- ERC-721 tokens act as a popular entry point for newcomers into the Ethereum blockchain
- Artists can make money by selling digital art through ERC-721 contracts
- NFTs enable Proof of Ownership
ERC-721 is probably the second most popular Ethereum token standard after ERC-20, the standard than enables ERC-20 tokens. The ERC-20 standard is the technology that underlies most of our favorite altcoins.
While there are a plethora of successful Ethereum Improvement Proposals (EIPs) that make our Ethereum interactions easier, the ERC-721 or NFT (non-fungible token standard) protocol is claiming more enthusiasts over time due to its unique ability to tokenize almost anything you can imagine using a single automated smart-contract.
That’s right! Even more exciting is the fact that you don’t have to be an Ethereum developer to deploy your own ERC-721 contracts. Anyone with or without blockchain understanding can create and deploy an ERC-721 contract using services such as Mintbase.
For example, you can upload a picture of your cat, or register a contract on the blockchain, decide the number of tokens issued, and boom! You just minted your first digital asset. What’s next? Gift it, trade it, sell it.
Obviously, people are not in ERC-721 tokens just because they could tokenize their cats, but because they could also actually make a profit from their creations.
Whether you’re here to learn a new skill or sharpen your already accumulated blockchain knowledge, this article will be going through some popular ways to make money utilizing ERC-721 contracts, regardless of your level of understanding of how a smart-contract or Ethereum blockchain itself actually work.
ERC-721 is essential to crypto art
If you’re an Ethereum netizen, you’re probably already aware of this new blockchain-powered trend, but what exactly is crypto art for a total newcomer?
Essentially, the crypto art movement is utilizing ERC-721 smart contracts to tokenize digital…