ERC721 Non-Fungible Tokens and Ardor Singleton Assets

I’ve researched this topic a bit lately and when I came across this unanswered question in the ethereum stackexchange, I decided to write up my findings as this might be better than nothing, which is what I found regarding that matter. A disclaimer: I’ve not yet worked with ERC721 myself yet and have based this article on the available resources, of which a few are linked in the article where relevant.