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Abdul Maajid
Abdul Maajid

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Some Most Used NFT Standards

ERC721 is the basic standard used to build token known as NFT(non-fungible token). A Non-Fungible Token (NFT) is used to identify something or someone in a unique way. This type of Token is perfect to be used on platforms that offer collectible items, access keys, lottery tickets, numbered seats for concerts and sports matches, etc.

There are multiple standards used to build a nft tokens, the most popular are:

  1. ERC-721
  2. ERC-721A
  3. ERC-1155

ERC721

ERC721 token standard actually started off the NFT phenomenon. The standard was a first of its own kind and helped in creating unique tokens.

ERC721 with ERC721Enumerable extension enhances the functionality of the original ERC721 by adding enumerability of all token ids in the contracts, and a way to check all token ids owned by an account.

Pros:

  • Makes easy to find tokens by their associated tokenID by adding some utility functions like totalSupply, tokenByIndex, and tokenOfOwnerByIndex.

Cons:

  • Store redundant/unneeded information on-chain. which drives up the costs of not only minting tokens but also transferring them
  • Managing increasingly large loops.
  • Mint price cost increase after the first mint

ERC-721A

ERC721A is an improved implementation of the ERC721 standard that supports minting multiple tokens for close to the cost of one. You can save up to 80% on mints if you use this NFT minting contract

Pros:

  • Gas savings for minting multiple NFTs in a single transaction.
  • Removing duplicate storage from OpenZeppelin’s ERC721Enumerable.
  • Updating the owner’s balance once per batch mint request, instead of per minted NFT.
  • Updating the owner data once per batch mint request, instead of per minted NFT.

Cons:

  • Transfer transactions cost more gas, which means it may cost more to gift or sell an ERC721A NFT after minting.

ERC-1155

ERC-1155 a standard interface for contracts that manage multiple token types, ERC1155 NFT is the same as an ERC721 NFT when the allowed mint quantity is equal to β€˜1’. The most notable aspect is the difference between ERC 1155 and ERC 721 focuses largely on support for batch transfers.

Pros:

  • Facilitate batch transfers, reducing network congestion and lowering gas costs by up to 90%.
  • Has a transfer security function that enables hassle-free transactions and allows tokens to be reclaimed by the issuer if sent to the wrong address.
  • Requires a single smart contract for infinite tokens

Cons:

  • The sole disadvantage of ERC-1155 is that it keeps less reliable data to save time and money on transactions.

Which one do you use or prefer to use to build an NFT Token and whyπŸ€”?

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