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I just started to learn about blockchain and I have a question related with ERC20 and ERC721. In ERC20 we will set up the totalSupply of our token to X, so if I understand correctly the token value fluctuates depending on the number of sales and the number of token holders in DEX. On the other hand, in ERC721 the totalSupply is set at each NFT level. Only when a transaction on a NFT is processed, a % of fee would be distributed to the development team. Or is there another way? Are my understanding correct? Thanks

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For ERC-721, totalSupply is defined as:

A count of valid NFTs tracked by this contract, where each one of them has an assigned and queryable owner not equal to the zero address

This means: however many NFTs there are, that is the total supply.

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  • So does that mean if you burn an NFT that the retrieved totalSupply() should go down by one?
    – Ashraile
    Nov 11, 2023 at 4:25

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