Understanding the NFT token standard allows us to grasp how they are minted, listed, and traded on a particular blockchain. Nonetheless, the majority of blockchains come with their own individual NFT standards, allowing creators to select the most suitable one for their project.
Given below are some popular NFT standards on different blockchains.
Ethereum
1. ERC-721
- It is the basic NFT token standard on Ethereum.
- Each token is unique and non-interchangeable
- It is suitable for digital art, collectibles, and in-game assets.
- ERC-721 was made to register copyright ownership.
- Easy adoption across multiple NFT marketplaces and compatible with Ethereum wallets.
2. ERC-1155
- It allows the creation of fungible and non-fungible tokens within a single contract.
- It optimizes blockchain efficiency and reduces gas fees.
- It is suitable for gaming, digital items, and tokenized assets.
- It can transfer multiple assets in a single transaction.
- Easy adoption into a wide range of applications, from decentralized finance (DeFi) to NFTs.
Update: ERC721-C is a new NFT standard that enforces on-chain programmable royalties for its creator.
Tezos
FA2 (formally known as TZIP-12)
- This token standard is used on the Tezos blockchain.
- It supports various token types and allows users to manage fungible and non-fungible tokens.
- It is not very popular and has rather few unique assets, but you can own them for a small fee.
Flow
- Transactions on Flow are much cheaper and faster than on Ethereum.
- It is suitable for games and digital collectibles, as Flow offers a more user-friendly and scalable solution.
- Its user-friendly tools have attracted major brands and artists, resulting in mainstream NFT adoption.
BNB Smart Chain (BSC)
- BEP-721 is the token standard on the BSC that mirrors its Ethereum counterpart (ERC-721).
- Built-in Ethereum Virtual Machine (EVM) makes it interoperable with the Ethereum network.
- It is compatible with existing NFT platforms and marketplaces.
- It has low transaction fees and fast block confirmation.
Each token standard brings its own unique strengths to shaping the future of the NFT space. By understanding and embracing these standards, the NFT community can unlock new possibilities for digital ownership.
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