The Sandbox – a user-generated content (UGC) platform – has announced it now supports the ERC-1155 token standard and will also enable its users to convert ERC-1155 tokens into ERC-721 tokens.
The team announced the news in a Medium blog post, which states: “This feature is important for us, as we want our creators to be able to create both NFTs (via ERC-721) that can work with the existing ecosystem and fungible tokens (via ERC-1155) that offer them the ability to mint a collection of items they can sell for use in various gaming experiences.”
In effect, this would mean that an ERC-1155 token with a supply of one can also be seen as an ERC-721 token with a specific owner.
Owners of ERC-1155 tokens (with supply > 1) can then convert them into ERC-721 tokens, which reduces the supply of the original ETC-1155 token by one while giving the newly minted token the capacity to be personalised like any other NFT.
One use case for such an implementation is the ability to create a collection that will trustlessly generate NFTs at the point of purchase. This then gives the buyer the possibility to prove they were the first to own an item from a collection.
Due to the nature of the ERC-1155 standard, the latest implementation for The Sandbox will enable creators to mint more than 1,500 of assets at once in one block.
Interested in reading more about the increasingly-popular ERC-1155 standard? Discover more about the multi-token standard in Coin Rivet’s interview with Witek Radomski, the author of the standard.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.