ERC721 token development is the latest trend in the crypto development space. It is the newest token development standard for the Ethereum blockchain network which was designed to enable the creation of non-fungible tokens (NFTs) on the platform.
Though ERC20 is the most popular token standard of all time, it is limited to supporting the development of only fungible tokens. While you can seamlessly create regular crypto tokens like utility tokens and security tokens using ERC20, it doesn’t support the development of non-fungible tokens or NFTs. This is why a new token development standard called ERC-721 was introduced.
For those who are unaware, ERC stands for Ethereum Request for Comment, which is a set of guidelines and rules for the development of tokens on the Ethereum blockchain platform.
As an open-source blockchain platform, Ethereum allows the creation of new tokens on its platform using its advanced resources and technology. For this, the Ethereum community has prepared a set of guidelines called Ethereum token standards which explain the rules by which all the tokens created on the Ethereum platform are bound. ERC standards are meant to make it easy and efficient for professional token developers to create new tokens.
There are different types of ERC token standards, each with its own special purpose and rules. ERC-20, for instance, is primarily used for building fungible tokens. ERC-721 supports the development of special tokens like NFTs.
A lot of token developers choose ERC over other token standards because of Ethereum’s wide array of features and simple development curve. If you’re looking to build a feature-rich crypto token for your project or ICO/IEO/ITO, check out our token development services.
Here’s everything you need to know about the ERC721 token development.
What is the ERC-721 Standard?
What is an ERC-721 token?
Importance & Benefits of ERC-721 Token Development
The ERC-721 standard, also known as the Ethereum Request for Comments 721, is a technical standard for token creation that defines the rules and conditions for how tokens work. It is primarily used for creating non-fungible tokens (NFTs) on the Ethereum blockchain platform.
ERC721 was proposed in November 2017 by William Entriken, Jacob Evans, Dieter Shirley, and Nastassia Sachs as a way to overcome the limitation of existing ERC standards for not supporting unique digital assets on the blockchain.
NFTs or non-fungible tokens created using the ERC721 standard are used to represent unique digital assets that cannot be replicated or interchanged, such as art, photography, and gaming cards.
Unlike fungible tokens such as utility tokens, which are replicable and can be exchanged for each other, each NFT is unique and indivisible. Each NFT token built on the ERC-721 standard represents a unique digital item or asset. It can be anything from a photo to a sound clip, a tweet or a video. No two ERC-721 tokens are ever alike, which is why they cannot be exchanged.
ERC-721 standard enables the creation of tokens that can be used to represent the ownership of unique digital collectibles, assets, real estate, in-game cards, items, avatars, art, and other distinct assets in a fully transparent and decentralized manner where the ownership can be verified easily at any time on the blockchain.
The introduction of ERC-721 has revolutionized the cryptocurrency world by enabling people to claim ownership of their digital assets by getting them tokenized into unique and tradable non-fungible tokens on the Ethereum blockchain.
As a result, NFTs have earned immense popularity across industries like art, gaming, content, music, real estate, commodities, and more, allowing creators and asset owners to seamlessly tokenize and trade their assets.
What is an ERC-721 Token?
An ERC-721 token is a special kind of token created on the Ethereum blockchain using the ERC-721 standard. Unlike regular crypto tokens, ERC-721 tokens are non-fungible, i.e. they cannot be replaced by or interchanged with another token or thing. This is why they are commonly called non-fungible tokens or NFTs.
Each ERC-721 represents a one-of-a-kind item. It can be digital collectibles, football cards, a piece of virtual real estate, or art. Each NFT has a unique identifier, by which it can be easily recognized and its ownership can be verified. ERC-721 tokens also support the transfer of ownership, allowing the trading of these tokens on the Ethereum network.
Importance & Benefits of ERC721 Token Development
The ERC-721 token standard has revolutionized the digital ownership niche by enabling transparent and easy verification of ownership of specific digital assets. By allowing individuals to seamlessly tokenize digital assets like real estate and art, it has helped enhance the liquidity of these assets.
The numerous benefits offered by the ERC-721 technology and tokens have contributed to the overall adoption and success of non-fungible tokens (NFTs). Some of these benefits and features are as follows:
Undisputed Ownership: ERC-721 tokens can be used to represent and verify ownership of unique digital assets like text, video, or image on the blockchain, ensuring these rare & valuable assets are easy to authenticate.
Interoperability: As Ethereum-based tokens, NFTs can seamlessly interact with other compatible smart contracts, tokens, and decentralized applications, ensuring interoperability within the Ethereum ecosystem.
Decentralization and Transparency: Based on blockchain technology, these tokens inherit the decentralized nature of blockchain which ensures transparency and security in all NFT transactions and enables efficient tracking of the ownership and transaction history of a token.
