How does the ownership of ERC721 tokens work in the world of non-fungible tokens (NFTs)?

3 answers

• samadhan kadamOct 18, 2023 · 2 years ago
  When it comes to ownership of ERC721 tokens in the world of non-fungible tokens (NFTs), it works differently compared to other cryptocurrencies. Each ERC721 token represents a unique asset, such as a piece of digital art or a collectible. These tokens are indivisible and cannot be exchanged on a one-to-one basis like fungible tokens. Instead, ownership is tracked on the Ethereum blockchain using smart contracts. The owner of an ERC721 token is determined by the address associated with the token on the blockchain. This allows for secure and transparent ownership verification of NFTs.
  589

  295
• Faiq RustamovApr 06, 2021 · 4 years ago
  Owning ERC721 tokens in the world of non-fungible tokens (NFTs) is like owning a unique piece of digital property. Unlike other cryptocurrencies that can be divided into smaller units, each ERC721 token is distinct and cannot be divided. This uniqueness is what makes NFTs valuable and collectible. Ownership of these tokens is recorded on the blockchain, providing a transparent and immutable record of ownership. So, when you own an ERC721 token, you can be sure that you are the sole owner of that specific digital asset.
  524

  175
• SergiuszJul 04, 2020 · 5 years ago
  When it comes to the ownership of ERC721 tokens in the world of non-fungible tokens (NFTs), it's a whole new ball game. Unlike other cryptocurrencies that can be easily exchanged, each ERC721 token represents a unique item, such as a digital artwork or a virtual pet. These tokens have their ownership recorded on the blockchain, which means that you can prove your ownership of a specific NFT with a simple blockchain transaction. So, if you're the proud owner of an ERC721 token, you can rest assured that you have the bragging rights to that one-of-a-kind digital collectible!
  579

  145