In this article, we shall study the topic “what does BEP-721 mean?”. Also, we will look into the different uses of BEP-721 tokens, functions of BEP-721 tokens, smart contracts, etc.
In the crypto world, there are different BEP tokens. A unique one is the BEP-721. It is a token on Binance Smart Chain (BSC). It is a tool for generating non-fungible tokens (NFTs). There is another popular token. It known as ERC-721. It extends to BEP-721.
Meaning Of BEP-721?
The meaning of BEP-721 has its root from Ethereum. It was the premier cryptocurrency to develop NFTs. It initially had one of its token as ERC-721. The token showed the ownership of some NFTs. Examples are collectibles and real-estate. An attribute of these tokens is their difference in value.
The more NFTs became popular, the more it attracted various ecosystems. This has occurred more often. Meanwhile, DeFi protocols are not often in use. It is as a result of high Ethereum fees. Also, Ethereum’s inability to process transactions fast, affects its usability.
Like we said earlier, BEP-721 is an extension of ERC-721. Each NFT is unique. A good use of BEP-721 is to mark data owned by individuals. This makes it different from other BEP-20 tokens. These tokens are identical and are within a smart contract.
In the allocation of unique identity to a token, BEP-721 is used. It can also be used to signify a unique non-fungible materials.
Overview Of TokenMetadata
There is a project known as “tokenMetadata”. Its function is to bind a metadata to a token. This will enable its linking to another collectible property. There scarce or usable nature, influences their market value. However, it determines if the can be transferred or traded.
A first criteria to obtain NFTs or DeFi, is to have digital wallet. This will enable easy transaction on Binance smart chain. It will also enable you, store the assets when they are bought. An example of a digital wallet is MetaMask.
The transaction of token on Binance Smart Chain, require transfer charges. This is paid with BNB. So, it is advisable to have a little amount of BNB for smooth transaction.
Different platforms for generating BEP-721 tokens are : the Juggerworld platforms, Featured By Binance, BakerySwap, and Binance NFT Marketplace. These are the notable ones, in the Finance Smart Chain ecosystem.
Different Uses of BEP-721 Tokens :-
- Digital Art Exchange
- Collectibles or antique Trading
- In-Game Asset Trading
- Lottery Tickets Business
- Real estate and physical property Trading
These are the various uses of BEP-721 tokens. Their communication on Binance Smart Chain is controlled by a set of instructions. A few are on the BEP-20 standard:
Function of BEP-721 tokens :-
- Name: This stipulates the name of the token. It helps in easy identification of BEP-721 token.
- Symbol: This is a simple name for the token.
- BalanceOf: Shows the token balance of a given address
- TotalSupply: Displays the overall amount of tokens produced.
These are the functions of BEP-721 tokens. Ownership functions , which are optional, are available. A good attribute of NFTs is the functionality of Metadata.
An example is CryptoPunk. It does not follow the BEP-721 token standard. It uses metadata.
NFTs are majorly created with BEP-721 token. It is a Binance Smart Chain (BSC) token standard. BEP-721 is widely used for NFTs. It can function well with the Ethereum Virtual Machine (EVM).
BEP-721 token is very different from BEP-20 tokens. Developers can create identical tokens with BEP-20. With BEP-721, you can mark data ownership and give a unique identity to it. This is done with one smart contract.
BEP-721 tokens are used to represent collectible. Also, to represent non-fungible items. The market value of these tokens determines how the can be traded.
The most recent blockchain network is the Binance smart chain (BSC). It permits smart contract-based applications to be executed. The Binance smart contract make use of Binance chain.It has a high transaction capacity. It develops and launch their crypto coins using BSC.
Advantages of Choosing Binance Smart Chain for Token Development (BSC Network)
The good feature of Binance Smart Chain is, its transaction is fast. It can also increase in capacity and doesn’t require external support. Its working principle is efficient
Once you have the right tools, you can create a token or smart contract on BSC. With BEP-721, you can generate a Binance Future Token.
Like we said earlier, BEP-721 tokens are used to create non-fungible and collectible products. This is because of their unique IDs.
Building your own BEP 721 Token
Minting Of NFT tokens with BEP 721 Tokens
There are various procedures to follow when minting an NFT with BEP-721 token. First, you need to select a minting platform that suites you. There are platforms with user friendly interface. Platforms like Juggernaut, BakerySwap and Treasureland. Their NFT minting fee is also low. What each platform offer is different from the other. It depends on what the buyer or seller wants.
Another requirement is, you must select a compatible wallet. This wallet must support the BEP 721 tokens to mint NFT on these sites. MetaMask wallet is widely preferable. After setting up your wallet, you then link it to the platform you chose. A certain amount BNB will be deposited as service charge. The BNB price dictates the fees for minting the tokens.
This is a unique NFT platform. This platform comes with visual and audio features. It allows the owner selelect the fee for the creator. The NFT is sold at this point. When you are set to begin minting, choose a BEP-721 token. Another token like BEP-1155 can also be used. However, complete the form and click “Create now.” Then accept the gas costs before moving to the payment section.
BakerySwap gives you dey privilege to mint photos, gifs, movies, or audio. The first step is to link your wallet to the platform. After that, click on mint artworks. Then fill the artwork’s metadata form. You can now upload the file. In minting an artwork, always look out for plagiarism. When minting BakerySwap with MetaMask, a pop-up message always appear. It requests for the minting fee confirmation. As you confirm payment, you get the NFT.
It uses photos and gif. It also allows the rewards of single or collective NFTs. The first step is to connect your wallet. Create a page and fill in the details. When filling the form, attach the gifs and photos. Then next state is the game creation. But before then, the royalties will be ready at 10%.
Working with a trusted and efficient token development business to launch BEP-721 is a nice idea. It will enable you, tackle issues before starting the BEP-721 development. However, I hope you understood the top “What Does BEP-721 Mean ? “. Also, the different uses of BEP-721 tokens, functions of BEP-721 tokens, etc.