Refinable to Offer NFTs Through Both Token Standards
Here at Refinable, we want to make the NFT process as accessible and customizable as possible, so we are allowing our users to create and distribute NFTs using both the ERC721 and ERC1155 token standards. These Ethereum token standards allow for extensive functionality within NFTs, giving creators full control over how they want to produce and manage their non-fungible tokens. By introducing both standards, we aim to attract creators and collectors across the NFT spectrum.
ERC721 vs. ERC1155
Starting with the evolution of the ERC721 token, these two token standards enable anyone to create non-fungible tokens. ERC721 set the framework for what could be possible with NFTs, but the developers behind the ERC1155 standard took everything to the next level. To start, the ERC721 standard only allows for the creation of non-fungible tokens, while ERC1155 allows for both fungible and non-fungible tokens, introducing a concept known as semi-fungibility. With a semi-fungible token, tokens can be changed between NFTs and fungible tokens, allowing for the addition of many NFTs as a basket of goods to create a brand new tradable token or index. ERC1155 tokens also expand on NFT transferability; ERC721 tokens can only be transferred one at a time, while ERC1155 tokens can be sent by the hundreds in a single block, optimizing costs and transaction times.
As Refinable continues to get into the fundamentals of ERC1155 tokens, we will build more value-adding properties beneficial for our creators and marketplace buyers alike. Using traditional ERC721-based NFTs, a new smart contract is required to deploy each new type of token — this is bypassed in the ERC1155 standard which allows an infinite amount of token types to be deployed using a single smart contract. This drastically cuts down costs due to wasteful additional data needed to deploy ERC721 tokens.
A few more functions are available through ERC1155 that are not seen in ERC721 — the impossibility of sending tokens to a locked contract and the triggering of a smart contract’s chain of transactions through the transfer of an ERC1155 token. With ERC1155 tokens, the token can only be sent to a contract capable of receiving the cryptocurrency, mitigating token loss experienced through the ERC721 standard. In terms of smart contracts, through ERC1155’s “onERC1155Received” rules, sending a token to a specific smart contract can trigger a proceeding chain of events. This allows for greater operationality of NFTs, options we wanted to make available to our users if they want to capitalize on them.
To become the ultimate NFT platform, we think it is important to offer our users all the options possible when it comes to creating and interacting with NFTs. By implementing the ERC721 token standard and the upgraded ERC1155 standard, Refinable users will have optimum functionality when it comes to their NFTs. As NFT token standards continue to evolve, we will stay on the cutting edge to ensure our users have the best NFT experience possible.