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.
Aggregated Public Database on NFTs
While the in-game items that have been tokenized exist as NFTs on the blockchain, these NFTs can still be aggregated under the same subset of items.
For example, two “Legendary Dragon Sword” tokenized on TriumphX exist as two unique NFTs, but the blockchain recognizes these two NFTs as the same item, hence can be used interchangeably with the same price.
The key objective of having these items existing as NFTs is to enable tracing of ownership of the items such that when it is redeemed by the buyer, the blockchain will know which is the seller of the item and can conduct the transfers between the two accounts accurately.
Because of this ability to recognize different NFTs as representation of the same item, the TriumphX Explorer is able to group these items together to state useful statistics such as the total number of items tokenized and in existence on the blockchain, the total historical traded price of such items, the number of items owned by each user to identify if there is hoarding of items and more.
