Polygon(MATIC) Ethereum supports ERC-1155 Standard

Details

On January 6th, 2022, Polygon announced that ERC-1155 support has now been extended to Polygon.

ERC-1155, short for \u201cEthereum Request for Comments 1155\u201d, is a token standard mainly used for NFTs (non-fungible tokens). With NFTs increasing in popularity and more artists wanting to create NFTs, it\u2019s beneficial to have a token standard such as the ERC-1155 to regulate these tokens.

ERC-1155 is more than just an NFT token standard. It sets the stage for multi-token management and transactions. With ERC-1155, single deployed contracts can include varied combinations of non-fungible, fungible, and semi-fungible tokens.

With ERC-1155, it is now possible to transfer different types of tokens in a single instance, saving on transaction costs. Moreover, it is also possible to create trades in the form of atomic swaps and escrows of multiple tokens on top of the ERC-1155 standard. The system no longer needs to approve token contracts individually as ERC-1155 has eliminated this redundant step.

Token service provider

Name: Ethereum

Company Website: https://ethereum.org/en/

Company Details:

Ethereum is an open-source blockchain platform that provides computational power for businesses to create 'Decentralized Applications (dApps).' It pioneered the concept of 'Smart Contract Platforms' at the core of these DApps: self-executing contracts enabled by lines of code on the blockchain. These individual contracts are also capable of housing their own tokens, meaning that the Ethereum network is home to not just its native ETH token but to thousands of other application-specific tokens. Ethereum app creators and users pay fees, also known as 'Gas,' to the network to use the computing power or interact with the DApps.

Category

others

Applicable Date

2022-01-06