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What is ERC-1155 and how does it compare to ERC-721?

What is ERC-1155 and how does it compare to ERC-721?

Asked On2022-01-23 12:47:33 by:Suresha-N

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Although the ERC-721 standard works well for tokenization and creation of unique assets that can be transferred between to users, a collection of such tokens are often slow and inefficient. This is why many have now turned towards ERC-1155, as it takes care of many of the limitations that are seen with the use of ERC-721. ERC-1155 tokens have often been lauded for its multi-token approach. They support batch transfers of multiple tokens at once at much higher spends than an ERC-721 token.

We can compare ERC-1155 tokens to a vending machine. Each developer is able to deploy a single smart contract that is often used to mint unlimited fungible and non-fungible tokens. On the other hand, ERC-721 tokens standard only produces non-fungible tokens, which means that developers need to deploy a new smart contract for each new token.

Developers will use the ERC-1155 token standard to deploy a single smart contract and then mint new tokens in seconds. They will keep using the one smart contract indefinitely, minting an unlimited number of fungible and non-fungible tokens.

Users can also send batch transfers of multiple fungible and non-fungible tokens using ERC 1155 in one go:

batch transfers of multiple fungible and non fungible tokens using ERC 1155

Additionally, users can also swap any amount of tokens easily and efficiently by following these steps-

swap any amount of tokens easily

There are various advantages associated with using ERC-1155 when compared to other token standards like ERC-20 and ERC-721. It allows developers to consolidate the logic in one contract and build an ecosystem around a single address. It also enables users to execute batch transfers in the same contract, and all of this is possible at much lower costs.  The primary idea behind ERC-1155 is that a single smart contract can govern an infinite number of tokens.

Answerd on:2022-01-23 Answerd By:Suresha-N

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