Flexible As SFTs possess the traits of changing from being fungible to non-fungible, the token holders can utilize them as per their trading needs.
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With the introduction of NFTs, the
probability of assets being a victim of forgery can greatly be
reduced by converting any type of asset into Non-Fungible Tokens.
Any typical asset, when converted into an NFT, isn’t prone to
duplication. The NFT trading platform where these NFTs are bought
and sold will function on the basis of conditions that are
embedded in the smart contracts. In contrast, semi-fungible tokens
(SFT) wear dual attires - fungibility and non-fungibility.
These semi-fungible tokens can be exchanged like cryptocurrencies
during their fungible state and become unique and
non-interchangeable during their non-fungible state. For the
purpose of converting fungible tokens to NFTs and vice versa,
smart contracts are coded and executed. WithCodewisely AI
Solutions LLCas your SFT development company, you can avail of
development services for semi-fungible, non-fungible tokens, and
NFT marketplaces.
As the name is self-explanatory,
semi-fungible tokens represent the property of being both fungible
and non-fungible, however, not both at the same time. An SFT will
first carry the trait of being fungible, i,e., it will possess a
certain value that can be redeemed or exchanged for another token.
Once that token is utilized in the said way, it will lose its
fungibility and become entirely non-fungible.
The best example you can relate to resides in the P2E gaming
platforms. In such gaming platforms, the players will purchase the
in-game assets using native tokens, which are fungible, of course.
And the in-game assets like weapons, skin and other assets
purchased by the players are non-fungible tokens.
Redeemable Tickets Digital tickets have now become the norm, irrespective of them being movie tickets, concert tickets, or any event tickets. These digital tickets will be fungible tokens before it is redeemed, i.e., the ticket holder can exchange the ticket with another ticket specifying the same event details. However, once the ticket is used, it becomes a digital collectible, a.k.a an NFT.
In-Game CollectiblesBlockchain games featuring Play-To-Earn models contain semi-fungible tokens. The native tokens with which the player buys collectibles are fungible, and those collectibles are non-fungible.
Coupons A typical coupon containing utility values can also be an SFT. Similar to tickets, promotional coupons are also SFTs before they are redeemed and NFTs after redemption.
Now you know that the definition of SFTs lies between
fungible and non-fungible tokens. The pre-coded smart
contract decides the transformation of the fungible tokens
into non-fungible ones. These smart contracts will permit
the transfer of multiple tokens all at the same time and run
multiple tokens on the same smart contract as well.
As of the present time, SFTs are still in their budding
stages with respect to their use cases in different business
applications. However, the SFTs have acquired the gaming
niche, where their use cases are prominent. Similar to
tickets and in-game currencies, semi-fungible tokens also
find their application in lotteries, where the lottery
ticket will initially be a fungible token. After an
individual buys that lottery ticket and draws the prize
money, then that ticket becomes unique and
non-interchangeable and hence, a non-fungible token.
Flexible As SFTs possess the traits of changing from being fungible to non-fungible, the token holders can utilize them as per their trading needs.
Reliable A typical SFT is built using the Ethereum standard, which assures the reliability of those tokens.
Liquidity SFTs, when exchanged between the owner and the buyer, remain fungible, which denotes that the token still holds face value. Thus, those fungible tokens will enhance liquidity.
Easy To MintSemi-fungible tokens are relatively easy to mint and cost fewer gas fees when compared to fungible or non-fungible tokens.
Single Smart ContractBoth fungible tokens and NFTs can be deployed on a single, smart contract itself.
SFTs are currently finding their use case in blockchain games. If you’re puzzled about the token standard used for creating such tokens, here is an outline of the same. Generally, NFTs that are built on Ethereum use the ERC-721 token standard. Whereas fungible tokens built using the Ethereum blockchain will be based on ERC-20. To put it in exact words, SFTs are developed using the ERC-1155 token standard to indicate their property of being semi-fungible.
Having around 10 years of focused experience in blockchain application development, we stand as a pioneer in delivering futuristic and robust development solutions. In that sequence, we provide semi-fungible token development services alongside our established white-label NFT marketplace development solutions. Get to know what makes us your preferable technology partner for developing your SFTs.
Hands-on seasoning in different blockchains
Adept team of blockchain professionals
Reliable and innovative development solutions
Smooth onboarding and project support
We are available to discuss your project 24x7x365. Once we have an alignment about the details of the project, you are invited to see your requirements designed in front of your eyes at our development centre. Interact with our project manager, developers and designers regarding your platform. We will help you through the visa process and other travel hurdles.
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