ERC721, An Introduction to the Non Fungible Token!
The ERCC721 (also known as the non-fungible token) is a token that can be traded for any other token of value. It can be used to pay for any purchase or service that is rendered to a consumer. ERCC721 can be sent as a digital representation of a credit card, debit card, PayPal account, merchant account, or any other digital value, provided it is able to contain an amount of money equal to the value of the ERCC721. Any funds received by the client through the ERCC721 are non-fungible.
ERCC721 can be issued by many different issuers. They range from banks, credit unions, and others. These issuers differ in their systems for issuing and transferring the ERCC721. Each issuer requires their customers to provide a certain amount of money for the issuance of the ERCC721. They also provide varying ways for the client to redeem their ERCC721.
There are two things that you should keep in mind when considering the ERCC721. One of them is what you may call "technicality". This technicality is the fact that some issuers will not allow the client to redeem their ERCC721 until they have deposited the specified amount of money with the issuer.
The second thing you should keep in mind is that not all issuers issue the ERCC721 using standard electronic fund transfer (EFT) markets. Some issuers have decided to use Money Services Business (MSB) markets.
MSB markets are where the money transfers occur in real time. There are two options when using the ERCC721 with these markets. You can either use an ERCC721 card or you can pay with your money transfer fees directly into your bank account.
If you choose to use the ERCC721 with the traditional way of settling your transactions, your funds will need to be converted to an EFT and then transferred to your bank account in order to settle the transaction. You will generally be required to select a firm to deposit your funds, provide them with a certain amount of money, and specify how you want your funds to be paid. This is the case for most issuers.
However, if you opt to use the EMR (electronic fund transfer) market of the MLS (Merchant Demand Side) markets, the firm will directly deposit your funds into your bank account. You will simply enter your number on the application form. Once you have submitted your application, the money will be instantly transferred from your bank account into your account.
You can easily see why the ERCC721 can be issued for a variety of issuers. Each issuer will require a different process. For example, a firm will not require the client to supply funds but it will require the client to specify a certain amount of money to be issued. If a client does not specify a specific amount of money, the issuer will issue an ERCC721 of the desired amount without the client having to participate in the settlement process.
Created on Jun 02, 2020