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DIFFERENCES BETWEEN ERC-1155 & ERC-721

Introduction

In the blockchain landscape, ERC-721 and ERC-1155 stand out as token standards for smart cont



ract deployment, specifically designed for tokens with unique attributes or metadata.

While ERC-721 pioneered the standardization of NFTs, ERC-1155 represents the next evolutionary step. What distinguishes ERC-1155 is its capability to facilitate the simultaneous transfer of multiple token types. In contrast to ERC-721 and ERC-20, where separate contracts are necessary for each token, ERC-1155 simplifies this process, eliminating the need for individual contract approvals. This results in reduced transaction costs and faster execution times.

Renowned as the gold standard for NFTs, ERC-721 mandates individual contracts for each token, making the process slower and more costly. However, this individuality allows for customized preferences and heightened security. In contrast, ERC-1155 optimizes efficiency by enabling the concurrent transfer of various tokens, presenting an appealing alternative to the established ERC-721 standard.

Benefits of ERC-1155

ERC-1155 introduces several noteworthy features that set it apart in the blockchain space:

- Conversion of Semi-Fungible Tokens: ERC-1155 facilitates the distribution of semi-fungible tokens, allowing the conversion of a fungible token into an NFT and vice versa.

- Deployment of Multiple Token Types: Users can deploy an array of token types (NFTs, fungible, and semi-fungible) within a single smart contract, enabling vast token transfers in a singular transaction.

- Efficient Token Transfers: By grouping numerous token IDs in one transaction, ERC-1155 streamlines fund and token transfers, minimizing the impact on the blockchain and enhancing transaction speed.

- Transaction Security: ERC-1155 smart contracts include a function to verify the validity of transactions. If a transaction cannot be processed, the tokens automatically return to the issuer's wallet, preventing transfers to incorrect addresses.

- Cost-Efficient Gas Fees: Implementing an individual contract for multiple tokens under ERC-1155 can reduce gas fees by up to 90%, offering a more cost-effective solution.

- Dynamic Metadata: In contrast to ERC-721's static metadata, ERC-1155 supports dynamic metadata with the ability to maintain numerous URI codes.

While ERC-1155 gains traction, ERC-721 and ERC-20 remain dominant, each excelling in specific use cases. ERC-1155, tailored for simultaneous token releases and the inclusion of diverse token types, prioritizes efficiency over exhaustive information storage to save time and reduce transaction costs. Despite its progress, there's room for further advancement in the ERC-1155 standard.


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