NFTs are unique assets in the digital world that can be bought and sold like any other piece of property, but they have no tangible form of their own. The digital tokens can be said to be like certificates of ownership for physical or virtual assets. NFTs are digital assets that run on blockchain. The value of NFTs largely stems from the idea of scarcity. Collectors of NFTs can own unique digital assets like art, sports highlights, or songs which can be bought and sold on marketplaces.
The ERC-721 (Ethereum Request for Comments 721) was proposed by William Entriken, Dieter Shirley, Jacob Evans and Nastassia Sachs in 2018 and it is a NonFungible Token Standard that implements an API (Application Program Interface) for tokens within Smart Contracts. It provides functionalities like:
- Transferring of tokens from one account to another
- Getting the current token balance of an account
- Getting the information of the owner of a specific token and also the total supply of the token available on the network
There are some other functionalities as well like to approve that an amount of token from an account can be moved or transferred by a third party account.
If a Smart Contract implements these methods and events, it can be called an ERC721 Non-Fungible Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.
This project uses ERC-721 standard on Ethereum Blockchain to demonstarate the functioning of Non-Fungible Tokens using color codes as tokens.
To run the react app:
npm install
truffle migrate --reset
npm start
- Truffle
- Ganache
- React JS
- Solidity
- Web3
- MetaMask (wallet)
|
Ishan Bhardwaj
|
Abeer Aftab
|
