The main distinguishing feature of ERC-721 from the usual ERC-20 is that this type of tokens is non-fungible

What is ERC-721? Non-Fungible Tokens?

The universal standard ERC-20, which works on smart contracts, has become a real event and a turning point in the cryptocurrency world. The ERC-20 tokens currently use 95% of all ICO, as it provides compatibility of cryptocurrencies with each other and with third-party services, such as exchanges. However, there are other types of tokens. The main distinguishing feature of ERC-721 from the usual ERC-20 is that this type of tokens is non-fungible. This property determines the range of potential implementations of the standard. Obviously, unique tokens are best suited for digitizing unique assets.

A large part of ERC-721 functions have the same functions as with ERC-20. This continuity is necessary, at least for the sake of simplicity in the daily use of the coins, since there is a need to store them in ordinary wallets and trade them on exchanges.

But the unique characteristics require the introduction of new functions for smart contracts. Since each token is unique, it becomes necessary to capture the ownership of a particular token in the block, and track its movements. For this, the takeOwnership function appeared.

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