NFT : Token Standards ( ERC-20 , ERC-721 , and ERC-1155 ) ERC stands for Ethereum Request for Comments. But what are ERC-20, ERC-721 and ERC-1155? ![[Pasted image 20211208134627.png]] These standards have a great impact on the development of the ongoing NFT schemes. ### ERC-20 (2015) : - It introduces the concept of fungible tokens that can be issued on top of Ethereum once satisfying the requirements. - ERC-20 is a fungible token used for identical entities - The standard makes tokens the same as another one (in terms of both type and value). - An arbitrary token is always equal to all the other tokens. - This stimulates the hype of Initial Coin Offering (ICO) from 2015 to present. - Creating stablecoins (Tether, USDC and DAI are a few of the prime examples), ICO (Initial Coin Offering), ### ERC-721 (2018) : - It introduces a non-fungible token standard that differs from the fungible token. - This type of token is unique that can be distinguished from another token. - It provides a unique opportunity for creating a marketplace for artists, gamers or basically anyone who has something valuable or unique to sell - Further, the tokenId can be used as an input to generate special identifications such as images in the form of zombies or cartoon characters ### ERC-1155 (Multi Token Standard) (2019) : - It extends the representation of both fungible and non-fungible tokens. - To sum up, ERC-1155 is the hybrid between ERC-20 and ERC-721 - It provides an interface that can represent any number of tokens. - In previous standards, every tokenId in contact only contains a single type of tokens. For instance, ERC-20 makes each token type deployed in separate contracts. - ERC-721 deploys the group of non-fungible tokens in a single contract with the same configurations. In contrast, ERC-1155 extends the functionality of tokenId, where each of them can independently represent different configurable token types. - ERC-1155 is the Secure Token Transfer Due to its unique utilities, we can foresee more and more projects taking on the ERC-1155 standard.