Understanding token standards is critical to demystify how NFTs are created, and we highlight how Ethereum token standards radically influence NFT construction and operation. This report sets the stage for our upcoming piece diving into the financial crime risks associated with NFTs and the tens of millions of dollars that have been lost.
Non-fungible tokens (or NFTs) represent a new era for financial investments and are becoming rapidly popular in the creative, entertainment, and gaming worlds. They present a revolution in ownership and digitization of real-world assets.
Hidden behind the scenes, token standards shape the conditions, functions, and rules that crypto tokens abide by. Understanding token standards is critical to demystify how NFTs are created, and we highlight how Ethereum token standards radically influence NFT construction and operation.
This report seeks to:
Explain how Ethereum token standards work
Analyze ERC-1155 token standard
Highlight key differences between ERC-721 and ERC-1155
This report sets the stage for our upcoming piece diving into the financial crime risks associated with NFTs and the tens of millions of dollars that have been lost.
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