ERC-1155 NFTs Released

Release Notes

I’m proud to inform that the ERC-1155 smart contract type has now been made available on the Launchifi platform. ERC-1155 is a flexible token standard that enables the simultaneous transfer of various token kinds, making it a very helpful tool for developers creating intricate Ethereum applications.

What is ERC-1155

The two most common token standards on Ethereum before ERC-1155 were ERC-20 for fungible tokens and ERC-721 for non-fungible tokens. Several token kinds could be transferred in a single transaction, but they could not be included in the same smart contract, which rendered it ineffective and expensive. ERC-1155 fills this gap by combining the two token standards and allowing for the quick transfer of both fungible and non-fungible tokens in a single transaction.

Inspiration Behind the Standard

ERC-1155’s original inspiration included addressing difficulties experienced by players and producers of blockchain games. Tens of thousands of items, including armor, weapons, skins, coins, badges, and more, may be available for players to collect and exchange in massively multiplayer online games (MMOs). Certain things, like coins, are fungible; other things, like a sword, are not. Before ERC-1155, each thing needed its own smart contract, which resulted in pointless redundancy and was a wasteful use of resources (both physical and financial).

Use Cases

Several objects can be kept together in a single smart contract using ERC-1155, and any number of items can be delivered to one or more receivers in a single transaction. Developers that are creating intricate apps that need the transfer of many token types will find this to be of great utility. Consider a decentralized exchange where people can trade fungible and non-fungible tokens. The ERC-1155 standard makes it significantly simpler for developers to construct and maintain their applications by allowing them to design a single smart contract that manages both kinds of tokens.

Benefits

At Launchifi, we allow anyone to create and distribute smart contracts to the network. We are enabling developers to construct complicated apps on Ethereum and allowing them to transfer several types of tokens in a single transaction by introducing the ERC-1155 smart contract type. This might lead to huge cost reductions and more effective use of blockchain space.

Conclusion

To sum up, ERC-1155 is a strong tool that makes it possible to transfer fungible and non-fungible tokens effectively in a single transaction. We are pleased to have it available on Launchifi because it is tremendously helpful for developers who are creating intricate applications on Ethereum. Our community of developers will undoubtedly create some cutting-edge applications using ERC-1155, and we are eager to continue assisting in the expansion of the Ethereum ecosystem.

Get Started with Launchifi

Launch your Smart Contract projects at speed with our no code tools.