A Doge-themed non-fungible token (NFT) now appears to comprise the most valuable ERC-1155 in existence. The NFT is backed by over 1,155,777.1 Enjin (ENJ), worth approximately $129,000 at the time of writing.
https://t.co/fkIAxYIdgU — JIDE KEKS (@JIDXKEKS) March 7, 2020
It has been reported that the NFT, “It’s good to be the King,” was minted on March 1 and pays homage to the meme-inspired DOGE cryptocurrency depicting the well-know Shiba Inu donned with a regal crown and staff.
However, the token’s name appears as though it may be aimed in jest at the now-second-most valuable ERC-1155, The Monolith, which is backed by 1,155,777 ENJ, just 0.1 less ENJ (nearly $0.02) than the Doge-themed NFT.
Enjin’s ERC-1155 token standard was built to address limitations the company identified as inherent to the ERC-721 protocol.
Enjin describes the ERC-1155 as storing multiple tokens within a single contract, using the “minimum possible amount of data needed to distinguish the token from other ones.”
By contrast, the company characterizes ERC-721s as requiring the building and deployment of a full smart contract for each individual NFT.
It has been analyzed that the standard also supports the creation of fungible tokens.
Thus, the NFT ecosystem has gained momentum recently, with an increasing number of protocols seeking to cater to the needs of the applications for which they will be used and the developers who will use them.