An ERC-1155 token is a type of token that can be created on the Ethereum blockchain. What are the use cases of these tokens and what do they bring to non-fungible tokens (NFT)?
What is an ERC-1155 token?
A ERC-1155 token is a type of token that can be created on the Ethereum blockchain. It is a multi-token standard, which means that a single ERC-1155 smart contract can hold and manage multiple types of tokens at once..
This smart contract interface can represent and control any number of fungible tokens and non-fungible tokens (NFTs). Thus, the ERC-1155 token can have the same functions as an ERC-20 and ERC-721 token, and possibly both at the same time.
💡 The ERC-1155 (Ethereum Request for Comments 1155) of the Ethereum blockchain is the standard of tokens used for the creation semi-fungible tokens.
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Commonly, the ERC-1155 token standard is seen as an improvement to the ERC-20 and ERC-721 standards, because it corrects certain “errors” of these standards. Indeed, the ERC-20 and ERC-721 standards have a weakness: they do not allow a smart contract to support several types of fungible or non-fungible tokens.
Therefore, if a developer uses the ERC-20 or ERC-721 standard, he will have to rewrite a new smart contract every time he wants to deploy a new token.
To explain the interest of the ERC-1155 standard, let’s take the example of a developer seeking to create a video game using NFTs. He then plans to create a fungible token which will represent the currency of the game. In parallel, he plans to create a multitude of non-fungible tokens which will be associated with weapons, spells, virtual goods or even costumes for the characters.
If he decides to use the ERC-20 and ERC-721 standards, he will have to design new smart contracts for each new type of asset he creates. However, with the ERC-1155 standard, he will only need to write a single smart contractwhich will be able to support all types of tokens that he wishes to integrate into his game.
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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
Clement Wardzala
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