There is a new token in town called SFT, an acronym for Semi Fungible Token. What is a semi fungible token? A token that is both Fungible and Non-Fungible, hmm sounds confusing, right?
What is an SFT
To make it easier, you are familiar with coupons right? Well, a coupon is an excellent example of a Semi Fungible token. Let’s say you have a coupon for Amazon right now and until the coupon is not redeemed or expired, that coupon is Fungible. But once it is redeemed or the validity expires it cannot be interchanged and if it has some unique value, it becomes a Non-Fungible Token. See how things work with a little explanation, sheesh!
We love it when we’re able to convey information to the readers so let’s frown upon another example. Let’s say you were to have a ticket to the Beatles’ last ever concert. Now you can exchange that ticket for some other seat (with some conditions attached) and until the concert is over, that ticket is Fungible. However, after the concert that ticket is neither redeemable nor interchangeable which makes it a non-fungible token. And as a Beatles fan myself, I know I’d be one of many fans to own a Beatles SFT from their last ever concert!
Semi Fungible Token Development
SMTs or Semi Fungible Token uses a very efficient token standard known as ERC-1155 developed by blockchain game developers Enjin, Horizon games, and The SandBox.
ERC-1155 token is a combination of ERC-20 and ERC-721 token. Its design authorizes the fees for more efficient and faster transfer of tokens with a possibility of reducing gas fee by 90%.
Sounds compelling, right?
There were issues like accidental losses in the ERC-721 standard, like if you send your NFT to a wrong address which does not support the same standard, the token gets locked in the contract. Whereas, in Semi Fungible Token Development, the standard is designed in a way that in cases of inconsistent blockchains, the token is reverted immediately to the sender.
This Semi Fungible Token not only allows the transfer of multiple tokens at the same time but it can also deploy multiple tokens on a single contract, so instead of having different blockchains or contracts for the same kind of tokens, all those tokens can be deployed on a single blockchain.
How can we help?
We develop blockchain powered solutions which include inter alia crypto exchanges, bots, wallets, SFT & NFT Marketplaces. We are equipped with all the right skills to bring a decentralized future to existence. We can create a market-competitive platform for our clients to personalize and launch their SFT projects in days. Our typical customer base spans over artists-turned-entrepreneurs, or Artpreneurs, from all over the world. It is our solution, as well as its readiness and security, that we promise our clients.