The ERC-1155 is a versatile Ethereum token standard that enables a single smart contract to manage multiple token types, including fungible, non-fungible, and semi-fungible tokens, optimizing efficiency and reducing transaction costs.
ERC-1155 Explained
Date: May 9, 2023 | Updated: May 24, 2023
The ERC-1155 is a groundbreaking multi-token standard on the Ethereum blockchain. It enables the creation of both fungible and non-fungible tokens (NFTs) under a single smart contract. This innovation streamlines processes and cuts costs significantly.
- Combines ERC-20 and ERC-721: It merges the best of both worlds—fungible and non-fungible tokens.
- Batch Transfers: Execute multiple asset transfers in one go, enhancing efficiency and security while reducing costs.
- Versatile Token Support: Fungible, non-fungible, and semi-fungible tokens are all supported.
- Safe Token Transfer: Tokens sent in error can be retrieved, minimizing loss risks.
- Streamlined Approvals: No need for separate token contract approvals, simplifying transactions.
- Reduced Gas Fees: Minting tokens is more economical as it avoids multiple contract deployments.
Comparing ERC Standards
Understanding the differences between ERC-20, ERC-721, and ERC-1155 is key. ERC-20 tokens are fungible, like Bitcoin, where each unit is identical to another. ERC-721 tokens are unique, non-fungible tokens used for digital collectibles and art. They cannot be split into smaller units and each has a unique identifier.
ERC-1155 stands apart by allowing a single contract to manage multiple token types, including semi-fungible tokens (SFTs). This makes it a versatile and efficient standard for developers on the Ethereum network.