ERC-1155

ERC-1155 Definition: A flexible token standard on the Ethereum blockchain that supports managing multiple asset types, like gaming items, within a single smart contract.

ERC-1155 is a multi-token standard on the Ethereum blockchain, designed to allow a single smart contract to manage multiple token types—both fungible and non-fungible.

To understand its significance, it’s important to distinguish between these two token categories:

• Fungible tokens, like Ethereum’s Ether or ERC-20 tokens, are interchangeable and hold equal value.
• Non-fungible tokens (NFTs) are unique and not interchangeable on a one-to-one basis, similar to physical collectibles.

Before ERC-1155, Ethereum primarily used ERC-20 for fungible tokens and ERC-721 for non-fungible tokens, each requiring a separate smart contract. This approach led to inefficiencies, consuming more blockchain space and incurring higher gas fees.

ERC-1155 resolves these issues by allowing multiple token types to be managed under a single contract, reducing costs and optimizing storage. This flexibility is particularly useful in industries like gaming, where fungible tokens (e.g., in-game currency) and non-fungible tokens (e.g., rare items) coexist. The unified structure simplifies trading and improves the user experience.

Key Features of ERC-1155:

1. Batch Transactions: Enables multiple tokens of different types to be sent to multiple recipients in one transaction, cutting gas costs and speeding up processes—ideal for airdrops or mass distributions.
2. Granular Token Control: Developers can define rules for minting, burning, and transferring tokens.
3. Metadata Integration: Tokens can include metadata, linking to off-chain details or descriptions.

Applications:
ERC-1155 is widely used beyond gaming. Art platforms tokenize limited editions (fungible) and unique pieces (non-fungible), while real estate projects use it to represent both divisible assets (property shares) and indivisible ones (specific properties).

While ERC-1155 offers efficiency and versatility, its implementation requires a deep understanding to ensure proper management of diverse token types under a single contract.