ERC721 : A new class of unique tokens on Ethereum Network

Everybody knows and is familiar with ERC20 tokens that are issued on Ethereum platforms. The issued tokens under this protocol are not distinguiable from each other.

Now a new token protocol named ERC721 has been introduced. Under that protocol each token will be unique and potentially will have a different value attached with it.

The application of these tokens could be like in games, collectibles, supply chain, Art etc to label, enrich, track, trade individual items.