ERC-721 VS ERC-1155 Contract

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ERC-721 VS ERC-1155 Contract

ERC-721

The first standard interface to produce NFT was the ERC-721. It is the most widely used because it is built on top of Ethereum. Somehow, one can be called a BEP-721 for the Binance Smart Chain network or else (depending on the network). But the basics are still the same, 721. This standard is truly NFT because it is indivisible and represents a single exchangeable asset. It is unchanging, transparent in ownership and security.


However, the problem with this contract is that it can cause the entire collection transaction to be slower and inefficient. For example, you have 8,888 NFT assets in total for concert tickets and you need to mint them one by one as in mass. The network can also become congested and result in higher gas fees that we have to pay.


ERC-1155

ERC-1155 is a unique token that supports non-fungible and fungible tokens. Transactions can be considered faster and more efficient for batch token. Meaning, you only need to mint once for 8,888 copies. This standard is also known as the “multi -token standard”.

You also can save up to 90% on the gas fees and making it an affordable way for anyone to start minting on blockchain. The only problem with this contract is to track the ownership of the NFTs. Cause, one NFT can have a multiple owners. 

Conclusion

Both are great contract for NFTs. Both have pros and cons that complete with each other. There is no right or wrong in choosing what contract you want to mint on. So, try both. 

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