If you play games, you must have spent your precious time developing your in-game character. You must have matched the level and made him ready with all the accessories like helmet, sunglasses, armour, sword, etc., But at the time of sale, you have to trade every accessory individually. And, as a gamer, it sounds horrible. Each item is an ERC-721 non-fungible token. It is quite troublesome to manage assets across various games and also from the perspective of gas.ERC-721 does not provide an ideal experience for its users. At the same time, ERC-998 NFT Token Standards presents a better experience.
What Is A Non-Fungible Token?
When some token is identified as unique in some way, it is known as a Non-Fungible token. These are cryptographic tokens, unique and not so similar to any other non-fungible tokens. Every NFT represents a different kind of feature and functionality and is not comparable to other NFT’s. NFT’s are the tokens reflecting digital art, house/ property, precious metals, and gems like diamonds.
What Is ERC-721?
The ERC-721 token is a standard token in the arena of NFTs. It is a unique type of token. It can have different values when compared to another token in the same smart contract. It can vary in terms of age, rarity, or even on its visuals.
What Is ERC-998?
ERC-998 is an extension of ERC-721. It permits users to compose a new token from the bunch of ERC-721 tokens. You can now compose your in-game characters easily and sell them off with just one blockchain transaction. Thus, transferring the ownership of NFTs can be done without a hiss.
What Do You Understand About Non-Fungible Composable Tokens?
In simple terms, composable means to combine. Now in cryptocurrencies, composable tokens mean a token that can represent more than one digital asset. All the ERC tokens can be composed into a single ERC-998 representing a group of similar assets (ERC-20 tokens), an assortment of unique assets (ERC-721 tokens) a combination of both, which can then be traded in a single transaction.
Non-Fungible tokens have moved a step ahead, putting on an extra layer of twist in the world of digital assets. A single ERC-998 token is a cluster of the token. Folks around the world are using it on their gaming, luxury, etc., platform.
As we have taken the example of games, how ERC-998 helps to sell off several assets under one umbrella. Let’s elaborate on it for deep understanding.
Different Forms In Which This ERC-998 Fits Perfectly Into!
A single central asset with supplementary assets
In this case, the single NFT central token acts as a supplementary asset along with additional ERC-20 or ERC-721 tokens.
Let’s consider the virtual avatar as the central NFT that can be furnished with various digital items and accessories, thus adding the virtual avatar’s value. This will increase the value of the avatar, and you can pull off a great deal through one single transaction with one single asset in exchange for your time and effort.
Multiple components into one single entity
When multiple components of ERC come together, they will represent a single entity, ERC-998.
Every single part of an NFT product is unique. But, when they are broken into pieces, they technically do not possess any value. The actual product combinedly holds the value. For example, watches and jewelry. When all the parts of a watch are combined, it’s worthy, otherwise just garbage.
Group of collections
A collection of things that are worthy when in a group and worthless when are single.
The ERC-998 is a collection of 1st generation models of ERC-721, the second-generation model of ERC-721, and the third-generation model of ERC-721. If treated individually, they are simply an ERC-721 model, but together they set a new standard of ERC-998.
Use-Cases Of ERC-998
- Art industry
- Gaming industry
- Retail sector
- Entertainment industry
- Real-estate sector
Why Prefer Cryptocurrency Exchange Script As Your Partner For The ERC-998 Token Development Marketplace?
Develop an ERC-998 composable non-fungible token that can garnish your business in every possible way. Cryptocurrency Exchange Script holds years of experience that has stretched and crossed every boundary in the field of blockchain technology and cryptocurrency. The ERC-998 tokens initiated in business will benefit from wallet development, smart contract development, blockchain application development, Ethereum consulting, auditing services, and cryptocurrency development services. Join hands with us and attract a massive crowd in the market. Contact us for better understanding and assistance. Call us now!