Noku is thrilled to announce the support for ERC721 tokens on its Platform. Demand for tokens and collectibles has increased over the last year and from today, popular tokens and collectibles you own will show up in Noku wallet. Users can also easily send and receive tokens from/to any Ethereum address.
The ERC-721 is a token standard for the Ethereum blockchain and presents different features from the most well-known ERC-20 tokens. While ERC-20 tokens can be exchanged between themselves and are so-called fungible, the ERC-721 standard is used for non-fungible or “unique” items.
ERC Tokens and Collectibles
- ERC20 tokens: A common standard for creating smart contract-based tokens on Ethereum. A token that can be exchanged to any other token of the same type. If we make an analogy with the fiat currency — such as a dollar bill that can be exchanged for any other dollar bill and makes no difference for the holder.
- ERC721 collectibles: is a more advanced token that is “non-fungible”. In ERC-721, each token is completely unique and non-interchangeable with others. Example: crypto-collectible assets like CryptoKitties and digital art. Such a token integrates a unique series of metadata related only to that specific unique asset. Therefore, a non-fungible token cannot be replaced, since no other token cannot substitute its metadata.