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Understanding ERC-721 and ERC-1155 Tokens
Understanding ERC-721 and ERC-1155 Tokens

Deep dive into ERC-721 and ERC-1155 tokens on Magic Eden's Ethereum platform.

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Written by cavpatrol
Updated over a week ago

Are you curious about ERC-721 and ERC-1155 tokens and how they function on Magic Eden's platform? Delve into this guide to gain a comprehensive understanding of these token standards and their significance in the world of NFTs.

Exploring ERC-721 tokens

What is ERC-721?

ERC-721 is a widely adopted Ethereum token standard used for creating unique, non-fungible tokens (NFTs). Each ERC-721 token is distinct, with its own unique identifier, making it ideal for representing ownership of digital or physical assets.

How does ERC-721 work

ERC-721 tokens are indivisible and non-interchangeable, meaning each token represents a specific asset or piece of content. These tokens can be bought, sold, and traded on platforms like Magic Eden, providing digital ownership of assets such as digital art, collectibles, and virtual real estate.

Understanding ERC-1155 tokens

What is ERC-1155?

ERC-1155 is another Ethereum token standard that supports the creation of both fungible and non-fungible tokens within a single contract. This flexibility allows for the creation of multiple tokens within a single transaction, making it more efficient and cost-effective compared to ERC-721 for certain use cases.

How does ERC-1155 work?

ERC-1155 tokens can represent both unique assets (NFTs) and fungible assets (FTs) within the same smart contract. This standard is particularly useful for applications requiring a combination of both types of tokens, such as gaming platforms where players can own unique in-game items alongside fungible currencies.

Magic Eden's Support for ERC-721 and ERC-1155 Tokens

Why does it matter?

Understanding ERC-721 and ERC-1155 tokens is crucial for navigating the world of NFTs on Magic Eden's platform. Whether you're buying, selling, or collecting digital assets, knowing the underlying token standards ensures a smooth and seamless experience.

How to filter collections

From your profile, simply click the 'My Items' tab, and you will see all the NFTs you own.

Use the filter button to refine the displayed items by collection.

You can seamlessly choose to view only ERC721 or ERC-1155 collections.

Checking the contract of your NFT

From the Item Details page, scroll down and look for the 'Details' section for the particular NFT in question. Under the Details section, you will see various information about the NFT. In this case, you will see the 'Token Standard,' and it will list if it is ERC-721 or ERC-1155.

ERC-721 and ERC-1155 tokens play a pivotal role in the world of NFTs, providing unique identifiers and ownership rights for digital assets. Dive into the world of ERC standards on Magic Eden today and unlock the potential of digital ownership.

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