ERC 721 & ERC 1155

BEFORE jumping in to the ERC 721 & 115
what is an Ethereum token...?
A token is a smart contract that represents a digital asset or service and these assets present inside the blockchain. These Tokens are started using from the ICO era in 2017. Mainly used for the creating collectables in the ethereum games ex :- Cryptokitties , to creating a kitty the 'cryptokitties' used ERC 721-non fungible token.


A Question that happen often with these tokens are How can they represents value ? The typical way to understand how these tokens getting value are by collateral , while creating the smart contract for this token one need to send some 'ether' to the contract so, by including ether into the contract creates a value for the token. The widely used tokens are ERC 20- fungible token , ERC 721 and ERC 1155 - Non fungible tokens .


Let us understand the fungible and non fungible tokens with an example
A non-fungible token is like a hand-crafted gold ring that you have engraved with your name, whereas a fungible token is like a gold block with no identifying markers on it.
This means every fungible token has exactly the same value, while non-fungible tokens can each hold a unique level of value based on its individual identity.

ERC 721 :-

Most of the NFTs are implemented on top of Ethereum platform as ERC-721 tokens. You can find other tokens as well under NFTs, with different standards and on other protocols and blockchain, like the one on NEO or EOS, but ERC-721 is currently the most popular NFT standard.
ERC-721 features a set of standard functions and attributes that define it, in the form of a smart contract. You need to follow these attributes and functions to own, trade and manage ERC-721.
Simply put, ERC-721 provides us with a standard to create and exchange Non Fungible Tokens. Each ERC-721 token is unique, which is not in the case of ERC-20 tokens.

ERC-721 is currently the most used standard for blockchain digital art and gaming. It has been used
by hundreds of Dapps so far.

ERC 1155 :-

ERC-1155 is an advanced and better version of ERC-721 that offers a lot of new possibilities to create NFTS.
For example, with the new ERC-1155 standard, you can now use infinite numbers of Non Fungible as well as Fungible items in a single deployed smart contract. According to Witek Radomski, it is also easy for the blockchain network to handle.

He also claims that this new set of standards is not
only good for the blockchain based gaming industry, but also a good option to create tokens for all forms of ownership, no matter digital or tangible.
ERC-1155 was developed in response to the limitations of ERC-721 and ERC-20, which makes it a better alternative.

ERC-1155 vs ERC-721

All NFTs are not created equal, which is clear when comparing the ERC-1155 and ERC-721 token standards.
A token standard is a set of rules that defines the data and, therefore, the functions that each token is capable of.
The ERC-1155 token standard was created to function like a vending machine, where developers could deploy a single smart contract that can be used to mint unlimited fungible (identical) tokens and non-fungible (unique) tokens.
In comparison, the ERC-721 token standard only produces non-fungible tokens and forces developers to deploy a new smart contract for each new token.



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