The creation of NFT requires an underlying distributed ledger for records, together with exchangeable transactions for peer-to-peer network trading. While most NFTs to date have been built on Ethereum today, some newer NFTs also use other blockchains such as Flow, Binance Smart Chain or Ethernity Chain for specialized application support. The popular blockchain systems use hex values according to which the raw NFT data must be encoded.
NFT solutions generally are leveraging smart contracts for order-sensitive executions. For the transfer of an NFT, the owner has to sign the transaction, including the hash of NFT data, and then send the transaction to a smart contract. Upon receipt of the transaction by the smart contract with the NFT data, the minting and trading process will be initiated. When the transaction is confirmed, NFTs will be permanently linked to a unique blockchain address.
The most commonly used token standards for generating NFTs are at present the Ethereum ERC-721 and ERC-1155 token standards, which allow lines of code to be developed to create
unique tokens representing underlying assets.
Enjin pioneered the ERC-1155 NFT standard, coded one of the world’s first NFTs, and built an ecosystem that enables developers to infuse their virtual economies and build the Metaverse. The company leapt onto the scene back in 2017, soon after which its co-founder & CTO Witek Radomski coded one of the first ever NFTs and authored ERC-1155, the now widely adopted, advanced token standard for defining NFTs on Ethereum. Aiming to be synonymous with NFTs and gaming, Enjin has carefully crafted a holistic ecosystem of products that make interacting with blockchain easy, regardless of technical know-how. Paired with its scalable, eco-friendly infrastructure, Enjin’s ecosystem is enabling individuals and businesses everywhere to get involved with the exciting world of NFTs—and experience the joy of next-generation digital assets with tangible value and utility.
The ERC-1155 NFT standard is standard smart contract interface that can represent any number of fungible and non-fungible token types. Existing standards such as ERC-20 require deployment of separate contracts per token type. The ERC-721 standard’s token ID is a single non-fungible index and the group of these non-fungibles is deployed as a single contract with settings for the entire collection. The ERC-1155 Multi Token Standard allows for each token ID to represent a new configurable token type, which may have its own metadata, supply and other attributes.