NFT standards: ERC 1155 vs ERC 721

Do you plan not only to buy tokens, but also to create laws and expand standards. Most decentralized applications are created on Ethereum. This platform offers many different possibilities and many standards. What standards are needed?

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Let's say you want to create an NFT for whatever purpose and sell it on OpenSea. In order for your token to follow the parameters of the game, it will be consistent with other items and with the game, for which it is created, the required legal standards.

ERC or Ethereum Request for Comments is essentially a technical document that provides specifications of methods, innovation, tracking and a sign for stakeholders of the Ethereum ecosystem. Today the three most popular standards are being used: ERC-20, ERC-721, ERC-1155.

ERC20

In 2015, Vitaly Buterin introduced a new standard and a set of rules when creating new smart contracts on the Ethereum blockchain. And the Ethereum fragments are a open-source project, then anyone can make propositions, and if everyone recognizes them as significant, they are accepted as official. The standard, introduced by Vitaly, was adopted and called ERC20.

The addition of new rules has simplified the process of creating new cryptocurrencies. It was great that different ERC-20 tokens could be stored at one address on the Ethereum network, and to issue a new asset it would not be necessary to launch the Ethereum blockchain. Ale ERC-20 focuses on interchangeable tokens. With the development of Ethereum and the extreme popularity of NFTs, development teams had to think up new standards that would be suitable for immutable tokens.

Foreign tokens are widely used in the world of technology, from social networks to the latest robots in the field of cryptocurrencies. The ERC-721 standard provides a clear basis for the creation of an individual, non-fungible token. With this you can create a unique collectible trading card or a unique personal avatar.

Has the ERC 1155 standard been expanded yet?

This is because ERC-721 focuses on non-fungible tokens itself.

The ERC-1155 standard allows for a mixture of interchangeable, irreplaceable and non-fungible tokens. Let's take a look at their report.

ERC-721

The ERC-721 token standard actually started the NFT phenomenon. This standard was first among its family. Although non-fungible tokens have been around for a long time, the ERC 721 standard has opened the gates for the massive popularity of NFTs. ERC-721 has played an important role in the growing number of unique NFTs behind CryptoKitties.

The distributor of CryptoKitties, the company Dapper Labs, launched ERC-721 in 2017 for the upgrading of Ethereum or EIP (propositions for the improvement of Ethereum). CryptoKitties is a set of unique, randomly generated kitties - digital characters for collecting. Please note that CryptoKitties are completely unique and cannot be repeated. In addition, the transaction history provides a clear indication of the value of the transactions from the moment of its creation.

It is important to note that ERC-721 tokens are not only unique, but also have additional characteristics:

• Flexibility of transferring NFTs between transaction modes due to the possibility of exchanging NFTs for other currencies;
• the simple possibility of identifying the owners of a specific asset;
• Effectiveness of the legal obligation of the proposition for any set of NFTs at the edge.

ERC-721 has actually become the leading official in increasing the popularity of NFTs. A large number of tokens based on this standard dominate the cryptocurrency landscape. These are artistic creations, avatars, PFP projects - groups of avatars and a vast array of virtual land plots.

ERC-1155

The development of ERC-1155 is consistent with the Enjin project, which will introduce a token standard in 2019. The ERC 1155 standard includes most of the ERC-20 and ERC-721 standards:

• When transferring large numbers of NFTs on the ERC-721 standard, additional transactions will be required for the skin NFT, as a result of which the transaction price will increase significantly. ERC 1155 allows for the possibility of batch transfers - you can acquire a number of assets with one smart contract, thereby ensuring their transfer while maintaining the minimum transaction costs.
• Another important feature of ERC 1155 is its support for both non-fungible and fungible tokens. ERC-1155 makes it possible to support multiple stations on one contract and address.
• ERC-1155 also benefits from the ERC 721 model, which provides the ability to create interchangeable tokens. Fungible tokens serve as fungible tokens during trading, and become NFTs when redeemed.

Another noteworthy aspect of the ERC-1155 token standard is the possibility of reverse transfer of tokens. Cryptocurrency traders face one hell of a nightmare - the accidental transfer of assets to the wrong address. If you comply with the ERC-721 standard, you will not be able to rotate your assets if you transferred them to the wrong place. The ERC-1155 standard has a “secure transfer” function, which makes it possible to evaluate the correctness of a transaction and make decisions at the time of payment.

Resume

The main difference between ERC 1155 and ERC 721 – ERC-1155 is the exchange of ERC-721. ERC-721 provides the basis for non-fungible tokens, and ERC-1155 contains all the necessary functions for working with NFTs.

ERC-1155 is a clear advantage in the long-term prospects of NFTs. Its phenomenal feature is the uniqueness of the possibilities of interchangeable tokens and batch transfers of NFTs.

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