Binance Smart Chain. The most important aspect is that it enables the development of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">non-fungible tokens (NFTs</strong></a>). Moreover, the very first network that created a standard for NFTs is the <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum network.</p>\n<p>To be exact, collectibles or real estate tokens have a clear value. The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-supply-and-demand/">ERC-721 token refers to these particular tokens that represent the ownership of NFTs. This is a great function since the popularity of non-fungible tokens is rapidly growing. It&rsquo;s only reasonable that a variety of ecosystems follow along.</p>\n<p>BEP-721 tokens can showcase <strong>antiques, collectibles, items discovered in a game, physical and digital art, real estate, and lottery tickets</strong>.</p>\n<p>Furthermore, the tokens can be rendered on:</p>\n<ul>\n<li>Juggerworld platforms</li>\n<li>Bakery Swap</li>\n<li>Binance NFT Marketplace</li>\n<li>Others included in the Binance Smar Chain ecosystem</li>\n</ul>\n<p>BEP-721 is, in reality, a variant of Ethereum's ERC-721. To be more specific, ERC-721 is a prominent NFT standard, and tokens may be used to tokenize access control and grant it a distinct identity, differentiating these tokens from other BEP-20 tokens. Creators usually use BEP-20 tokens to reproduce the same tokens within a single <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a>.</p>\n<p>Every one of the NFTs is different (irreplaceable), and it&rsquo;s impossible to trade them for another token. Furthermore, the standard always gives a different ID to each token.</p>\n<p>For example, the \"tokenMetadata\" option enables metadata to be placed in a token used to connect to a work of art or another valuable element of the NFT. These can be exchanged and transferred according to their market worth, which is defined by rarity or demand.</p>\n<p>Take <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/opensea-cryptopunks/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CryptoPunk</strong></a>, whereby each unit has data in the NFT that relate to a particular punk in a pattern of <strong>10,000 punks.</strong> CryptoPunks use metadata, regardless of the fact that they do not adhere to the BEP-721 token standard.</p>\n<p>Besides, BEP-721 tokens have a set of functionalities that determine how they interact with the Binance Smart Chain:</p>\n<ul>\n<li>Symbol: A short term for the token, similar to a ticker symbol.</li>\n<li>balanceOf: Displays the total token balance for a particular address.</li>\n<li>totalSupply: Displays the total number of tokens produced.</li>\n</ul>\n<p>It&rsquo;s no secret that almost all of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">DeFi and NFT platforms require customers to obtain a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">digital wallet</strong></strong></a>, as well as pay for assets with cryptocurrencies. Those who don&rsquo;t already have a digital wallet are required to create one in order to engage with Binance Smart Chain projects. All of the Binance Smart Chain tokens need BNB to pay the fees. That&rsquo;s the reason users should always have some BNB in their wallets.</p>","level":"medium","meta_title":"What is BEP-721? 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":81,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Beta (Release)?","slug":"what-is-beta-release","section":"B","keyword":"Beta (Release)","status":"published","definition":"During the beta testing stage testers try to discover bugs regarding security, efficacy, and availability.","content":"<p><strong>To put it simply, the alpha and beta stages refer to the phases of testing new software, or an application in the world of IT. </strong>The beta stage comes right after the alpha stage in a software development cycle. During this following stage, the aim is to improve security, efficacy, and availability.</p>\n<p>Differently from <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-alpha-version/">alpha, the beta stage involves outsiders, that aren&rsquo;t directly involved with the company to run tests, analyze the application and report bugs or errors if any were found. This method is used with the hopes to get genuine feedback.</p>\n<p>The Beta version isn&rsquo;t far from the final version, since it does have the functionality and the looks of how approximately it will be at the final stage. However, alpha and beta versions tend to have design adjustments throughout the process.</p>\n<p>The next move after beta testing is the release. When the beta version is not far from being done, it is called a &ldquo;release candidate&rdquo;. If no errors or issues happen after, the software can be released and referred to as a <strong>&ldquo;stable release&rdquo;.</strong></p>\n<p>The cryptocurrency that should be released into the market goes through similar stages. It is tested internally and externally making sure that the blockchain architecture does not break down when users start exchanging it.</p>\n<p>Moreover, to be fitting for beta testing, the product has to have all of the necessary features, that are planned for the final version. The product shouldn&rsquo;t go through unpredictable crashes.</p>\n<p>Speaking of participants, they must be from the target audience and be able to perform real-world tasks and use the app in a real-world context at the same time. Real users are the ones that do the final test of user acceptance, in real, external conditions. Meaning, that the application will get personal feedback from potential customers.</p>\n<p><strong>Open beta testing involves a lot of people who typically are potential clients.</strong> Perhaps open testing is a way of marketing and letting the clients get to know the product. Nevertheless, if there is a need for private testing, and keeping the product secret from the public, a smaller number of testers are included.