ERC-721 Variations

Even though there are basic standards in place, the code that governs these tokens is constantly evolving. Development teams are always looking for ways to customize the code to meet the unique demands of their project. Anything that increases utility or decreases computational cost draws attention.

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ERC-721

This is the original standard for NFTs. Each NFT minted requires a separate transaction on the block chain. Each token is completely unique. Even if every other aspect of the token is exactly the same, each one must have a unique TokenID. Unique TokenIDs allow for tokens from the same contract to h

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ERC-20

Ethereum modeled ERC-20 tokens after Bitcoin. ERC-20s are the most basic tool used by modern blockchains to create value and utility. And from the beginning of Web3, it was assumed that people and projects would create and trade their own ERC-20s. These tokens might function a lot like Bitcoin, but

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Protocol

If you hear a network acronym with a P in it, it probably stands for Protocol. A protocol is a set of standards and rules for managing data on a network. Using a protocol can be compared to speaking a common language. I doesn't matter what hardware or software you're using. If all the parts can spe

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Rug Pull

Imagine you're standing there on a beautifully woven rug. It's a new rug. You spent some good money on it. You may have even convinced a few friends to throw some money in to buy the rug. And, since the day you bought it, it's actually appreciated in value. Now imagine the rug's creator walks up be

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Bitcoin

Bitcoin is the OG of cryptocurrencies. It is based on a proof of concept published in 2009 by the mysterious Satoshi Nakamoto. No one really knows for sure who he or she or they were, but Nakamoto left the project and essentially disappeared in 2010. BTC was designed to be a peer to peer payment sy

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ELI5

“ELI5” is an Acronym for Explain Like I’m 5. I’m not ashamed to say that I had to google this when I first started learning about Web3. I stumbled upon an educational project called OdysseyDAO and this acronym was all over their Discord server. I’d heard the expression before, but I didn’t make the

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ERC

ERC is an acronym for Ethereum Request for Comment. You’ll see this noted before a number for each type of token. Every ERC standard starts out as an Ethereum Improvement Proposal (EIP). Much like a law in the government, before any EIP can be adopted and put into place, it has to be discussed and

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NFT Fractionalization

As individual NFTs inside certain collections have soared in value, the cost of owning one has put them out of reach for average collectors. To allow more people to participate in a community, some collectors have fractionalized their NFTs. To accomplish this, they created smart contracts that lock

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Fungible

Fully interchangeable. When items are fungible, they are completely indistinguishable from each other. In the physical world, local currency is considered fungible. A $1 bill is fully interchangeable with any other $1 bill. This is true when it comes to the value of the bill. But because it is a ph

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