What is a Semi-fungible token?
A semi-fungible token (SFT) is both fungible and non-fungible. It possesses both qualities and is a new type of token. Usually, semi-fungible tokens are fungible for up to a certain period of time and then become non-fungible. To help you understand better, let us consider an example. If you purchase a ticket NFT, it remains fungible until the event or time of the event. It can be exchanged, or anyone with ticket access can participate in the event. Once the event is over, the ticket loses its fungibility and becomes collectible, i.e., becomes non-fungible in nature. Recently, the market has experienced a surge in Semi-fungible token development as many industries started widely using them. The token standard used for developing semi-fungible tokens is ERC1155. Let us discuss the popular use cases of semi-fungible tokens.
Uses Of Semi Fungible Token Development:
Event tickets - While many fans and observers fill the space during events and concerts. It's impossible to forget the pleasure of purchasing and having precious tickets. By Enabling customized ticket production so that SFT can attract a variety of fandoms
Voucher coupons - For prestigious customers, receiving gift cards and voucher coupons offers a unique experience. In this scenario, users can also generate their own vouchers. Prior to gift redemption, these vouchers will be fungible and become NFTs after redemption.
In-Game Assets: Since players still have a soft spot in their hearts for the gaming industry, allowing SFT development for in-game assets is unquestionably advantageous. Games tools, money, and assets like guns are a few examples of SFT-minted goods.
Many industries leverage semi-fungible token development, which also serves as a publicity factor. It also serves as a way to attract people. Let us see the top use cases of semi-fungible tokens.
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