ERC-1155 Token Standard Adoption And Future NFTs
NFTs will exist as ERC-1155 tokens on the Ethereum blockchain in the initial stages and future token standards that are backward compatible with the ERC-1155 token standard will be implemented to ensure interoperability across all blockchains within the TriumphX network.
ERC-1155 token standard was selected as it is able to manage multiple token types within a single deployed contract.
For example, a combination of fungible tokens, non-fungible tokens or even semi-fungible tokens can be created.
For NFT providers adopting the ERC-20 or ERC-721 standard would require the creation of thousands of unique smart contracts, each representing a unique NFT item.
The ERC-1155 standard would enable each NFT to operate on a single smart contract.
Transaction fees may also be lower as multiple token types can be swapped at once.
