✒️NFT Bazaar Infographics Hub | The Simplest Graph Illustration of NFT Standards
In this infographics, we aim to clarify the differences in token standards related to NFTs, including ERC-20, ERC-721, and ERC-1155. These standards have a great impact on the development of the ongoing NFT schemes. We discuss them as follows. The most prevailing token standard comes from ERC-20. It introduces the concept of fungible tokens that can be issued on top of #Ethereum once satisfying the requirements. The standard makes tokens the same as another one (in terms of both type and value). An arbitrary token is always equal to all the other tokens. This stimulates the hype of Initial Coin Offering (ICO) from 2015 to present. A lot of public chains and various blockchain-based DApps gain sufficient initial findings in this way. In contrast, ERC-721 introduces a non-fungible token standard that differs from the fungible token. This type of token is unique that can be distinguished from another token. Specifically, every NFT has a uint256 variable called tokenId, and the pair of contract address and uint256 tokenId is globally unique. Further, the tokenId can be used as an input to generate special identifications such as images in the form of zombies or cartoon characters.
Another standard ERC-1155 (Multi Token Standard) extends the representation of both fungible and non-fungible tokens. It provides an interface that can represent any number of tokens. In previous standards, every tokenId in contact only contains a single type of tokens. For instance, ERC-20 makes each token type deployed in separate contracts. As well, ERC-721 deploys the group of non-fungible tokens in a single contract with the same configurations. In contrast, ERC-1155 extends the functionality of tokenId, where each of them can independently represent different configurable token types. The field may contain its customized information such as the metadata, lock-time, date, supply, or any other attributes. Here, we provide an illustration to show their structures and aforementioned differences.
About NFT Bazaar：
The brand-new founded NFT Bazaar (https://nftbazaar.network) is one of the most-used aggregators that offering up to hyper-efficient NFT markets to benefit not only NFT token holders, but digital artists, musicians, gamers and all kinds of lovers as well, while providing one-stop NFT issuance, bidding and exchange platforms with ease.
NFT Bazaar is more than an info hub, but more like an aggregated digital art gallery and central market interchange that links all live trading venues, investors and creators on this unique platform with ease!! By dedicating to co-contributing the emerging Binance Smart Chain (BSC) ecosystem, NFT Bazaar, in the very near future, will become your handy NFT aggregator as well as exchange platform full of vitality.
At present, NFT Bazaar has collected 50,000+NFT contracts and 520,000+ on-chain transaction data, covering 9 categories such as art, collections, virtual world, sports, music, and games. The transaction data is updated in real time, which is far ahead of other similar platforms. Users can quickly find the information they want by category, price, transaction volume, market value, etc., and obtain intuitive chart price display, transaction history and other data.
NFT Bazaar has just been launched for 1.5 month, with average weekly UV2,000+ and PV 3,000+. It is expected to reach MAU 2,000+ by the end of the second quarter and MAU 10,000+ by the end of 2021.
The NFT issuance function has now been officially launched in May 2021, and NFTs in mainstream contract formats such as 721/1155 can be created at just one-click both in front-end and back-end modes. It is estimated that the platform can support 1000+ TPS and platform GMV will reach 500,000 US dollars/month. By the end of 2021, NFT Bazaar will rank among the top 15 global NFT platforms.
We have currently formed official strategic partnership relationships with other pioneers in this fields, including: @Redblock Capital @Resolute.fund @Rocki @bondlyfinance @Fortube @Ontology/Wing and so. Welcoming to join us at:
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For more information about UPRETS,
Lastest SolarX Project MakerDAO Forum: https://forum.makerdao.com/t/solarx-mip6-application-uprets-solarx-industrial-real-estate-backed-loans/6718
OST Digital Securities MakerDAO Forum: https://forum.makerdao.com/t/ost-1-mip6-application-by-uprets-real-estate-backed-digital-security/4438