Crypto Collectible: ERC-721 NFT App
NFT(Non-fungible token).
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
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ERC-20: ERC-20 specifies a common list of rules for all Ethereum tokens, which means that this token allows developers of all types to accurately predict how the new codes work within the larger Ethereum system. The ERC-20 identifies six different functions for the benefit of other codes in the Ethereum system. These are general problems with basic functions, which include how to move tokens, how tokens function and how users can access data about a token. The Ethereum community created these standards with three optional rules, and six mandatories.
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ERC-721: This token allows the ownership of unique digital assets. Its biggest implication is Cryptokitties. ERC721, is an Ethereum Improvement Proposal (EIP), which is a proposed standard that would allow smart contracts to operate as trade-able tokens similar to ERC20. ERC721 tokens are unique in that the tokens are non-fungible. ERC721 tokens can be used in any exchange, but their value is a result of the uniqueness and rareness associated with each token.
ERC-20: For money and money-like tokens.
ERC-721: For things and thing-like tokens.
- User can display minted colors for the same token.
- User can mint NFT colors for the same token address.