What is the ERC-721 protocol? How does this differ from ERC-1155?
The ERC-721 protocol is a standard for creating unique, non-fungible tokens (NFTs) on the Ethereum blockchain. Each ERC-721 token is unique and can represent a specific asset, such as a piece of artwork or a collectible item.
On the other hand, ERC-1155 is a newer token standard that allows for the creation of both fungible and non-fungible tokens on the Ethereum blockchain. ERC-1155 tokens can represent multiple instances of the same asset, and each instance can have unique properties or attributes. This means that ERC-1155 tokens can be used to represent a variety of different assets, from game items to digital collectibles.
One key difference between ERC-721 and ERC-1155 is that ERC-721 tokens are always unique and cannot be divided into smaller units, while ERC-1155 tokens can be divided into smaller units or combined to represent larger quantities of an asset. Additionally, ERC-1155 tokens are more efficient in terms of gas usage and can be used to batch transfer multiple tokens in a single transaction.