Ethereum is currently considered one of the most powerful blockchain platforms in the Crypto market. One of the most impactful elements of Ethereum is encouraging innovation by allowing developers to build new standards or their own applications. ERC 1155 is one of the standards associated with the growing popularity of NFTs and its applications. So what’s special about ERC 1155? Let’s find out with the Weakhand team in this article.
What is ERC 1155?
Introducing ERC 1155
ERC 1155 is a standard on Ethereum used to create tokens similar to ERC 20 and ERC 721 but can represent many different types of assets including fungible or non-fungible assets. This creates richer applications especially in Gamefi, Metaverse projects including the issuance of tokens capable of containing various features such as in-game digital assets and their limited editions.
Here is an example of an NFT using the ERC 1155 standard:
In a digital asset game where each card is a unique token issued on the Ethereum blockchain. Each of these ERC-1155 tokens can represent a type of card and through their creation and distribution of limited editions can create value and scarcity in the game. This can help gamers collect and play games with a better experience and help developers create highly flexible digital asset applications.
What is ERC 1155
History of ERC 1155
ERC 1155 was proposed by Enjin developers in July 2018 as an improvement proposal to EIP 1155 and after many revisions by the community, ERC 1155 is officially recognized as the next standard for NFTs on Ethereum.
How Does ERC 1155 Work?
The main motivation behind the introduction of ERC 1155 is to solve a major challenge that developers and players face during gaming. There are many other applications of ERC 1155 outside of the Gamefi realm, but Gamefi is a great case in point to understand how ERC 1155 works.
In a multiplayer online game, there are tens of thousands of items including: armor, weapons, shields,… that players can collect and exchange with each other. Some items like coins are fungible while others like armor, swords, etc. are non-fungible and all of these items are represented as an NFT.
ERC 1155 uses a Smart Contract to manage many items in the game
Before the appearance of ERC 1155, each type of NFT needed a separate Smart Contract, meaning that in a game with 1000 different types of items, 1000 corresponding Smart Contracts were needed. This creates unnecessary redundancy as developer Witek Radomski points out, like needing a different phone for each app the user uses.
With ERC 1155, users can store multiple items in the same smart contract, and they can all be sent in one transaction to one or more recipients. This means a user can send a sword, 200 coins to 2 different people in just one transaction.
Benefits of ERC 1155 for NFTs
With ERC 1155, NFTs will receive many benefits including:
- Effective trading: ERC-1155 allows the transfer of multiple token types (fungible, non-fungible) in a single transaction. This efficiency reduces costs and transaction times compared to using separate transactions for different token standards.
- Flexibility: ERC-1155 supports a multitude of tokens in a single smart contract. This flexibility allows developers to create and manage multiple different tokens for different use cases without needing to deploy separate contracts for each type of token.
- Reduce redundancy: Before ERC-1155, each token type required its own smart contract, leading to unnecessary redundancy and inefficiencies. By allowing multiple token types in a single contract, ERC-1155 reduces redundancy on the Ethereum blockchain, saving space and resources.
- Safe transfer: ERC-1155 has a secure transfer function that allows tokens to be revoked if they are sent to the wrong address. This feature provides an additional layer of protection compared to other token standards such as ERC-20 and ERC-721.
Difference Between ERC 721 and ERC 1155
|
|
ERC 721 |
ERC 1155 |
|---|---|---|
|
Meeting day |
January 28, 2018 |
July 2018 |
|
Supported Token Type |
Non Fungible Tokens |
Non Fungible and Fungible Token |
|
Batch transfer |
Are not |
Have |
|
Transaction speed |
Faster |
Slower |
|
Uses |
Use in collections |
Use in Gaming projects |
|
NFT approval |
Require user approval when transferring NFTs |
Bulk transfers without user approval |
|
Project |
CryptoPunks, BAYC, Doodles,…
|
Enjin, Axie Infinity,… |
Although ERC 721 and ERC 1155 are both standards on Ethereum used to create digital assets (NFTs). However, there are differences between ERC 721 and ERC 1155 as follows:
- ERC 721 is a proprietary NFT standard that can represent a single digital asset while ERC 1155 allows the creation of multiple digital assets within the same Smart Contract.
- When creating an NFT, ERC 721 requires assets to be created and confirmed before exchange, while ERC 1155 can create new asset numbers within the scope of smart contracts.
- ERC 721 does not support data chain shipping for multiple digital assets, while ERC 1155 supports data chain shipping in a single transaction.
Application of ERC 1155
- Blockchain Games: ERC 1155 is used to create and manage digital assets in blockchain games. For example, Axie Infinity and The Sandbox use ERC 1155 to manage many different types of digital assets in a single smart contract.
- Digital assets: ERC 1155 is used to manage digital assets such as real estate, digital art, and virtual assets.
- NFT Marketplace: Marketplaces such as Opensea, pandemic.
- Decentralized Organization (Dao): ERC-1155 is especially beneficial for DAOs that operate primarily on-chain, as it allows for the management of multiple token types within a single contract.
Some Projects Use ERC 1155
ERC 1155 is used by many projects in different fields in the Blockchain world. Here are some popular projects applying the ERC 1155 standard:
- Enjin: Enjin is a blockchain gaming platform leveraging ERC 1155 to create and manage digital assets for games and other virtual reality experiences.
- The Sandbox: Is a Metaverse platform where users can buy or sell in-game digital assets, all using the ERC 1155 standard.
- Decentraland: Is a Metaverse platform where users can build, explore and interact with digital assets that apply the ERC 1155 standard.
- Axie Infinity: As a game that started the Play To Earn game movement, Axie Infinity uses the ERC 1155 standard to manage in-game assets.
- …
summary
ERC 1155 is a flexible standard for NFTs and opens up many new use cases for NFTs especially in the Gaming sector. The future of ERC 1155 is still very big at the present time, hopefully through this article everyone will have interesting knowledge about ERC 1155.