Represents a Variety of Digital Assets: ERC-721 tokens are designed to efficiently represent various digital assets, collectibles, and art, allowing artists and asset owners to seamlessly tokenize and monetize their work by creating and selling NFTs. These tokens also find applications in gaming, where they enable players to buy, own and sell unique in-game assets, characters, rewards, items, and virtual real estate (in the Metaverse).
Provable Scarcity: ERC-721 tokens are inherently rare and have a limited supply, ensuring their high demand and value.
Automated Royalties: ERC-721 standard allows smart contracts to be programmed for automated royalties, thus allowing creators to earn a percentage of subsequent sales for a lifetime.
Global Market Access: As blockchain-based tokens, NFTs can be traded in a borderless market, enabling global transactions without intermediaries.
Innovative Use Cases: NFTs are actively being used in a range of industries, including but not limited to virtual reality, freelancing, metaverse, gaming, identity management, supply chain tracking, and more.
ERC-721 tokens have drastically improved the way digital ownership is perceived and traded, unlocking brilliant opportunities and use cases for creators, collectors, gamers, and businesses.
ERC-721 Token Development
ERC721 token development refers to the process of developing a non-fungible token or NFT on the Ethereum blockchain using the ERC-721 standard. This involves creating smart contracts that follow the rules of the ERC-721 standard and defining the token functions for NFTs.
Building an NFT token on the ERC-721 standard can be complex, especially if you have zero knowledge or prior experience in token development. This is where SAG IPL can help you. You can now hire our innovative ERC-721 token & NFT development services at a discounted price for a limited period. Contact us today for a quote.
ERC-721 Token Development Process
Here are the main steps in our ERC-721 NFT token development process:
1. Smart Contract Creation: We use Solidity programming language to write Ethereum smart contracts for ERC721 tokens.
2. Token Metadata: Each ERC-721 token has certain metadata like its name, description, image, or other information associated with it.
3. Minting and Token ID: The ERC-721 smart contract has a separate function to create new NFT tokens. Each token has a unique identifier (token ID).
4. Ownership and Transfer: ERC-721 tokens can be transferred or traded using the smart contract’s transfer functions.
5. Events and Metadata Retrieval: There are Events used to access information about token transfers. Special functions are used to retrieve metadata associated with ERC-721 tokens.
6. Testing and Security Audits: Each smart contract is tested rigorously to identify and fix errors.
7. Deployment to the Ethereum Network: After successful testing, the smart contract is executed on the Ethereum blockchain
Once an ERC-721 token contract is deployed on the Ethereum blockchain, it can be used to create, buy, sell, and transfer NFTs represented by the particular contract.
Key Features & Terms in ERC721 token development
Non-Fungible Tokens (NFTs) – ERC-721 tokens representing unique and non-fungible digital assets.
Ownership Tracking: ERC-721 tokens support transparent and secure ownership tracking on the blockchain.
Token ID: Each ERC-721 token has a unique identifier or a token ID.
Metadata: Each ERC-721 token can have certain metadata like the token name, description, image, and other information.
Minting: The process of creating new ERC-721 tokens.
Transferability: The ability of ERC-721 tokens to be transferred from one Ethereum address to another. It uses the transfer function of the smart contract.
Events: Events are used to send information about token transfers and other related activities.
Approvals: Approving another address to transfer tokens on behalf of the token owner. This is useful in escrow systems.
Token Contract: The smart contract based on the ERC-721 standard that contains the guidelines for NFTs on the Ethereum blockchain.
Token Owner: The Ethereum address associated with a particular ERC-721 token.
ERC-721 Token Functions
The ERC-721 Ethereum standard integrates a set of functions for the creation and management of NFTs. These functions include:
1. Creation of a new ERC-721 token (NFT) with a unique identifier.
2. Transfer of ownership of a token from one Ethereum address to another.
3. Retrieve information of the current owner of an NFT.
4. Approve (or revoke) permission for another Ethereum address to transfer a token on behalf of the token owner.
5. Retrieve information about the total supply of NFTs in a particular address.
The standard also has several optional functions to allow developers to further customize their NFT creation for different use cases.
ERC721 Token Development Services by SAG IPL
As one of the leading blockchain development companies in India, SAG IPL provides a range of ERC token development services, including ERC-20, ERC-721, and more. You can hire our team for the following ERC-721 Token or NFT services.
ERC-721 Token (NFT) Creation
Seamlessly tokenize your digital assets or launch your powerful non-fungible token with our cutting-edge ERC721 token development services. We help transform your ideas into unique & feature-rich non-fungible tokens that can represent any digital assets like virtual real estate, art, or collectibles.
Our user-friendly development process makes it easy for anyone to mint, buy, and trade your NFTs securely on your platform. Join a growing blockchain community of creators, artists, and collectors with our innovative & affordable NFT development solutions. Contact us to know more.
