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tokenownership721vs1155.md

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Key Differences Between ERC-721 and ERC-1155 for Token Ownership of ERC-721 and ERC-1155 ERC-721

  1. Token Ownership of ERC-721 Tokens:

    Single Token Ownership: Each ERC-721 token represents a single unique asset. Ownership is tracked individually, and each token has a unique ID. Individual Transfers: Each transfer operation in ERC-721 involves a single token being moved from one address to another. Use Case: Ideal for non-fungible assets like art, collectibles, and real estate, where each token needs to be distinctly identified and managed.

  2. Token Ownership of ERC-1155 Tokens:

    Batch Operations: ERC-1155 can hold multiple types of tokens, both fungible and non-fungible. This allows for batch operations, meaning multiple tokens can be transferred in a single transaction. Efficiency: More gas-efficient than ERC-721 when dealing with multiple tokens, as batch transfers reduce the overall cost. Use Case: Suitable for gaming items, where multiple fungible items (e.g., in-game currencies) and non-fungible items (e.g., rare collectibles) are managed within a single contract.

ERC-1155

  1. Token Ownership of ERC-721 Tokens:

    Compatibility: ERC-1155 can hold ERC-721 tokens, but it generally requires additional logic to manage unique IDs and metadata separately. Flexibility: Offers flexibility in managing different types of tokens within the same contract, but handling true non-fungible assets like ERC-721 might involve some complexity.

  2. Token Ownership of ERC-1155 Tokens:

    Batch Transfer: ERC-1155 excels in scenarios where batch operations are frequent. This reduces gas fees and simplifies the management of multiple tokens. Unified Interface: A single interface to manage both fungible and non-fungible tokens, making it easier for developers to implement and manage different types of assets.

Comparison and Use Cases

Gas Efficiency:

ERC-721: Higher gas costs due to individual transactions for each token.
ERC-1155: More gas-efficient due to batch operations, especially when transferring multiple tokens.

Complexity and Flexibility:

ERC-721: Simpler for applications strictly dealing with unique non-fungible assets.
ERC-1155: More complex but provides greater flexibility for applications needing both fungible and non-fungible tokens.

Common Use Cases:

ERC-721: Digital art, unique collectibles, real estate, and any scenario where uniqueness and individuality are critical.
ERC-1155: Gaming items, mixed asset platforms, and any scenario requiring efficient management of both fungible and non-fungible tokens.

ERC-721 non fungible token standard