ERC 721 and ERC 1155 — What Are The Differences?
With the growing popularity of NFTs, the ERC 1155 and ERC 721 topic has become a controversial concern. Let’s dive in to understand the differences between ERC 1155 and ERC 721.
ERC 721 Explained
What is ERC 721?
ERC 721 is an NFT standard written in Solidity language on the ETH blockchain. It was created by William Entriken, Dieter Sherley, Jacob Evans, and Natassia Sachs in 2018. ERC 721 was the first standardized interface for creating NFTs, which allows developers to tokenize ownership of any arbitrary data, aiming to create interchangeable tokens.
ERC 721 Characteristics
In addition to being completely unique, here are some of the additional feature specifications of ERC 721:
- ERC 721 allows users to transfer NFTs between accounts, allowing NFTs to be traded for other currencies.
- ERC 721 allows users to identify the total supply of a set of NFTs on the network.
- ERC 721 allows users to query for the owners of a specific asset.
ERC 1155 Explained
What is ERC 1155?
ERC 1155 is an improved standard beyond ERC 721. It facilitates the creation of both kinds of tokens including fungible and non-fungible tokens, aiming to create a smart contract interface representing both types. Developed by Enjin, it is called “the next generation multi-token standard”.
ERC 1155 Characteristics
Below are some of the additional feature specifications of ERC 1155 token standard:
- It has an effective transfer, which means the ERC 1155 token standard allows users to make massive transfers natively of the tokens within a smart contract.
- There could be multiple tokens in a single contract. Each ERC 1155 token describes the existence and operation of both the fungible and non-fungible token types.
- It secures the transfer of tokens. ERC 1155 token standard includes a function that checks whether a transaction is valid or not.
Comparisons between ERC 721 and ERC 1155
The ERC 1155 token standard might see much more prominent use than the ERC 721 in the near future, thanks to its additional features. In order to provide readers with a clearer understanding about ERC 721 and ERC 1155, below is the basic comparison between the two token standards. Differences between the two token standards are about smart contract, ease of use, batch transfers, the support for semi-fungible tokens, and security of the assets.
The first factor in comparison of ERC 721 and ERC 1155 refers to the smart contract. While the ERC 721 token standard produces NFTs solely and forces developers to create a smart contract for each token, the ERC 1155 allows developers to develop a single smart contract that can be used to mint fungible tokens or NFTs.
Ease of use
The second pointer in the difference between ERC 721 and ERC 1155 is the ease of use. With the ERC 721 token standard, individual transactions and smart contracts are required for each token type. However, with the ERC 1155, single and smart contracts can support multiple functions.
The third pointer in the difference between ERC 721 and ERC 1155 draws the limelight on flexibility for the batch transfers, which are used to eliminate errors and save time when performing multiple functions. However, the ERC 721 token standard provides no support for this function. While in the ERC 1155 token standard, users can use a single, smart contract for batch transfers.
Support for Semi-fungible tokens (SFTs)
Just as the world started experimenting with the uses of non-fungible tokens, everyone is gearing up to welcome the semi-fungible tokens. While most of the non-fungible tokens are built on ERC 721 token standard, the ERC 1155 supports the conversion of fungible tokens to NFTs and vice versa.
Security of assets
In the ERC 721 token standard, it is impossible to revert transactions after transferring assets to the wrong address. With ERC 1155, the safe transfer function enables verification of transaction validity and reverses the transactions.
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Disclaimer: The information herein is for educational purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.