published ERCs (in the "final" state), 7 of them are titled after ERC-721 and serve as a direct extension while almost half of all published ERCs reference, support or extend functionality for ERC-721.

Criticisms

The basic version of the ERC-721 standard, as published in ERC-721: Non-Fungible Token Standard, has been criticized by Omar et al for offering limited functionality for the execution of smart contracts associated with NFTs.

Arcenegui et al points out possible deficits regarding the user in the ERC-721 basic smart contracts and proposes properties to improve and expand its functionality.

Ethereum blockchain's co-founder Vitalik Buterin has criticized popular materialistic use cases of ERC721 tokens as NFTs being "a different kind of gambling" and that he would rather see "funds being used for public goods."

Legacy

Шаблон:Advert ERC-721 emerged as the first mainstream NFT standard to gain widespread acceptance and popularized the term "NFT" in the nomenclature. It brought significant attention to Ethereum, showcasing the platform's capabilities beyond just financial applications. It inspired the creation of derivative standards on Ethereum and other blockchains, demonstrating its far-reaching influence. ERC-721 catalyzed the development of a multi-billion dollar ecosystem, encompassing a diverse range of digital assets and applications. It became a versatile vehicle for pioneering numerous use cases, including digital artwork, deeds to physical items, virtual real estate, access passes, and game assets. By formalizing and defining the concept of Non-Fungible Tokens, ERC-721 fundamentally changed the landscape of digital verification, authentication, and ownership. This standard represents a paradigm shift in how digital assets are perceived, owned, and transacted, reshaping the digital world's understanding of value and ownership.

See also

• Deed
• Digital art

External links

• ERC-721 Standard on Ethereum EIPs