Quick Facts
- Semi-fungible tokens (SFTs) are built on the multi-token standard of ERC-1155.
- SFTs are a more convenient and scalable alternative to NFTs for game economies.
- SFTs allow batch processing in a single transaction for sales and purchases.
Introduced in 2018, SFTs combine the potential of both fungible and non-fungible tokens using the ERC 1155 standard. At present, SFTs are appropriate for digital fashion items, gaming objects, virtual assets, and memberships.
With SFTs, trading and exchanging virtual assets have become easier than before. To better understand the concept, learn more about
ERC 1155 token standard is now improving a variety of industrial applications, such as the gaming sector, monetization, virtual marketplaces, etc.
How does ERC 1155 work?
ERC 1155 enables multiple items that can easily be safeguarded in a single smart contract. Multiple items can easily be sent with a single transaction to one or more recipients, saving on transaction fees.
ERC 1155 offers several commanding features, including an infinite number of tokens, semi-fungible tokens, and safe transfer. It also removes the requirement for individual tokens.
Benefits of ERC-1155
Efficient Transaction
ERC 1155 allows the easy transfer of multiple tokens in a single transaction. This reduces transaction costs and saves time compared to independent transactions for different token standards.
Flexibility
ERC 1155 supports multiple numbers of tokens in a single smart contract. It enables developers to develop and manage multiple tokens for a variety of uses without deploying separate contracts.
Reduced Redundancy
Starting from ERC 1155, every token requires its smart contract, promoting unnecessary redundancy and inefficiency. By allowing multiple tokens in a single contract, ERC minimizes redundancy and conserves space and resources.
Safe Transfers
ERC 1155 allows safe transfer enabling features where tokens can easily be reclaimed if sent to the wrong address. This feature provides an additional layer of security and protection compared to other token standards.
Simplified Approvals
With ERC 1155, users do not need to allow individual tokens separately. It results in fewer transactions by streamlining the user experience.
What are the effective use cases for ERC 1155?
Gaming
ERC 1155 is useful for the gaming industry, where a multitude of game items can be represented in the form of tokens. Using ERC-1155, these game items like weapons, skins, and currencies can be stored more efficiently.
Decentralized Autonomous Organizations (DAOs)
DAOs mostly require fungible, semi-fungible, and non-fungible tokens. ERC 1155 is effective in DAO operations and enables multiple token management in a single contract.
Digital Art and Collectibles
ERC 1155 employs the creation and management of digital art and collectible tokens with different levels of rarity and editions. Artists can benefit from the high flexibility and efficiency offered by token standards.
Tokenized Real-World Assets
ERC 1155 works to represent tokenized real-world assets like real estate, intellectual property, and precious metals. These assets can be easily managed with a single smart contract using fungible or non-fungible tokens. It makes transfers more secure and trades more efficient.
Reward and Loyalty Programs
The ERC 1155 standard ensures the development of reward and loyalty programs for companies. By employing these single smart contracts, businesses can easily streamline their redemption processes.
Digital Fashion
ERC 1155 standards improve personalization and characteristics by embracing dynamic digital fashion. This helps creators expand the market with customizable virtual goods that allow for personalized experiences.
Genesis SFT: ERC 1155
Adidas Originals is another example of SFT membership into Metaverse ERC 1155 standards. Holders can easily redeem their exclusive physical goods from athleisure giants. From Phase 1 ERC 1155 SFT receives three exclusive items of physical merchandise.
A List of 10 Projects Using ERC 1155 Standards
Enjin
Enjin is a blockchain gaming platform that employs ERC 1155 for creating and managing digital assets for games and other virtual experiences.
Horizon Games
Horizon is a gaming development company that uses ERC 1155 in Skyweaver, a trading card game built on the Ethereum blockchain.
OpenSea
OpenSea is among the most popular NFT marketplaces that supports ERC 1155 and allows multiple trading for different tokens easily and seamlessly.
Rarible
Rarible is a decentralized non-fungible tokens marketplace that allows creators and collectors to mint, buy, and sell NFTs supporting ERC 1155 standards.
The Sandbox
Sandbox is a gaming platform and virtual world where users can easily buy and sell their digital assets using ERC 1155.
Decentraland
Decentraland is a decentralized virtual world that enables users to build, explore, and interact using digital assets powered by ERC 1155 standards.
Gods Unchained
Gods Unchained is an advanced blockchain-based trading card game that employs ERC 1155 by managing in-game assets.
Axie Infinity
Axie Infinity is a popular blockchain gaming platform that uses ERC 1155 to manage all digital collectibles and in-game assets.
Parallel Alpha
Parallel Alpha is a sci-fi collectible card that uses ERC 1155 standards for NFT development centralized applications to create sets of cards with built-in rarity, quantity, and requirements.
SuperRare
SuperRare is an NFT marketplace that focuses on unique digital arts. Enabling ERC 1155 allows seamless integration and trading of various token types.
Present Applications of ERC 1155
At present, there are diverse platforms that are actively using ERC 1155 token standards. ERC 1155 is an advanced way to develop semi-fungible tokens. With ERC 1155 standards, multiple transfers can easily settled in a single transaction. Development of diverse functionality is possible with ERC 1155, such as atomic swaps and escrows.
Atomic Swap of Multiple Tokens
ERC 1155 standards help save Ethereum development services gas fees. It ensures the entire batch gets transacted in two simple steps. ERC 1155 contracts allow easy transfer of items to multiple recipients.
Single transfer of multiple tokens
ERC1155 allows the transfer of different types of items using a single contract and transaction. It ensures smooth, efficient, and error-free transfers by removing redundancies.
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who are helping businesses adopt, implement and integrate blockchain solutions to achieve business excellence. Having successfully delivered 1000+ projects to clients across 150+ countries, our team is dedicated to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to offer world-class blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.
