Should I create an ERC 721 collection, or ERC 1155?
Deciding between token standards for your art
Deciding between using an ERC-1155 or ERC-721 contract for your Web3 NFT art can depend on a few different factors, including your specific use case and the functionality you want your NFTs to have. Here are some key differences between the two standards to help you make a decision:
ERC-721: This is the most widely used NFT standard and is known for its uniqueness and indivisibility. Each ERC-721 token represents a single, distinct asset, which makes it ideal for situations where you want to create one-of-a-kind art pieces or unique collectibles.
Currently only fixed price sales are available for ERC-721 NFT's, but auctions are in our near term roadmap. If you're interested in auctions, please reach out to us for more details.
ERC-1155: This standard is designed for situations where you want to create multiple instances of a single asset. With ERC-1155, you can create a single smart contract that can represent many different NFTs, which can be useful if you want to create a series of related art pieces or if you want to enable fractional ownership of your art.
Some of the benefits of the Layerr1155 contract include:
Burn & redeem: When you make a new NFT, you can choose to require that collectors burn other NFT's from the same collection as a requirement for creating the new one. Burning is the process of destroying an NFT, and artists use this mechanism to create scarcity and also encourage their fans to buy more of their work. For example, you might require that people must burn 4 of a previous NFT in exchange for another.
Claiming: Not all creators wish to have their collectors destroy their NFT's as a requirement to receive a gift. Claiming allows you to reward collectors that hold you NFTs. For example, you might release 3 NFT's, and then create a claimable NFT that requires collectors to have at least 1 of those 3 NFT's in their wallets.
There is also the ability to create a mint & claim button, where users that do not have the NFT's required for a claim can mint those NFT's and the claimable NFT in a single transaction.
Like burn & redeem NFT's, claimable NFT's must be created on the same contract as the NFT's that are required for the claim.
Batch minting: Allow users to mint multiple different NFT's in the same transaction. For example, a user could mint 1 of NFT A, and 3 of NFT B.
Good to know: It's important to note that while you can set the supply of an ERC-1155 to one single token, collectors typically prefer ERC-721 NFTs for one-of-a-kind assets, such as 1/1s. This is because ERC-721 tokens are inherently unique and indivisible, meaning that each token represents a single, one-of-a-kind asset.
Ultimately, the decision between using ERC-721 or ERC-1155 will depend on your specific needs and goals as a Web3 NFT artist. Keep in mind that both standards allow you to add more tokens to each collection over time as needed. If you're creating one-of-a-kind art pieces, ERC-721 may be the better choice. If you want to create multiple instances of a single asset where the potential of one address owning multiple of the same asset is possible, then ERC 1155 may be more appropriate.