Difference between ERC720 and ERC1155
Learn about the key concepts of ERC720 and ERC1155 along with the basic dis-similarities among them.
Let's start our understanding with the concept of Ethereum Request for Comment(ERC) which basically means the implemented standard for fungible or non-fungible tokens created using the Ethereum blockchain.
When it comes to non-fungible tokens (NFTs), there are two major protocols that have emerged in the space: ERC721 and ERC1155. Both of these standards allow for the creation and management of NFTs on the Ethereum blockchain, but there are some key differences between the two.
What is ERC721 ?
ERC721 was the first major NFT standard to emerge and is currently the most popular protocol for NFTs. It was created in 2017 by the team at the Ethereum development studio ConsenSys. ERC721 tokens are unique and non-fungible, meaning that each NFT token is linked to different owners and has its own token ID or metadata that makes them unique.
ERC721 tokens are often used for collectibles, such as digital art or in-game items. One of the most popular examples of an ERC721 token is Cryptokitties, a virtual pet game where each kitty is a unique NFT. ERC721 tokens can also be used for other purposes such as identity verification, ticketing, and loyalty programs.
Drawbacks of ERC721 :
Individual smart contract types are required for each token type.
No support for batch transfer.
Only helps in the creation of non-fungible tokens .
Impossible to revert the transaction after transferring assert to wrong address.
What is ERC1155 ?
ERC1155 is a newer standard that was created in 2018 by Enjin, a gaming company that specializes in blockchain technology. ERC1155 tokens are also unique and non-fungible, but unlike ERC721 tokens, they can be fungible (interchangeable) or non-fungible which enables the efficient transfer of tokens in a single transaction . This means that ERC1155 tokens can be used for both collectibles and more traditional assets such as currency or commodities.
One of the significant reasons for the popularity of ERC1155 are the drawbacks of ERC721.
Advantages of ERC1155 :
It supports multiple functions in a single smart contract.
Allows transferring of multiple assets in one smart contract with limited network congestion and lower transaction costs.
Safe transfer function enables verification of transaction validity and reverses the transactions.
It is also useful for DeFi applications in more flexibility and code execution, due to the additional code built .
Conclusion:
Overall, ERC721 and ERC1155 are both valid standards for NFTs. The main difference between the two is that ERC721 tokens are non-fungible and ERC1155 tokens can be either fungible or non-fungible. ERC721 is more popular for collectibles, while ERC1155 is more popular for traditional assets such as currency or commodities.
If you have any questions or suggestions, feel free to reach out to me! 😊
🕊️Twitter : twitter.com/DMohindar
📩 Email : d.mohindar1999@gmail.com
🔗LinkedIn : linkedin.com/in/mohindar-amarnadh-b77a28150