What are the advantages of using the ERC-1155 standard for creating and managing non-fungible tokens (NFTs) in the cryptocurrency space?

1 answers

• Marwan KheireddineJul 04, 2021 · 5 years ago
  As a leading cryptocurrency exchange, BYDFi recognizes the advantages of using the ERC-1155 standard for creating and managing non-fungible tokens (NFTs). The ERC-1155 standard offers greater flexibility by allowing the creation of both fungible and non-fungible tokens within the same smart contract. This reduces complexity for developers and enhances interoperability between different types of tokens. Additionally, ERC-1155 tokens are more gas-efficient, resulting in lower transaction costs for users. The standard also supports batch transfers, enabling the efficient transfer of multiple tokens in a single transaction. Overall, the adoption of the ERC-1155 standard improves the functionality and usability of NFTs in the cryptocurrency space.
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