NFT Standards
Token Protocols, Digital Ownership
NFT Standards are blockchain protocols that define how non-fungible tokens (NFTs) are created, managed, and transferred. These standards ensure each NFT is unique, interoperable, and universally recognizable by wallets, dApps, and marketplaces. Key standards include ERC-721 and ERC-1155 for Ethereum, XLS-20 for the XRP Ledger, and SPL for Solana. They govern how metadata, provenance, ownership, and functionality are implemented across NFT projects and ecosystems.
Use Case: A digital artist mints an NFT on Ethereum using the ERC-721 standard, ensuring collectors can trade, display, or verify the NFTÔÇÖs authenticity across multiple marketplaces.
Key Concepts:
- Token Standard ÔÇö The foundation for creating any type of digital asset, including NFTs.
- Fungibility ÔÇö NFT standards enforce non-fungibility, meaning each token is provably unique.
- Metadata ÔÇö Encodes ownership, properties, and provenance directly into the NFT.
- Interoperability ÔÇö NFT standards ensure tokens work across wallets and platforms.
Summary: NFT standards unlock true digital ownership and utility for creators, collectors, and developers by providing a common language for unique, verifiable, and transferable assets on-chain.
| Standard | Blockchain | Key Feature | Examples |
|---|---|---|---|
| ERC-721 | Ethereum, Polygon | Single unique token per contract | CryptoPunks, Bored Ape Yacht Club |
| ERC-1155 | Ethereum, Polygon | Multi-asset (NFTs & fungibles in one contract) | Enjin, The Sandbox assets |
| XLS-20 | XRPL (XRP Ledger) | Native NFTs, on-chain royalty logic | XRP NFTs, onXRP collections |
| SPL | Solana | Fungible & non-fungible on Solana | DeGods, Solana Monkey Business |
| BEP-721 / BEP-1155 | Binance Smart Chain | NFT and multi-asset standards | Pancake Squad NFTs |