NFT Standards

Standards

NFT.Orb3 offers two (2) different types of NFT creation paths: ERC-721 and ERC-1155. There are some important differences to be taken into consideration before choosing one or the other.

ERC-721

ERC-721 is representing the Single Token Minting Standard, which means each NFT created is unique. These characteristics make them rare and collectables.

The recent NFT hype is often credited to the emergence of ERC-721, which basically introduced a standard for building NFTs on the blockchain. It also provides some of the functionalities to NFTs and helps to make NFT transactions possible from one account to another.

The minting, selling, and trading of ERC-721 NFTs have to meet strict criteria determined by a smart contract.

Due to these attributes it is still currently the most popular token standard for NFTs.

ERC-1155

ERC-1155 is representing the Multiple Token Minting Standard, which sets the stage for multi-token management and transactions. With ERC-1155, single deployed contracts can include varied combinations of non-fungible tokens.

This can largely reduce the amount of data required to distinguish one token from another and ultimately result in reducing the network congestion and largely reduce the gas fees. While ERC-721 allows tokenized assets to be transferred from wallet to wallet, this process is slow and has to be done one at a time. ERC-1155 seeks to address this issue, allowing collections of NFTs to fall under a single, smart contract.

It’s been described as “the next generation multi-token standard.”