NFT Development NFT Token Standards (ERC-721/1155) Questions and Answers

Question 1

A blockchain game developer needs to create a smart contract to manage a variety of in-game assets.
This includes unique, legendary swords (non-fungible), stacks of identical potions (fungible), and limited-edition event tickets that are interchangeable before the event but become unique collectibles after (semi-fungible).
Which token standard would be the most efficient and appropriate for this scenario?

Accepted Answer

ERC-1155, as it can manage fungible, non-fungible, and semi-fungible tokens within a single contract.

Answer

ERC-20, using separate contracts for each asset type.

Answer

ERC-721, deploying a new contract for each unique and fungible item.

Answer

A custom-built standard, as no existing ERC standard supports this combination.

Question 2

What is a primary advantage of using the ERC-1155 standard over ERC-721 for transferring multiple, distinct NFTs to a single recipient?

Accepted Answer

ERC-1155 offers significantly lower gas costs through batch transfer functionality.

Answer

ERC-1155 guarantees each token has globally unique metadata.

Answer

ERC-1155 has wider support on older NFT marketplaces.

Answer

ERC-721 is incapable of transferring more than one token at a time.

Question 3

An artist is launching a prestigious collection of 50 one-of-a-kind digital art pieces. Each piece is entirely unique, has its own rich metadata, and is expected to be traded individually as a high-value collector's item. Which token standard is the most suitable and conventional choice for this project?

Accepted Answer

ERC-721, because it is designed specifically for unique, non-fungible assets and is the established standard for digital art.

Answer

ERC-20, because it is the most common token standard.

Answer

ERC-1155, because it is more gas-efficient for minting.

Answer

Both ERC-721 and ERC-1155 are equally suitable with no distinct advantages for this use case.

Question 4

Which of the following functions is a key feature of the ERC-1155 standard that is NOT present in the ERC-721 standard?

Accepted Answer

safeBatchTransferFrom(address from, address to, uint256[] ids, uint256[] amounts, bytes data)

Answer

ownerOf(uint256 tokenId)

Answer

approve(address to, uint256 tokenId)

Answer

safeTransferFrom(address from, address to, uint256 tokenId, bytes data)

Question 5

A developer is examining the differences between ERC-721 and ERC-1155. In the context of the `balanceOf` function, how does the implementation differ between the two standards?

Accepted Answer

In ERC-721, `balanceOf` returns the count of unique tokens an address owns; in ERC-1155, it requires both an address and a token ID to return the quantity of a specific token.

Answer

The `balanceOf` function does not exist in the ERC-1155 standard.

Answer

In ERC-1155, `balanceOf` returns the total number of all tokens owned by an address, while in ERC-721 it returns a boolean.

Answer

Both standards implement `balanceOf` identically, taking only the owner's address as an argument.

Question 6

Which statement accurately describes the contract deployment model for creating multiple distinct collections of NFTs using ERC-721 versus ERC-1155?

Accepted Answer

ERC-721 requires a separate smart contract for each collection, whereas ERC-1155 can manage multiple collections or token types within a single contract.

Answer

Both ERC-721 and ERC-1155 require deploying a new, separate smart contract for each distinct collection.

Answer

ERC-721 allows multiple collections within one contract, while ERC-1155 requires a separate contract for each.

Answer

Both standards can manage multiple collections within a single contract, but ERC-721 is more gas-efficient for this purpose.