ERC-721 defines the technical standard used to create non-fungible tokens (NFTs) on Ethereum.

In the context of DeFi, ERC-721 tokens are often used to represent unique assets, such as collectible items, virtual real estate, or other digital assets that have unique characteristics and cannot be easily exchanged for other assets like regular cryptocurrencies (fungible tokens) can.

These tokens can be bought, sold, and traded on decentralized exchanges, allowing users to own and manage their unique digital assets in a transparent and secure way.

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