What are ERC721 and ERC1155 Tokens
ERC721 tokens are non-fungible tokens (NFTs) that represent one-of-a-kind assets. Each token is unique and cannot be traded for any other ERC721 token. For example, if you develop an ERC721 token that represents a work of art, each token represents a unique work of art that cannot be swapped for another work of art.
ERC1155 tokens, on the other hand, are semi-fungible. They let you create a batch of tokens, each with its own unique ID but identical metadata. This means that each token can be traded for another token from the same batch, but not for a token from a different batch. For example, if you build an ERC1155 token that represents a specific sort of sword in a game, you can produce a batch of 100 tokens, each with its own unique ID but identical metadata (i.e., the same qualities and abilities).
Developing an ERC721 Token
Step 1: Setting up the Remix IDE
- Open the Remix IDE in your web browser by visiting https://remix.ethereum.org/.
- On the Remix IDE interface, you'll find the file explorer panel on the left-hand side. Click on the "+" button to create a new file.
- Name the file "MyToken.sol" (or any name you prefer) and click on "OK."
Step 2: Writing the ERC1155 Token Contract
pragma solidity ^0.8.0;
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
contract ERC721Token {
string private _name;
string private _symbol;
mapping(uint256 => address) private _tokenOwners;
mapping(address => uint256) private _tokenBalances;
constructor(string memory name, string memory symbol) {
_name = name;
_symbol = symbol;
}
function name() public view returns (string memory) {
return _name;
}
function symbol() public view returns (string memory) {
return _symbol;
}
function balanceOf(address _owner) public view returns (uint256) {
return _tokenBalances[_owner];
}
function ownerOf(uint256 _tokenId) public view returns (address) {
address owner = _tokenOwners[_tokenId];
require(owner != address(0), "Token does not exist");
return owner;
}
function mint(address _to, uint256 _tokenId) public {
require(_tokenOwners[_tokenId] == address(0), "Token already exists");
_tokenOwners[_tokenId] = _to;
_tokenBalances[_to]++;
}
function transfer(address _to, uint256 _tokenId) public {
address owner = ownerOf(_tokenId);
require(owner == msg.sender || msg.sender == address(this), "Unauthorized transfer");
_transfer(owner, _to, _tokenId);
}
function _transfer(address _from, address _to, uint256 _tokenId) internal {
require(_tokenOwners[_tokenId] == _from, "Token does not belong to sender");
_tokenOwners[_tokenId] = _to;
_tokenBalances[_from]--;
_tokenBalances[_to]++;
}
}
Step 3: Click on the "Deploy" button to deploy the contract.
After the contract is deployed, you'll see the deployed contract address in the "Deployed Contracts" section.
Developing an ERC1155 Token
Step 1: Setting up the Remix IDE
- Open the Remix IDE in your web browser by visiting https://remix.ethereum.org/.
- On the Remix IDE interface, you'll find the file explorer panel on the left-hand side. Click on the "+" button to create a new file.
- Name the file "MyToken.sol" (or any name you prefer) and click on "OK."
Step 2: Writing the ERC1155 Token Contract
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;
contract ERC1155Token {
mapping(address => mapping(uint256 => uint256)) balances;
mapping(uint256 => mapping(address => uint256)) approvals;
function balanceOf(address _owner, uint256 _id) public view returns (uint256) {
return balances[_owner][_id];
}
function mint(address _to, uint256 _id, uint256 _amount) public {
balances[_to][_id] += _amount;
}
function transfer(address _to, uint256 _id, uint256 _amount) public {
require(balances[msg.sender][_id] >= _amount, "Insufficient balance");
balances[msg.sender][_id] -= _amount;
balances[_to][_id] += _amount;
}
function approve(address _spender, uint256 _id, uint256 _amount) public {
approvals[_id][_spender] = _amount;
}
function transferFrom(address _from, address _to, uint256 _id, uint256 _amount) public {
require(balances[_from][_id] >= _amount, "Insufficient balance");
require(approvals[_id][msg.sender] >= _amount, "Not approved");
balances[_from][_id] -= _amount;
balances[_to][_id] += _amount;
approvals[_id][msg.sender] -= _amount;
}
}
Step 3: Click on the "Deploy" button to deploy the contract.
After the contract is deployed, you'll see the deployed contract address in the "Deployed Contracts" section.
Use Cases for ERC-721 and ERC-1155 Tokens
ERC-721 and ERC-1155 tokens are utilized in a variety of Ethereum blockchain applications. Here are some of the most common uses for these tokens:
ERC-721 and ERC-1155 tokens are widely used in the gaming industry. Games such as CryptoKitties, Axie Infinity, and The Sandbox use ERC-721 tokens to represent unique digital assets such as collectible characters, whereas Gods Unchained uses ERC-1155 tokens to represent fungible game elements such as weapons and armor.
Arts
ERC-721 tokens are used to represent one-of-a-kind digital art creations that can be purchased and sold on the blockchain. Platforms such as SuperRare and Nifty Gateway enable artists to create their own ERC-721 tokens and sell them to collectors.
You may also like to explore | NFT Royalties Explained | Empowering Artists and Investors
Real Estate
On the Ethereum blockchain, ERC-1155 tokens can be used to represent virtual real estate. Users can buy and trade virtual land using ERC-1155 tokens through projects such as Decentraland and The Sandbox.
Tokenized Assets:
Tokenized assets such as gold, real estate, and other physical assets can be represented by ERC-1155 tokens. Tokenized assets enable users to utilize cryptocurrencies to invest in real-world assets.
If you have a project related to NFT or token development or are seeking token development services, you may also connect with our skilled Ethereum blockchain developers.
