There are so many tokens on the market these days that it’s hard enough to know what the specifications of each are, let alone what benefits each can offer users and investors. Examples of a token which may be confusing for new members of the crypto community is the ERC-721.
ERC-721 is considered more advanced than a lot of other tokens available now because it offers a feature they do not include, that being it is “non-fungible.” Although other tokens are in many ways equivalent to fiat currencies, ERC-721 is the token which is paired with collectibles. Every token is therefore distinct unto itself and so can’t be traded for another token as a substitute. If you are working within video game, augmented and virtual reality environments and are looking for a token to use, ERC-721 is the choice if your game or project is being built on Ethereum and is connected to these assets.
An example of this is EPIK Token, which propels BLMP’s B2B2C blockchain licensing platform. EPIK Tokens include collectible token rewards, each of which has unique features — something that wouldn’t be possible without ERC-721 token standard. EPIK Token is also notable because the BLMP team’s advisory board includes William Entriken, who is the main author of ERC-721. Entriken’s advice has resulted in the development of EPIK items which are kept secure on the blockchain and can be accessed through the app of the same name.
Although blockchain technology is still relatively new, advancements like ERC-721 offer unparalleled advantages to companies looking to leverage blockchain through Ethereum-based apps, games, and even virtual and augmented reality environments. In short, ERC-721 is useful anywhere brands want to offer consumers unique virtual items and make sure that validity can be verified without worry about tampering and therefore promotes trust and a community both active and long-lasting.