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ERC-721 - The Non-Fungible Token (NFT) Standard, was created by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs due to ERC-20 interface incapabilities. Through an Ethereum Improvement Proposal (EIP) created on the 24th of January 2018.[1]

A popular Ethereum decentralised application, Cryptokitties, utilized ERC-721 to create unique digital collectibles in the form of kitties.

Each different kitten was worth a different amount on the marketplace, dictated by the users of the platform. Each different kitten commands a different price, and as a result, each token needs to be unique.

The creation of blockchain based non-fungible tokens allows for

  • physical property (houses, artwork, and vehicles)
  • Virtual Collectibles (Cryptokitties, rare pepes, collectible cards)
  • Assets with negative value (loans)

In order to create an ERC-721 token, the contract must be compliant with both the ERC-721 and ERC-165 interfaces.