Cryptocurrency Q&A
What is the difference between ERC-20 and ERC 721 tokens?
What is the difference between ERC-20 and ERC 721 tokens?
CryptoElite
Tue Jun 18 2024
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6 answers
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Could you please explain to me the key distinctions between ERC-20 and ERC-721 tokens? I'm trying to grasp the fundamental differences in their functionalities, use cases, and how they operate within the Ethereum blockchain. I'm also curious about which industries or applications typically prefer one type of token over the other. Could you elaborate on these points in a way that's easy to understand for a non-expert? Thank you in advance for your clarification.
6 answers
BlockchainBaron
Thu Jun 20 2024
Furthermore, ERC721 tokens cannot be divided into smaller units. This contrasts with ERC20 tokens, which can be divided and traded in fractional amounts. The indivisibility of ERC721 tokens preserves their uniqueness and ensures that each token represents a complete and distinct asset.
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SamuraiHonor
Thu Jun 20 2024
ERC20 and ERC721 tokens differ primarily in their fungibility. Fungibility refers to the interchangeable nature of an asset, allowing it to be easily traded or exchanged for another identical asset. ERC20 tokens exhibit fungibility, meaning they are interchangeable and can be treated as a uniform asset.
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Ilaria
Thu Jun 20 2024
BTCC, a cryptocurrency exchange based in the UK, offers a range of services that cater to the needs of both ERC20 and ERC721 token holders. Its services include spot trading, futures trading, and wallet solutions that support these token types. BTCC's platform provides users with a secure and convenient way to trade and manage their digital assets.
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DigitalEagle
Thu Jun 20 2024
In contrast, ERC721 tokens are non-fungible, meaning each token represents a unique asset that cannot be replaced by another identical token. This uniqueness allows ERC721 tokens to represent a diverse range of assets, such as digital art, collectibles, or even real-world assets that have been tokenized.
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DondaejiDelightfulCharmingSmile
Thu Jun 20 2024
For ERC20 token holders, BTCC offers a robust spot trading platform where they can buy and sell tokens quickly and efficiently. The exchange's futures trading service also allows users to speculate on the future price movements of ERC20 tokens, providing additional opportunities for profit.
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