NFTs or NonFungibleTokens as it stands, are redefining the very outlook of various forms of creative work like art, video, music, characters in a game etc. NFTs by their very definition represents a unique data on the digital ledger or blockchain. Unlike Fungible tokens on the blockchain, these tokens are not interchangeable as they represent something unique in itself. For example, a $30 may be exchanged for five $6 notes and still retain the value. But, the same is not true with a Non Fungible asset such as NFT which could represent any unique work of art like a painting of Monalisa. Moreover, NFTs may contain smart contracts that guarantee a royalty fee to the artist for every art piece that is sold. As the artwork is “Tokenized”, it would be meaningless to forge it just like it would be meaningless to forge a DaVinci’s painting without his stamp of approval.
ERC 721 represents a single unique asset that is not possible to interchange. Each ERC20 token has its own unique set of contract values like the identity of a Tokenized real world asset or let’s say a skillfully programmed piece of art. Although ERC 721 offers a flexible token creation option, it’s still slow when it comes to the interaction of multiple ERC 20 tokens like combining different Tokens in a game to build a house for a character.
ERC1155 is also termed as the “next generation standard” for creating Non Fungible Tokens. Although ERC721 is great for individual token transfers, but when it comes to batch transfers of NFT tokens, ERC1155 has the upper hand owing to transfer speed and endemic design advantages. Thus, the buffer period is drastically reduced. Moreover, ERC1155 can be used to design both Fungible and Non Fungible tokens.
At JustLiquidity, we stay updated with the market developments and hence choose to work on the premier ERC1155 standard for developing NFTs. Currently, we are using it on the Binance Smart Chain but we are planning to extend it into other chains as well. The iOS and Android version of JulWallet supports most of the ERC721 tokens on ETH and BSC. Additionally, it also supports ERC1155 Tokens on the Binance Smart Chain like NFTOBR. In the near future, we will allow users to create their own NFTs on JulWallet and on our upcoming NFT Store. Another Important point to remember is that a user needs to have for now a JulWallet to access our NFTs.