This article explains what an ERC20, ERC721 and ERC1155 contract is.
The protocols that make NFTs and $GALA possible fall under the categories of ERC20, ERC721, and ERC1155. The tokens listed represent items, help conduct trade, and provide other useful utilities within the Gala Games and Entertainment ecosystem. Knowing what these are can help the reader understand the technologies that allow for this ecosystem to exist.
This article assumes the reader knows:
The Ethereum blockchain allows developers to run programs on it using a language called Solidity. Since anyone can name their functions anything they like, there would be no way for systems, like OpenSea.io, to know how to read those programs. Thus, a standard was created that defines various interfaces for different purposes.
ERC-20 is used for cryptocurrencies like $GALA, and MTRM.
ERC-721 is used for NFTs like VOX.
ERC-1155 is used for NFTs like Wheat Stand, Water Tower, and Sugar Storage.
When a person owns a Non-Fungible Token (NFT), such as a Homestead from the game Mirandus, they have an ERC1155 in their Ethereum address. These technologies give players verifiable proof that they own the content they paid for. This truly helps bring power back to the players!