What is ERC-1155 Token Standard?

ERC-1155, a standard implemented on the Ethereum blockchain, is designed to enhance the creation and management of digital assets. Enjin, a blockchain gaming company, proposed this standard.

Unlike previous Ethereum token standards such as ERC-20 and ERC-721, which could only handle one type of token (fungible and non-fungible, respectively), ERC-1155 stands out because it can manage multiple token types within a single contract. This simplifies complexity and improves efficiency in interactions.

While ERC-20 tokens are fungible, like real-world currency, and ERC-721 tokens are non-fungible, representing unique items or assets, ERC-1155 combines both functionalities. It allows for the creation of both fungible and non-fungible tokens within a single smart contract, each identified by an ID. This consolidation reduces the data and code required for token transactions, resulting in lower gas fees and more gas-efficient operations.

The versatility of ERC-1155 makes it well-suited for various use cases, especially in the gaming and digital collectibles sectors. In a gaming ecosystem, for example, a single ERC-1155 contract could govern various types of tokens, including game currency, unique characters, weaponry, skins, and more.

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