In today's digital age, the world is witnessing an unprecedented proliferation of digital assets. These encompass a vast array of items, including cryptocurrencies, non-fungible tokens (NFTs), in-game assets, virtual real estate, digital art, and more. Each of these digital assets holds value and utility in distinct ways. However, this surge in digital assets has presented individuals with a growing challenge: how to efficiently manage, trade, and access these assets that are scattered across various platforms, ecosystems, and blockchains.The digital asset ecosystem is characterized by a significant degree of fragmentation. Multiple blockchain networks, such as Ethereum, Binance Smart Chain, Polygon, and others, play host to diverse digital assets, each adhering to its unique standards and protocols. For instance, Ethereum is home to the widely known ERC-20 and ERC-721 tokens, which have found broad application in the world of decentralized finance (DeFi) and NFTs, respectively. However, until recently, there was a noticeable absence of a standardized token format to represent semi-fungible assets – assets that blend both common and unique properties.
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