How do ERC-721 tokens differ from other types of tokens, such as ERC-20 or ERC-1155?

3 answers

• Nov 23, 2021 · 3 years ago
  ERC-721 tokens are non-fungible tokens (NFTs) that represent unique assets on the blockchain. Unlike ERC-20 tokens, which are fungible and can be exchanged on a one-to-one basis, ERC-721 tokens are indivisible and each token has its own distinct value and properties. ERC-721 tokens are commonly used to represent ownership of digital collectibles, virtual real estate, or unique assets in decentralized applications (dApps).
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• Nov 23, 2021 · 3 years ago
  When it comes to ERC-1155 tokens, they are a hybrid of ERC-20 and ERC-721 tokens. ERC-1155 tokens can represent both fungible and non-fungible assets, allowing for greater flexibility in tokenization. This means that a single ERC-1155 token can represent multiple instances of a fungible asset or a unique non-fungible asset. ERC-1155 tokens are often used in gaming applications, where they can represent both in-game currency and unique in-game items.
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• Nov 23, 2021 · 3 years ago
  Now, let's talk about the perspective of BYDFi. As a decentralized exchange, BYDFi supports the trading of various types of tokens, including ERC-721, ERC-20, and ERC-1155 tokens. We recognize the unique value that ERC-721 tokens bring to the ecosystem, as they enable the ownership and trading of digital assets that have distinct value and characteristics. At BYDFi, we strive to provide a seamless and secure trading experience for all types of tokens, including ERC-721 tokens, to empower users in the world of cryptocurrencies.
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