Similar to CryptoKitties' implementation of the ERC-721 - which fetched prices of as much as $170,000 - the new NFT (Non-Fungible Token) standard ERC-1155 can create limited and unique virtual items while complying with Ethereum standard exchange mechanisms. Each item is recorded through a dedicated address on the public blockchain.
The ERC-1155 standard also enables users to mint and transfer fungible, semi-fungible, and non-fungible tokens using a single smart contract. It is fully backward compatible with ERC-721 and reduces GAS costs by as much as 95%. According to Enjin's CTO, Witek Radomski, "ERC-20 is limited to fungibles, and ERC-721 is limited to contracts with individual unique copies of items. The two token types are not very compatible or mixable. ERC-1155 Crypto Items improve on this by combining the benefits of both. You may create thousands of different types of items for your game, and depending on the use case, each unit may have a unique index or be fully fungible with the others."
As part of Sustany's objective to further the adoption of this new token standard, the company will provide backing and servicing support to game studios interested in developing their games as part of the gaming multiverse. Sustany's team has guided companies through the process of concept creation, blockchain evaluation, and economics of virtual assets and supports startups and established companies in creating blockchain strategies to future-proof their business models. "The question is not: if your company should deploy blockchain technology, the question is when," states Sustany's managing partner, Christian Kameir.
Over the next couple of months, Sustany's team will support five or more game development teams to introduce new non-fungible items using the ERC-1155 standard. To submit your gaming project for funding and servicing support please read the following requirements and submit your project using the intake form.
About Sustany Capital
Sustany Capital is a blockchain venture fund based in Newport Beach, CA. Sustany Capital's broad blockchain experience and token economics knowledge enable investors to participate in the most promising blockchain projects, while Sustany Services backs early-stage companies navigating the tokenization process, so executives can focus more effectively on bringing innovative blockchain projects to market.
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About Enjin
Founded in 2009 and stationed in Singapore, Enjin is a gaming company that boasts two core products: Enjin Coin and the Enjin Network. Enjin Coin is built for developing blockchain games and cryptocurrencies, while the latter is a gaming-focused content management system (CMS) and e-commerce platform that serves up to 20 million users.
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