πŸ€”Rethinking NFTs

Now that the euphoria is behind us, maybe this wasn't the best way to form communities.

The ERC721 NFT standard is still useful for exclusive 1/1 art and collectibles, but it doesn’t work for communities that want to scale to millions of members.

As an alternative, we propose getting creative with another NFT standard: the ERC1155.

NFT exchanges and Ethereum infrastructure have increasingly started to support it.

Getting Creative

The ERC1155 token standard can best be understood as a cross between an ERC721 NFT and an ERC20 token tradable on Uniswap. In fact, they're kind of like hybrid NFTs. They're more gas-efficient and fungible.

This makes them perfect for a high-supply NFT collection with mass appeal.

... so why haven't people been using this?

They have, but in a very limited way. The problem with ERC1155 NFTs is they don't support unique traits. Each and every NFT is the exact same, which is why it's so cheap to send and trade.

Some might see this as a downside. Yet, this doesn't have to be a problem at all.

In fact, with some thinking outside the box, it makes things even better.

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