ERC-721 and ERC-1155

ERC-721 and ERC-1155 are both token standards used for creating non-fungible tokens (NFTs) on the Ethereum blockchain. However, they have some differences in terms of functionality and use cases.

ERC-721 is a standard for creating unique, non-fungible tokens. Each ERC-721 token represents a unique asset, such as a collectible or a unique piece of digital art. Each token has a unique identifier that distinguishes it from other tokens in the same contract. This means that each ERC-721 token is distinct and cannot be exchanged for another token.

ERC-1155, on the other hand, is a standard for creating both fungible and non-fungible tokens. This means that ERC-1155 tokens can be used to represent both unique and interchangeable assets. Each ERC-1155 contract can create multiple token types, and each token type can be either fungible (identical to every other token of the same type) or non-fungible (unique). This makes ERC-1155 more flexible than ERC-721, as it allows for a wider range of use cases.

In terms of use cases, ERC-721 tokens are commonly used for creating digital collectibles, unique game items, and digital art, while ERC-1155 tokens are often used in blockchain-based gaming, where they can represent both fungible in-game currencies and non-fungible game items.

ERC-1155 is designed to allow batch transactions of multiple token types within a single contract, whereas ERC-721 does not support batch transactions.

Overall, the choice between ERC-721 and ERC-1155 depends on the specific use case and requirements of the project.

Key differences

• ERC-1155 permits the creation of both semi-fungible tokens and non-fungible tokens, whereas ERC-721 permits only the latter.

• In ERC-1155, smart contracts are linked to multiple URIs and do not store additional metadata (such as file names). In comparison, ERC-721 only supports static metadata stored directly on the smart contract for each token ID, increasing deployment costs and limiting flexibility.

• ERC-1155’s smart contracts support an infinite number of tokens, whereas ERC-721 needs a new smart contract for each type of token.

• ERC-1155 also allows batch transfers of tokens, which can reduce transaction costs and times. With ERC-721, if you want to send multiple tokens, they happen individually.