BEP-721 is a Binance Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs).
Understanding the Term
BEP-721 is the technical standard for creating non-fungible tokens (NFTs) on the Binance Smart Chain. It is an extension of Ethereum ERC-721, the most commonly used NFT standard.
Since each NFT is one-of-a-kind and cannot be exchanged for another token, BEP-721 tokens can be used to tokenize data ownership and assign a unique identity to it. This feature distinguishes these tokens from other BEP-20 tokens.
BEP-721 tokens are used to represent collectibles. The market value of these tokens determines how they can be traded.
BEP-721 tokens are used to create non-fungible and collectible products. This is because of their unique IDs.