RareSkills Solidity Interview Question #27 Answered: How can an ERC1155 token be made into a… (2024)

This series will provide answers to the list of Solidity interview questions that were published by RareSkills..

RareSkills Solidity Interview Question #27 Answered: How can an ERC1155 token be made into a… (3)

Question #27 (Easy): How can an ERC1155 token be made into a non-fungible token?

Answer: An ERC1155 token can be made into a non-fungible token by ensuring that it’s token id has a maximum supply of one, which represents a unique asset. Also, a uri can be specified for the token id, which should contain the metadata for the token, such as, image url, attributes, and other properties. This will allow the token to function as a non-fungible token.

Demonstration:

// SPDX-License-Identifier: MIT
pragma solidity 0.8.24;

import "@openzeppelin/contracts/token/ERC1155/ERC1155.sol";

contract MyNFT is ERC1155 {
uint256 public constant UNIQUE_TOKEN_ID = 1;
string public name;
string public symbol;

constructor() ERC1155("https://myapi.com/api/token/{id}.json") {
name = "My Unique NFT";
symbol = "MUNFT";

_mint(msg.sender, UNIQUE_TOKEN_ID, 1, "");
}

function uri(uint256 tokenId) override public pure returns (string memory) {
return string(
abi.encodePacked(
"https://myapi.com/api/token/",
tokenId,
".json"
)
);
}
}

Further Discussion:

The criteria for fungibility is as follows:

  • Fungible Tokens: Are interchangeable and identical tokens, meaning each token is the same as every other token. One unit of a fungible token has the same value and properties as another unit. Examples of fungible tokens include cryptocurrencies like Bitcoin and Ether.
  • Non-Fungible Tokens (NFTs): Are unique and cannot be exchanged on a one-to-one basis with another token because each has distinct characteristics. An NFT represents ownership or proof of authenticity of a unique item or piece of content, such as digital art, collectibles, or even real estate in virtual worlds.

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RareSkills Solidity Interview Question #27 Answered: How can an ERC1155 token be made into a… (2024)

FAQs

RareSkills Solidity Interview Question #27 Answered: How can an ERC1155 token be made into a…? ›

Question #27 (Easy): How can an ERC1155 token be made into a non-fungible token? Answer: An ERC1155 token can be made into a non-fungible token by ensuring that it's token id has a maximum supply of one, which represents a unique asset.

How to create ERC-1155 token? ›

Building an ERC1155 smart contract

To begin, we will build a smart contract. Go to the "Smart Contracts" section of the left navigation bar, select the "Builds" tab, and click "Create Build". You will have options to generate a smart contract using token templates or importing your own.

How to create an ERC20 token using Solidity? ›

Head over to the Ethereum Remix IDE and make a new Solidity file, for example - MyToken. sol.
  1. pragma solidity ^0.8.20;
  2. import "@openzeppelin/contracts/token/ERC20/ERC20.sol";
  3. contract MyToken is ERC20 {
  4. constructor() ERC20("MyToken", "MT") {
  5. _mint(msg. sender, 1000000 * (10 ** uint256(decimals())));
  6. }
  7. }
Aug 13, 2024

Is erc-1155 a new way of creating tokens that allow for more efficient trades and bundling of transactions? ›

Definition of ERC-1155

It supports both fungible and non-fungible tokens within a single smart contract, which allows multiple items to be stored and transferred in one transaction. This design reduces transaction costs and complexity, making it a more efficient and versatile solution for managing digital assets.

How does ERC-1155 work? ›

What is ERC1155? ​ ERC1155 is a multi-token standard that allows the creation of fungible, non-fungible, and semi-fungible tokens all in one contract. Before ERC1155, if a use case needed both ERC20 (fungible) and ERC721 (non-fungible) tokens, then separate contracts were required to achieve this.

How do you create a token in ERC? ›

How to Create an ERC-20 Token
  1. Set Up your Developer Environment. First, create an Alchemy account, and set up Metamask, HardHat, and Solidity for this project. ...
  2. Write ERC-20 Token Smart Contract. ...
  3. Write a Deployment Script for your ERC-20 Token. ...
  4. Deploy your ERC-20 Token to Goerli. ...
  5. Step 4: Send Some Tokens!

What is ERC777? ›

Like ERC20, ERC777 is a standard for fungible tokens, and is focused around allowing more complex interactions when trading tokens. More generally, it brings tokens and Ether closer together by providing the equivalent of a msg. value field, but for tokens.

How are ERC20 tokens created? ›

Minting an ERC-20 token is not a particularly difficult task, but traditionally it required a certain level of technical knowledge and understanding of the blockchain. Developers could use a token creation platform, write their own smart contracts, or outsource to a team of developers versed in tokenization.

How are tokens created? ›

Minting a token involves writing a smart contract that defines the rules and properties of the token, including its name, symbol, and total supply. Once the smart contract is written, it is deployed on a blockchain, and the token is created.

What tokens are erc-1155? ›

ERC-1155 is a token standard on Ethereum designed to optimize the creation and management of crypto assets. It allows the combination of fungible and non-fungible tokens in a single smart contract, streamlining transactions and reducing costs.

What is the difference between ERC-20 and ERC1155? ›

ERC1155 was created in 2018 to allow for both fungible and non-fungible tokens to exist on a single contract. ERC20 tokens are fungible, which means each token is identical and interchangeable. Examples include cryptocurrencies like DAI and USDC.

Which of the following are the features of the ERC 1155 token standard? ›

  • Batch Transfers. One of the standout features of ERC-1155 is its ability to handle batch transfers. ...
  • Atomic Swaps. ERC-1155 supports atomic swaps, allowing for the exchange of multiple tokens within a single transaction. ...
  • Minimal Gas Fees. ...
  • Flexible Token Creation.
Jul 8, 2024

Which wallet is ERC 1155? ›

Coinbase Wallet

Platform: Mobile app (iOS, Android). Features: Supports a wide range of Ethereum-based tokens, including ERC-1155.

How much does it cost to create an ERC token? ›

The cost of writing a smart contract for a simple token can range from $1,000 to $5,000. However, complex smart contracts can include additional functionality. These functionalities include governance mechanisms, stake features, and integration with other decentralized applications (dApps).

What is the best wallet for ERC-1155? ›

Here's a comprehensive overview of some leading wallets that cater to this need:
  1. MetaMask. MetaMask is a popular cryptocurrency wallet and browser extension that allows users to manage their Ethereum-based digital assets. ...
  2. Trust Wallet. ...
  3. MyEtherWallet (MEW) ...
  4. Enjin Wallet. ...
  5. Coinbase Wallet. ...
  6. ImToken. ...
  7. Atomic Wallet. ...
  8. Guarda Wallet.
Jul 9, 2024

Is ERC-1155 supported by MetaMask? ›

ERC-1155 tokens are supported by Metamask mobile and browser extension in such a way that they can receive and store the tokens. But can't send the tokens. In fact, the token count and image is visible on mobile apps but its not yet supported by the browser extension.

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