The purpose of ERC-20 and ERC-721 in web3 is to standardize the functions and interfaces for different types of tokens on the Ethereum blockchain.
ERC-20 tokens are fungible tokens, which means that each token is the same as every other token of that type. They are commonly used for cryptocurrencies, stablecoins, and utility tokens.
ERC-721 tokens, on the other hand, are non-fungible tokens (NFTs), which means that each token is unique and not interchangeable with any other token. They are often used for digital collectibles, gaming items, and unique assets.
Both ERC-20 and ERC-721 standards provide a set of rules that developers can follow to create tokens that are compatible with various decentralized applications (dApps) and services within the web3 ecosystem.
