ERC-1155 is a versatile token standard on the Ethereum blockchain. It allows for the creation and management of multiple token types, both fungible and non-fungible, within a single smart contract.
Developed by Enjin, ERC-1155 combines features from ERC-20 and ERC-721, providing greater efficiency and flexibility for decentralized applications.
ERC-1155 supports the transfer of multiple token types in a single transaction using the safeBatchTransferFrom function. This reduces gas costs and increases transaction efficiency. It is ideal for applications that require moving various assets at the same time.
The standard introduces semi-fungible tokens. These tokens start as fungible but can become non-fungible under certain conditions. This is useful for interchangeable items initially but gains unique properties later, such as limited edition collectibles.
A single ERC-1155 contract can simultaneously manage fungible and non-fungible tokens. This simplifies token management and streamlines interactions within decentralized applications, especially in gaming and digital collectibles.
By enabling batch operations and consolidating multiple token types into one contract, ERC-1155 significantly reduces the gas costs associated with deploying and transacting tokens. This optimization makes it more cost-effective compared to using separate ERC-20 and ERC-721 contracts.
ERC-1155 allows multiple token IDs to exist within a single smart contract. Each token type is identified by a unique ID. Actions like transfers and approvals can be performed on multiple tokens at once. Key functions include:
safeTransferFrom: Transfers a specific amount of a single token type.safeBatchTransferFrom: Transfers multiple token types and amounts in one operation.uri: Retrieves metadata associated with a token ID.This structure enhances scalability and interoperability across various token types, making ERC-1155 ideal for complex applications requiring diverse asset management.
ERC-1155 is beneficial in gaming environments. It manages various in-game items, such as currencies, unique collectibles, and limited-edition items. This enables efficient asset management and seamless transactions within the game ecosystem.
Artists use ERC-1155 to manage digital art collections. It allows for handling both limited editions and unique pieces within a single contract. This streamlines the creation, distribution, and trading of digital artworks.
Decentralized Finance (DeFi) platforms leverage ERC-1155 to manage various fungible tokens within their ecosystems. This standard enables the creation of complex financial instruments and facilitates efficient transactions.
ERC-1155 can represent both unique items and bulk goods within supply chain systems. This dual capability allows for comprehensive tracking and management of diverse assets throughout the supply chain.
By enabling the transfer of multiple token types in a single transaction, ERC-1155 speeds up operations and reduces gas fees. This efficiency is crucial for applications that handle large volumes of transactions or diverse asset types.
While ERC-1155 is effective in gaming, its adaptability extends to various industries. It supports a wide range of token types, making it suitable for applications in digital art, finance, supply chain, and more.
Before ERC-1155, managing multiple token types required deploying separate contracts for each standard. This led to redundancy. ERC-1155 consolidates these functions into a single contract, simplifying development and maintenance.
ERC-1155 includes safety features that prevent tokens from being accidentally sent to unsupported contracts. The transfer functions ensure that tokens are only sent to compatible addresses, reducing the risk of loss.
Unlike ERC-20 and ERC-721, ERC-1155 supports fungible, non-fungible, and semi-fungible tokens within the same contract. This comprehensive support enhances the functionality and applicability of the standard across different use cases.
This hybrid approach allows ERC-1155 to offer greater flexibility and efficiency, especially in applications requiring multiple token types.
Enjin uses ERC-1155 to power its digital asset and virtual economies ecosystem. The platform focuses on creating NFTs and Web3 assets for blockchain-based games, enhancing the gaming experience with efficient asset management.
OpenSea, a leading NFT marketplace, leverages ERC-1155 to enable multiple creators within a single contract. This fosters collaboration and expands the range of available digital assets, enhancing the marketplace's diversity.
OpenZeppelin offers blockchain security products that utilize the ERC-1155 standard. Their implementations ensure secure and efficient token management for developers.