&nbsp;</p>\n<p>A beta release means that the software is available for developers and testers. The people that are testing the version of the software can be called beta testers. These testers are usually volunteers that are curious about the product. They can not only provide feedback about the bugs, but they can recommend new features and additions as well.</p>\n<p><em>The goal is to avoid future failure of the product and increase the overall quality.</em></p>\n<p>One example would be a new blockchain and token protocol, Traxalt, which has conducted a beta testing phase as a way of making sure that all the systems are working the way they should. It formed an alliance with another company and gave them early access to the product.</p>\n<p>The alliance company gave feedback, and the developers improved the system and fixed the bugs according to it.</p>","level":"medium","meta_title":"What is Beta (Release)? Definition & Meaning | Crypto Wiki","meta_description":"Beta (Release) meaning: Beta (Release) - During the beta testing stage testers try to discover bugs regarding security, efficacy, and availability.","meta_keywords":null,"language":"en","created_at":"2022-02-11T12:10:18.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-beta-release"},"prevSection":{"id":79,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Benchmark?","slug":"what-is-benchmark","section":"B","keyword":"Benchmark","status":"published","definition":"a reference point used in performance analysis to compare different assets.","content":"<p><strong>Benchmark</strong> is defined as a baseline or a reference point in comparisons based on various criteria. This metric is often used in the financial industry for both traditional and crypto markets to determine the performance of assets and investment portfolios.</p>\n<p>There are different types of benchmarks, with indexes being the most popular due to their prominent use in financial data analyses.</p>\n<p>Each type of financial assets, such as bonds, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies, and stocks, has different benchmarks. Some of the most popular benchmarks in finance are the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sandp-500-standard-and-poors-500/">S&amp;P 500</strong></a> and Dow Jones Industrial Average. They measure the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market capitalization</strong></a> of some of the biggest companies in the US.</p>\n<p>Business analysts use benchmarking to measure and compare the performance and behavior of a company. The benchmark is usually set at the presumed most productive practice or against the performance of other successful companies.</p>\n<p>Aside from the financial sector, benchmark is also a term frequently used in <strong>computer science</strong>. In this context, benchmarking refers to an event when several computer processes are executed to determine the relative performance of a service or product. There are widely accessible software tools for benchmarking large volumes of data.</p>\n<p>There are certain steps to benchmarking:</p>\n<ul>\n<li>Planning long- and short-term goals;</li>\n<li>Gathering information to help achieve the goals;</li>\n<li><strong>Researching competitors;</strong></li>\n<li>Analyzing data and outlining the final plan in a report;</li>\n<li>Presenting the research to the team;</li>\n<li>Working on implementing the plan in the company;</li>\n<li>Observing the long- and short-term outcomes of the plan to adjust them appropriately.</li>\n</ul>\n<p>There are a number of different <strong>benchmarking methods</strong>. These vary based on a company&rsquo;s goal and where they wish to improve compared to their competitors. The applicability and difficulty of benchmarking differ across the board.</p>\n<h3>Process Benchmarking</h3>\n<p>Process benchmarking shows how processes in an industry compare to each other. Using this type of data, companies can optimize their procedures, making them more productive and cost-effective.</p>\n<h3>Strategic Benchmarking</h3>\n<p>Strategic benchmarking is used to analyze strategies across industries and determine ways to improve an organization by adopting strategies that have proven to be effective for the competitors.</p>\n<h3>Performance Benchmarking</h3>\n<p>Performance benchmarking requires comparing performance measures and procedures between companies. This can be the most complicated optimization process. Using performance benchmarking can help figure out simpler methods to adopt new procedures in the organizational structure. These benchmarks can help increase business profitability.</p>\n<p>Benchmarking methods have been adopted for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain technology</strong></a>, given its increasing prominence in the financial field. Industry-standard systems, assets like <strong>cryptocurrencies</strong> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> performances are some of the crypto aspects that benchmarks can be applied to.</p>\n<p>Some of the prospective applications of benchmarking as blockchain technology develops may be network scalability and speed, level of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralization, and the efficiency of different <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus mechanisms</strong></a>.</p>","level":"medium","meta_title":"What is Benchmark? Definition & Meaning | Crypto Wiki","meta_description":"Benchmark meaning: Benchmark - a reference point used in performance analysis to compare different assets.","meta_keywords":null,"language":"en","created_at":"2022-02-11T09:45:24.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-benchmark"},"currentChapter":"B","currentSection":"what-is-bep-721","chapterTitle":"B","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-bep-721","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter B

