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ERC1155 Tokens

The ERC1155 token is a token standard in the Ethereum network that combines the principle of fungible- with that of non-fungible tokens. This can range from cryptocurrencies to digital real-estate to in-game assets.

An ERC11550 token can consist of both cryptocurrencies and NFTs. It is remarkable that ERC1155 tokens can be changed. With an ERC721 token, an NFT, such as a CryptoPunk, users can’t make any changes. For example, users cannot suddenly change the background or update their digital art. However, users can make adjustments with an ERC1155 token. This change is visible to the entire network to ensure the transparency of the blockchain.

In essence, ERC1155 tokens combines different types of tokens. Think of fungible, non-fungible but also semi-fungible. An ERC1155 token can therefore do the same as an ERC20 token and ERC721 token, but slightly better. You can best think of this as an umbrella folder on your computer, in which several separate files exist. This master folder is an ERC1155, while the files in this folder can be both ERC20 tokens and ERC721 tokens. You can therefore partially modify this ERC1155 token. So, you can keep a crypto portfolio and NFTs all in one folder.

Features ERC1155 Token #

Like any other token standard, this ERC1155 token has many features that make it unique. These characteristics ensure that there are more and more applications, both in crypto and in the physical world.

Batch Shipping #

Users can send several digital assets in one transaction. Thus, all files are housed under this ERC1155 token standard. It can best be compared with using zip files. Packing and bundling different files and then sending them. This also saves gas fees in Ethereum’s overpriced network.

Batch Balance #

As an investor, you may use trackers such as FTX (formerly Blockfolio) or Delta to see your balance. This way you don’t have to look at each investment individually and then make the sum yourself. By batching this fungible, semi-fungible and non-fungible asset under one name, you get the balance of your batch at a glance. For example, if you own a valuable NFT, but you also have investments in your portfolio, you can consult the balance of everything together here.

Batch Approval #

Every transaction must be checked and validated, which is inherent to the decentralized nature of blockchain technology. By batching these digital assets, all these assets can be approved in one go. It’s all or nothing here. Your entire batch is therefore approved or rejected, this does not happen on the basis of individual assets.

Updated on June 27, 2022
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*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.