ERC-721 Token ICO Development
Looking for the best way to market or sell your NFT tokens to raise funds? Our ERC-721 Token ICO development services can help you launch the perfect token sale. We specialize in crafting highly efficient and results-driven ICOs tailored to your NFT project’s specific needs.
Our services include cryptocurrency website development, marketing, and launch, and our team will assist you throughout the process to ensure a successful NFT ICO sale. Boost your potential to raise funds with our incredible and cost-effective NFT token sale solutions.
NFT ICO Marketing
Guarantee your NFT ICO Marketing campaign’s success with our results-driven services. Our highly experienced team can help craft the perfect ICO marketing strategy to maximize the potential of your ERC-721 token sale, expand its exposure, and inspire potential investors to buy or mint your non-fungible token.
From creating appealing campaigns to reaching your potential investors across the internet and efficiently marketing your project, we’ll ensure your ICO is immensely successful in popularity and token sale. We use social media, influencers, and community marketing to boost your NFT ICO reach and popularity.
ERC-721 Token Website Development
Whether you’re planning to create a new ERC721 token or already have one, you might need a powerful website to efficiently showcase the true ability and features of your token. You can hire our experienced token website developers & designers to help you build a stunning, user-friendly, mobile-optimized website for your NFT.
We can work around your specific project requirements and goals to build a tailored NFT website that meets your needs and is optimized to rank well on search engines. Contact us today to discuss your NFT website project with one of our specialists.
ERC-721 Token Wallet Development
For your NFT, you might need a highly secure and feature-rich ERC721-compatible wallet. This is where our cutting-edge ERC-721 Token Wallet Development service can help you. We can help you create a robust crypto wallet that is guarded with multiple security layers and is compatible with all ERC standards.
Allow your token holders to seamlessly manage and transact their NFTs in a highly secure environment. Our crypto wallets can be customized with advanced features like Multi-Signature Authorization, Exchange Integration, Automatic Backup and Recovery, and more.
ERC-721 Token Migration
Planning to migrate or upgrade your ERC721 token to a different standard? Hire ERC-721 Token Migration service from SAG IPL to flawlessly upgrade your NFT to the latest platform. Our experienced team can manage the entire process, ensuring a quick & error-free transition to the newest Ethereum standards for your tokens.
We ensure the core values of your digital assets are maintained while providing access to improved features and functionalities of the new standard. Don’t miss out on the latest advancements in the NFT industry. Hire us today!
How Much Does it Cost to Create ERC-721 Token?
The cost of creating your ERC-721 token might depend on a number of things, including the number & types of features you want in your token, development time, and the development team or company you hire. Creating a basic ERC-721 token with standard features can be relatively inexpensive than building a cutting-edge token with many advanced features & functionalities.
The cost of developing a simple ERC-721 token may range from a few hundred to a few thousand dollars, depending on the above factors. The cost will increase for tokens that require advanced features like custom artwork, metadata, or other expensive functionalities.
If you’re looking for ERC721 token development services at a competitive price, contact SAG IPL today. We make sure that our pricing meets your budget.
How to Make Your Own ERC-721 Token?
If you’re planning to do it yourself, i.e. create an ERC721 token on your own, make sure that you have the right skills and resources for the job. To start with, you’ll need to have good knowledge of the Solidity programming language in order to write an Ethereum smart contract for your tokens. You must also be familiar with the various terminologies of NFT development.
You can follow the ERC721 token development process explained above or learn from a good YouTube video. However, you must know that it can be overwhelming and time-consuming to try and build your own token, especially if you haven’t done it before.
The wise decision would be to outsource ERC721 token development to a more qualified & experienced team of blockchain developers whose price fits your budget. Call us if you need help.
Why Choose SAG IPL as an ERC721 Token Development Company?
SAG IPL is a top-rated and reputable ERC721 token development company. We provide complete & affordable ERC721 standard token development solutions to help businesses create & launch their own feature-rich tokens and use them to raise funds through our results-driven ICO development & marketing services.
We provide all-inclusive ERC-721 token development services, including NFTs, smart contracts, ICO, and digital marketing.
Top Reasons to Hire SAG IPL
A full-service Crypto Development & Marketing company.
SAG IPL has a brilliant team of crypto experts, who know their jobs and are exceptionally good at it. When you hire us, you get access to our crypto services & resources along with outstanding support from our dedicated customer care team.
We offer the most advanced Token Development solutions with fair & honest pricing that fits every budget. Check out our packages or contact us to hire developers today.
Atul is a passionate writer with 8+ years of experience in creating content across domains ranging from crypto marketing, blockchain development and digital marketing for different industries. My expertise lies in marketing content and highly engaging website copies that impress readers and boost ROI.
Email : webmaster@sagipl.com
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