The world of blockchain gaming has seen tremendous growth, with several blockchain networks emerging as leaders in the space. To accommodate the specific needs of blockchain gaming and other decentralized applications, these networks have developed their own proprietary token standards. These standards provide developers with the tools to create and manage digital assets on the network, serving as the foundation for a wide range of use cases.
Ethereum Token Standards
Ethereum is the clear leader when it comes to useful token standards. In fact, most token standards from other chains are modeled after Ethereum's. The reason for blockchain's dominance in this particular area appears to be its huge developer base. According to Electric Capital’s research in 2022, more than 4000 open-source developers were working on Ethereum. That figure might have increased since then.
Let’s look at some of the standards for tokens in the Ethereum ecosystem.
ERC-721
This is a non-fungible token standard that is used to represent unique assets, such as digital collectibles, virtual real estate, and rare in-game items. ERC-721 tokens are one-of-a-kind and cannot be divided into smaller units.
ERC-1155
This is a fungible token standard that is used to represent interchangeable assets, such as currency, commodities, and other in-game items. ERC-1155 tokens can be divided into smaller units, making them ideal for representing things like in-game currency or other stackable items.
ERC-20
This is a widely used token standard for fungible tokens, such as cryptocurrencies and stablecoins. ERC-20 tokens are interchangeable and can be divided into smaller units, making them well-suited for use as a currency or other form of payment.
ERC-777
This is an extension of the ERC-20 standard that provides additional functionality and security features, such as the ability to execute contract functions when tokens are transferred.
ERC-998
This is a token standard that allows for the creation of composite tokens, which are a combination of multiple tokens within a single contract. This standard is used in Web3 games to represent complex in-game assets, such as characters or vehicles, which are composed of multiple parts or components.
ERC-621
This is an extension of the ERC-20 standard that allows for the increase or decrease of the total supply of tokens within a smart contract. This is useful in web-based games where the supply of certain in-game items may need to change over time.
Games that use Ethereum Token Standards
BNB Chain Token Standards
BNB Chain is a fast and efficient blockchain network that has become a popular choice for decentralized applications, including blockchain gaming. BSC offers a set of token standards, including BEP-20, BEP-721, and BEP-129.
BEP-20
This token standard enables developers to launch a diverse array of tokens, including peggy coins, utility tokens, stablecoins, and more. BEP-20 also offers advanced features such as blacklisting, minting, and pausing token burns, making it a versatile and comprehensive solution for creating and managing digital assets on BSC.
BEP-721
BEP-721 is a BNB Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It’s an extension of Ethereum’s ERC-721, one of the most commonly used NFT standards, and is compatible with the Ethereum Virtual Machine (EVM). Each NFT is unique and is not interchangeable with any other token.
BEP-129
BEP-129 is an NFT standard designed specifically for the GameFi ecosystem, utilizing the Binance Smart Chain. As a variation of the popular ERC-721 standard, BEP-129 provides a straightforward data structure to store various attributes, empowering players to personalize their digital assets according to their preferences. For instance, game characters can alter their outfit colors, while non-player characters can modify their abilities.
Some of the games that use BEP-20 and 721
Solana (SOL) Token Standards
Solana is a high-performance blockchain network designed for decentralized applications, including blockchain gaming. The Solana network features its own set of token standards, designed for fast and efficient transactions. The Solana Token Program, a part of the SPL, provides a standardized interface for creating, issuing, transferring, and destroying Solana-compatible tokens. This program is similar to the ERC-20 and ERC-721 token standards in the Ethereum ecosystem and allows for the creation of a variety of digital assets on the Solana network.
Games that use Solana Token Standards
TRON (TRX) Token Standards
TRON is a decentralized blockchain network that has become a popular choice for decentralized applications, including blockchain gaming. TRON features its own token standards, including TRON 10 and TRON 20, which are similar in functionality to Ethereum's ERC-20 and ERC-721 standards. These standards provide developers with the tools to create and manage digital assets on the TRON network.
Games that use TRX token standards
Flow (FLOW) Token Standards
Flow is a fast, efficient, and scalable blockchain network designed for high-performance use cases, including blockchain gaming. Flow provides its own token standards, including the flow-NFT standard, which allows developers to create unique and indivisible digital assets. These standards provide the foundation for a wide range of blockchain gaming and other decentralized applications.
Games on the Flow Ecosystem
In Closing I hope you liked this ensemble of token standards from different blockchains. This article is a work in progress. We will keep adding any new and interesting token standards that we come across. In the meantime, check out some of the other fun pieces we have on the blog. See you next time!
