This is one of the first questions we need to cover with a client ideating on a digital product. NFTs are an incredibly versatile and impactful way to distribute, manage, and support digital products, but there is more than one approved standard for creating them! New token standards are being considered and introduced all the time. However, there are two clear options when deciding on a token standard: ERC-721 or ERC-1155.
(If you are interested in learning more about ERCs or standard creation, check out our Primer on Token Standards to learn more!)
So what is the difference?
Please note that there may be other technical nuances that would help guide your decision. The above comparison is intended to consider end-use and impact on both the business and customer from an operational perspective.
Variants to 721 and 1155
Various development teams have done work to improve the NFT token standards. For example, Azuki and Cygaar introduced the ERC-721A standard for improved gas efficiency during bulk minting. In this article, we assume the development team is leveraging the most appropriate version of the core standard for your use-case and are primarily considering the pros and cons of non-fungible vs. semi-fungible tokens.
Need help deciding?
NiftyLabs has ample experience deploying NFT smart contracts across token standards and would be happy to help advise on or develop your next smart contract. Shoot us a message to get started today!