Semi-fungible token development is the new trend in the NFT industry. A semi-fungible token is a combination of both fungible and non-fungible tokens. A semi-fungible token starts as a fungible token and then changes to a non-fungible token after the pre-determined action is completed. The best example of a semi-fungible token is an NFT ticket. The ticket remains as a semi-fungible token till the commencement of the event. Once the event is completed, the ticket loses its fungibility and turns into a non-fungible token. There are many potential use cases for semi-fungible tokens. The popularly used token standard for semi-fungible token development is ERC1155.
Use cases of Semi-fungible tokens:
- Event tickets
As seen above, the ticketing industry first popularly used semi-fungible tokens. Through Semi-fungible tokens, people can avoid the fear of losing the ticket and prevent the circulation of fake tickets. Additionally, people can have the pleasure of buying and owning tickets to their favorite concerts or shows.
- Vouchers
Brands have leveraged NFT to treat their high-profile and regular customers by providing a unique experience by sending vouchers as Semi-fungible tokens (SFTs). These vouchers remain fungible until they are redeemed and become non-fungible after redemption.
- Assets used in games
SFTs are widely used in in-game assets for game tools, money, weapons, etc. Gamers would love to have their favorite game assets in the form of NFTs.
A semi-fungible token development company will provide token development services and help you launch robust SFTs for various business vertices. Get in touch with an SFT development company and avail of best-of-class SFT development services.
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