Non-Fungible Token (NFTs) Standards

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Token standards are a set of rules that allow token creators to build unique tokens which can be distinguished from each other, verify their ownership, and keep track of created tokens. The token was developed in 2018 and was pushed to “final” status in 2019 after dozens of revisions and community comments.

The first was ERC-20, released on the launch of the Ethereum blockchain in 2015. ERC-20 is Ethereum’s fungible standard used for ETH and other currencies that are based on the decentralized network. 





ERC-1155 Tokens


ERC-1155 can act as both a fungible and non-fungible token simultaneously. With the ERC-1155 standard, the concept of semi-fungibility is brought into the NFT world. These are robust, immutable digital assets and still play an important role in the NFT space. However, the standard only allowed one NFT to be minted at a time, and this meant gas fees racked up quickly. Nowadays, these platforms make use of what’s called “lazy minting,” which uses the ERC-1155 standard to effectively create NFTs without gas fees. Items such as a bundle of arrows, for example, can be treated as a fungible token in-game. Whereas a rare and powerful ax can be classed as a non-fungible asset, unique and one-of-a-kind.


ERC-20 Tokens


ERC-20 is Ethereum’s fungible standard used for ETH and other currencies that are based on the decentralized network. it is essentially a standard protocol on the Ethereum blockchain. The token has come to be recognized as the gold standard for NFT minting.  


ERC-721 Token


ERC-721 tokens are smart contracts written in the Solidity language and allow pretty much any data to become tokenized. Each ERC-721 token is unique and represents a single asset. In practical terms, this means collections of NFTs can be minted and transferred under a single transaction. Each NFT token is linked to different owners, making them unique. So, when several tokens are created within a single smart contract, each of them holds a different value.


TRC-721 Token


TRC-721 is fully compatible with ERC-721. These standards require every NFT to record the owner’s blockchain address and support the transfer function which collects the new owner’s address so essential information can be recorded on the blockchain. TRC-721 is the first NFT standard protocol on TRON. And, each token compliant with TRC-721 has a unique ID which makes it irreplaceable.





When a user buys an NFT-based digital art using cryptocurrency, they get the work of art associated with a unique token. The transaction gets registered on the Blockchain, providing a transparent permanent record of purchase and proof of ownership. The owner of NFT of digital art can use it to display on a computer, a TV, or even a digital frame. The owner can also sell it whenever required.


If you are interested in launching your NFT Token Development, then check out the zeligz web store. It provides the best non-fungible token development services all over the world.




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