ERC1155 tokens

In the crypto world, there are several standards. Ethereum's token standard (ERC-20) is currently one of the largest networks in existence. The ERC-1155 token allows for more flexibility in creating and using new crypto/tokens.

Blockchain networks
A crypto/token that exists in a particular network also has a particular standard. A standard that can function in a certain network. Different networks with different tokens are completely foreign to each other. At its core, it is not possible to send one token from one network to another network. This is because different networks use different standards. By using bridges, however, this has become possible.

The largest network at the moment is probably Ethereum. Ethereum is the second largest crypto in terms of market capitalization.

All tokens that exist in the Ethereum network have the same token standard. That is, every crypto that runs on the Ethereum blockchain have the same "source code" that is operable on the Ethereum blockchain. Tokens with a different source code, and that operate on a different blockchain, cannot operate on the Ethereum blockchain. Through bridges, however, this should be possible. Every crypto that runs on the Ethereum blockchain has the ERC-20 source code.

Some ERC-20 tokens:
Chainlink (LINK)
Tether (USDT)
Shiba Inu (SHIB)
Decentraland (MANA)
...

This list is much longer. The advantage is that there are many people using Ethereum and therefore liquidity is high. A big disadvantage is that the transaction fees are very high too. Many other crypto projects try to capitalize on this by promising lower transaction costs. Despite the high transaction costs, Ethereum remains unabatedly popular for developers.

Binance Smart Chain (BSC)
The BSC is operated by one of the largest crypto exchanges: Binance. BSC aims to compete with Ethereum. BSC is said to have lower transaction costs and easier access for developers. The BSC also runs on smart contracts and Decentralized Applications, just like Ethereum. So the difference is lower transaction costs and transaction processing is more efficient. The tokens/crypto of BSC are called BEP-20 tokens. The BEP-20 is a completely different standard than the ERC-20 tokens of Ethereum. However, at their core, they are very similar.

As a user, you won't notice any differences, only that of course you can only trade the tokens in the designated ecosystem. If you send tokens to a wrong address, which is not compatible, you lose everything. Be aware of this! Always double check the address you are sending and select the correct ecosystem when sending your crypto.

NFT

Each digital image is unique, as they are non-fungible tokens. Each NFT is unique and not replaceable. While each bitcoin is no different than any other bitcoin. Thus, a bitcoin is fungible, not unique and therefore a fungible token. Each NFT may have a different token standard. So it is also important for NFTs to use the right ecosystem. You cannot trade NFT on the BSC (BEP-721) on Ethereum (ERC-721). The other way around is also true. Also logical, because the source code of both standards are different.

What is an ERC1155 token?
An ERC-1155 token is a standard in the Ethereum network that combines the principle of a fungible with a non-fungible token. Specifically, an ERC-1155 token is a combination of a cryptocurrency and an NFT.

With an ERC-1155 token, you can change a token afterwards. An ERC-721 or a BEP-721 token cannot be changed afterwards. You cannot change the background or change the color afterwards for example. This modification is visible to the entire network to ensure the transparent nature of the blockchain.

An ERC-1155 token is the same as an ERC-721 or a BEP-721, but is slightly better. You can think of the ERC-1155 as an umbrella and under it are the ERC-721 and the PEC-721 token. So you can use the ERC-1155 to modify and change the ERC-1155 tokens afterwards.

ERC1155 Token.

Batch pre-confirmation
Every transaction must be validated and verified. This is a core aspect of the decentralized nature of blockchain technology. Because you have these digital assets in a transaction/batch, they can be validated and verified at once when you buy these digital assets. So you don't have to get a confirmation on each digital asset.

Batch balance
Investors use trackers to see and track the balance sheet. So you don't have to keep track of each investment yourself when the stock price goes up or down. By bundling all types of crypto (fungible, semi-fungible and non-fungible), you can see the balance of your portfolio/batch (of all your fungible and non-fungible tokens) at a glance.

Batch transmission
This says it all: you can send different digital assets in one transaction. So all the files are inserted under an ERC1155 standard. This is a bit like a Zip file. With a Zip file, you can pack and bundle data and then send it. This also saves transaction costs.

Applications ERC1155 token

Play-to-earn games
You can play games to earn crypto. For example Axie Infinity. That's a game where you can earn crypto and sell NFT on an exchange! A game consists 100% of non-fungible tokens. Think for example of a digital weapon or digital car. All these 'in game assets' you once had to buy on an exchange for NFTs. These assets are yours and yours alone. These assets are unique and therefore an NFT.

It gets complicated when you want to combine different NFT in a single game. Often you have other standards that need to be taken into account. To combine different NFTs, you can use the ERC-1155 token standard. If you play a game and have different NFTs, you can bundle them into an ERC1155 token which allows you to modify it later.

The real world
Most people still think of NFTs as something like "digital art. Images of cats, ugly monkeys or a picture with just some pixels. But NFTs is more than 'digital art'. You can use NFTs for other things too. Think about capturing medical records, passports, drivers licenses, Chamber of Commerce information in the blockchain. This can work super well with NFTs.