Coins & Tokens

What is a KRC-721 token?

The KRC-721 token standard, distinct from conventional token standards, serves as the NFT token standard for the Kucoin Community Chain (KCC). Acting as the backbone of the KCC, similar to the ERC-721 token protocol on Ethereum, KRC-721 tokens are tailored for creating unique tokens with specific characteristics on the KCC.

Navigating the EVM Compatibility of KCC

Just like other smart contract blockchains, KCC employs an EVM (Ethereum Virtual Machine), allowing users to utilize familiar token protocols and recipient addresses from Ethereum, BSC, Avalanche, and Polygon. Unlike the uniform nature of KRC-20 tokens, KRC-721 tokens are non-fungible, each possessing distinct attributes, making them suitable for use cases where unique tokens are needed. These tokens are also commonly known as NFTs.

Transaction Dynamics of KRC-721 Tokens on KCC

KRC-721 tokens can only be created and transacted within the KCC ecosystem. Users engaging in KRC-721 transactions require KCS tokens, which function as the gas token for the Kucoin Community Chain blockchain.

KRC-721 Explorers

Verifying KRC-721 transactions can only be done with a KCC explorer, ensuring accurate confirmation of token types and addresses. This is particularly important when trading on on-chain NFT platforms, preventing unintended transactions with tokens of similar names.

Bridging Possibilities for KRC-721 Tokens

KRC-721 tokens cannot be directly sent to addresses on other blockchains. Because NFTs are unique to their own blockchain, bridging KRC-721 tokens to any other blockchain is useless. Making NFTs and their token standards only available on the blockchain on which they are created. This might change if technology advances and the NFT creator would want their collection to exist on more than one blockchain network.

Acquiring a KRC-721 Wallet for KCC

To get a KRC-721 wallet for KCC, users can choose from various wallets supporting manual EVM additions. These wallets integrate KCC and KRC-721 tokens, allowing users to send, receive, and store these unique tokens. Among the wallets supporting KCC, Metamask is a notable choice, allowing users to seamlessly manage KRC-721 tokens and interact with Dapps on the network. Do note that not all wallets will directly display the NFTs and that you sometimes might need to add them manually to the wallet.

Exploring the KCC Ecosystem

In conclusion, understanding KRC-721 tokens and their usage on KCC opens the door to a vibrant ecosystem. Users are encouraged to exercise caution, comprehend blockchain mechanics, and explore the full potential of KCC. For additional information on KCC's ecosystem and updates, the KCC website provides valuable insights.

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