What is BEP-721?

BEP-721 MEANING:
BEP-721 - BEP-721 is a Binance Smart Chain standard for tokens.
Medium
2 minutes

Let's find out BEP-721 meaning, definition in crypto, what is BEP-721, and all other detailed facts.

BEP-721 is a standard for tokens placed on a Binance Smart Chain. The most important aspect is that it enables the development of non-fungible tokens (NFTs). Moreover, the very first network that created a standard for NFTs is the Ethereum network.

To be exact, collectibles or real estate tokens have a clear value. The ERC-721 token refers to these particular tokens that represent the ownership of NFTs. This is a great function since the popularity of non-fungible tokens is rapidly growing. It’s only reasonable that a variety of ecosystems follow along.

BEP-721 tokens can showcase antiques, collectibles, items discovered in a game, physical and digital art, real estate, and lottery tickets.

Furthermore, the tokens can be rendered on:

  • Juggerworld platforms
  • Bakery Swap
  • Binance NFT Marketplace
  • Others included in the Binance Smar Chain ecosystem

BEP-721 is, in reality, a variant of Ethereum's ERC-721. To be more specific, ERC-721 is a prominent NFT standard, and tokens may be used to tokenize access control and grant it a distinct identity, differentiating these tokens from other BEP-20 tokens. Creators usually use BEP-20 tokens to reproduce the same tokens within a single smart contract.

Every one of the NFTs is different (irreplaceable), and it’s impossible to trade them for another token. Furthermore, the standard always gives a different ID to each token.

For example, the "tokenMetadata" option enables metadata to be placed in a token used to connect to a work of art or another valuable element of the NFT. These can be exchanged and transferred according to their market worth, which is defined by rarity or demand.

Take CryptoPunk, whereby each unit has data in the NFT that relate to a particular punk in a pattern of 10,000 punks. CryptoPunks use metadata, regardless of the fact that they do not adhere to the BEP-721 token standard.

Besides, BEP-721 tokens have a set of functionalities that determine how they interact with the Binance Smart Chain:

  • Symbol: A short term for the token, similar to a ticker symbol.
  • balanceOf: Displays the total token balance for a particular address.
  • totalSupply: Displays the total number of tokens produced.

It’s no secret that almost all of the DeFi and NFT platforms require customers to obtain a digital wallet, as well as pay for assets with cryptocurrencies. Those who don’t already have a digital wallet are required to create one in order to engage with Binance Smart Chain projects. All of the Binance Smart Chain tokens need BNB to pay the fees. That’s the reason users should always have some BNB in their wallets.
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