What Is BEP-721?
BEP-721 is a proposed standard for the Ethereum blockchain that defines how non-fungible tokens (NFTs) should be represented and stored on the network. It was created by developers at Blockstream, an open source software development company focused on Bitcoin and other cryptocurrencies. The proposal outlines a way to store NFTs in a decentralized manner, allowing them to be traded securely without relying on any centralized authority or third party service provider.
The BEP-721 standard provides several benefits over existing methods of storing NFTs such as improved security, scalability, interoperability between different blockchains, and more efficient storage of data associated with each token. Additionally, it allows users to easily create their own custom tokens using smart contracts written in Solidity programming language. This makes it easier for developers to build applications that use these tokens as part of their functionality. Ultimately, this could lead to increased adoption of NFTs across various industries including gaming, art collecting and digital asset management among others.