Typically, by the ERC-721 standard, which is Ethereum’s most popular NFT standard, but

What is ERC-721 standard and how does it work?

Here’s how NFTs are typically implemented:

1. ERC-721 Standard:

ERC-721 defines a standard API (Application Programming Interface) for NFTs within Ethereum smart contracts. This standard ensures compatibility and consistency among different NFTs on the Ethereum blockchain.

2. Basic Functionality:

The ERC-721 standard provides basic functionality for tracking and transferring NFTs. This includes functions to create, transfer, and query ownership of NFTs.

3. Smart Contracts:

To create ERC-721 tokens (NFTs), developers write code in a smart contract programming language like Solidity. These smart contracts contain the logic and rules for the NFT, such as its name, symbol, and any specific behavior associated with it.

4. Service Providers:

In practice, many NFT collections are created through service providers or NFT marketplaces. These platforms simplify the process and often require little to no programming knowledge from the creators. Users can mint NFTs by providing the necessary information and assets through user-friendly interfaces offered by these service providers.

5. APIs:

APIs define how computer applications communicate with each other. In the context of NFTs, the ERC-721 standard serves as the API that allows various applications, including NFT marketplaces and wallets, to interact with NFTs on the Ethereum blockchain. This standard ensures that NFTs can be bought, sold, and displayed consistently across different platforms and services.

In summary, NFTs are implemented on Ethereum using the ERC-721 standard, which provides a set of rules and functions for creating and managing unique, non-fungible digital assets. While developers can create NFTs by writing smart contract code, many NFT collections are minted through user-friendly service providers, and the ERC-721 standard ensures interoperability and compatibility among these tokens.