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1. ERC721: The Foundation of Non-Fungible Tokens#
1.1 What is ERC721?#
In the world of blockchain, we often hear the term "ERC721," which is a smart contract standard on the Ethereum network. ERC (Ethereum Request for Comments) is a specification proposed by the Ethereum community, and 721 is the number assigned to this specification. The ERC721 standard defines how to create and manage non-fungible tokens (NFTs) on the Ethereum blockchain, where each token is unique and not interchangeable.
1.2 Difference between ERC721 and ERC20#
Unlike common ERC20 tokens, which are fungible, meaning each token is interchangeable, like Bitcoin or Ether, ERC721 tokens have unique properties. Each token has its own distinct value and meaning, such as digital art, game items, or proof of ownership.
2. NFT: The Charm of Non-Fungible Tokens#
2.1 Characteristics of NFTs#
- Uniqueness: Each NFT has a unique identifier, ensuring its non-replaceability.
- Divisibility: While NFTs themselves are indivisible, partial ownership can be achieved by creating multiple ERC721 tokens.
- Verifiability: The transparency of the blockchain allows for the permanent recording and verification of NFT ownership and transaction history.
- Programmability: Smart contracts enable additional functionalities for NFTs, such as automatic royalty distribution.
2.2 Applications of NFTs#
- Digital Art: Artists can transform their works into NFTs, ensuring their originality and scarcity.
- Gaming Assets: In-game items and characters can become NFTs, allowing players to freely trade them.
- Proof of Ownership: NFTs can be used as ownership proofs for physical assets like land or artwork.
3. NFT Minting: Creating Your Digital Treasures#
3.1 Preparation#
- Smart Contract: Write a smart contract that complies with the ERC721 standard, defining the attributes and behaviors of the tokens.
- Content Creation: Prepare the digital content to be transformed into NFTs, such as images, audio, or videos.
- Wallet: Have an Ethereum wallet, such as MetaMask, for interaction and transactions.
3.2 Minting Steps#
- Deploy Contract: Deploy the smart contract to the Ethereum network.
- Upload Content: Store the hash value of the digital content in the contract as metadata for the NFT.
- Generate NFT: Call the contract's "mint" function to create a new NFT and send it to your wallet.
4. NFT Trading: Markets and Platforms#
4.1 NFT Trading Platforms#
- OpenSea: The largest NFT marketplace, supporting the buying and selling of various types of NFTs.
- Rarible: User-friendly platform that allows direct interaction between artists and buyers.
- SuperRare: High-end marketplace focused on digital art.
4.2 Trading Process#
- Listing: Create a sale listing for the NFT on the platform, set a price, or conduct an auction.
- Purchase: Buyers use Ether to purchase the NFT through the platform.
- Transfer: After the transaction is completed, ownership of the NFT automatically transfers from the seller to the buyer's Ethereum address.
5. The Future and Challenges of NFTs#
With the development of blockchain technology, NFTs are gradually penetrating more fields, from the virtual world to the real world, from entertainment to investment. However, NFTs also face challenges such as high transaction fees, copyright issues, and environmental impact. Nevertheless, the potential and innovation of NFTs cannot be ignored as they reshape the definition and value of digital assets.
We hope this tutorial helps you understand the ERC721 standard and the world of NFTs. If you're interested in minting your own NFTs or participating in trading, feel free to give it a try and explore this limitless realm.