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Let's keep this one short and sweet, everyone. In this article, we will discuss the similarities and differences between the ERC721 and ERC1155 token standards. ready? Let's get started.
What are an ERC721 and ERC1155?
ERC721 and ERC1155 are both Ethereum token standards that are used to create non-fungible tokens (NFTs) on the Ethereum blockchain.
ERC721
An ERC721 token is a type of digital asset that represents ownership of a specific good or piece of content, such as a digital collectible, a work of art, or digital real estate. They are non-fungible because each ERC721 token has a unique identification number and is not interchangeable with any other token.
ERC1155
The ERC1155 token standard, on the other hand, is more adaptable and allows for the creation of both fungible and non-fungible tokens within the same smart contract. As a result, you can create a single smart contract that issues multiple token types, each with its own unique set of attributes and values. Another feature of ERC-1155 is atomic swaps, which can be used to exchange multiple types of tokens in a single transaction.
To summarize, ERC721 tokens represent ownership of a specific, unique digital asset, whereas ERC1155 tokens enable the creation of both unique and interchangeable digital assets within the same smart contract.