🔹Unlike the ERC-20 TOKEN, The ERC-721 token features ‘Irreplaceability’
ERC-721 is the standard draft of the NFT as known as certificate. ERC-721 tokens cannot be replaced by another, with each token having unique value. ERC-721 is mainly used for various digital assets rather as a token, the most popular of the sort being “CryptoKitties”. Each cat on the “CryptoKitties” platform has a distinctive look, making it the only digital cat in existence. “CryptoKitties” is a successful model that utilizes ERC-721 as collectibles.
🔹ERC-721 enables tokens to be shared on a platform and become collectibles that can influence the creation of future NFTs. Users experience fun and excitement from collecting each unique item. While NFTs can be produced without limit, most projects limit the total supply of NFTs to prevent loss of value.
🔹MOI adopts ERC-721 to give uniqueness and originality for each item displayed and traded on the MOIZA platform. Because the items have irreplaceable value, they are managed as safe assets in the Ethereum ecosystem for the users even in the case of service termination.
These items are managed as NFTs so that the blockchain can accurately track the history of sale and ownership between two parties. Since MOI can track multiple NFTs representing the same digital asset, these items can be grouped to provide statistics on shared ownership, number of tokenized assets, number of items and transaction amount, and the number of assets owned by each user. Such tracking can prevent panic buying and monopolization.
🔹MOI increases the liquidity of NFT and MOI tokens because it enables various communities across the blockchain to access NFTs. In the case of large-volume transmissions and transactions, users can choose to make transactions on highly secure, long-tested networks such as Ethereum.
🔹MOI blockchain will be developed to accommodate verification of any new NFT blockchains in the future.