What is an ERC-1155 Token?

Other than the popular ERC-20 and ERC-721 tokens, there is a third token standard that is widely used in Ethereum. While ERC-20 tokens are fungible and ERC-721 tokens non-fungible, ERC-1155 is a multi token standard - the same token contract may include any combination of fungible tokens, non-fungible tokens or semi-fungible tokens.

Fungible tokens work like currency. A $5 bill may be exchanged with another $5 bill without any difference in value. Non-fungible tokens such as CryptoKitties are unique. Each kitty is valued differently, has individual traits, and is often treated as a collectible.

A semi-fungible token works the same way as fungible tokens initially. It could be exchanged for another of the same token contract with no difference in value until a particular condition is met. From then on, it becomes non-fungible and cannot be simply exchanged with one another.

An example to think of is that of a ticket to watch Manchester United in a Premier League match. Before the match starts, the ticket could be exchanged for that of another Premier League match (with similar opponent quality) at the same value. After it ends, the same ticket could be of vastly different value depending on its owner. To some, it may represent a historic moment in their life and is extremely valuable as memorabilia. To others, it may be one of many or even represent an occasion to forget. In this way a ticket that was once fungible with others later becomes non-fungible.

Specification for the ERC-1155 standard is as below:

pragma solidity ^0.5.9;

/**
    @title ERC-1155 Multi Token Standard
    @dev See https://eips.ethereum.org/EIPS/eip-1155
    Note: The ERC-165 identifier for this interface is 0xd9b67a26.
 */
interface ERC1155 /* is ERC165 */ {
    /**
        @dev Either `TransferSingle` or `TransferBatch` MUST emit when tokens are transferred, including zero value transfers as well as minting or burning (see "Safe Transfer Rules" section of the standard).
        The `_operator` argument MUST be the address of an account/contract that is approved to make the transfer (SHOULD be msg.sender).
        The `_from` argument MUST be the address of the holder whose balance is decreased.
        The `_to` argument MUST be the address of the recipient whose balance is increased.
        The `_id` argument MUST be the token type being transferred.
        The `_value` argument MUST be the number of tokens the holder balance is decreased by and match what the recipient balance is increased by.
        When minting/creating tokens, the `_from` argument MUST be set to `0x0` (i.e. zero address).
        When burning/destroying tokens, the `_to` argument MUST be set to `0x0` (i.e. zero address).        
    */
    event TransferSingle(address indexed _operator, address indexed _from, address indexed _to, uint256 _id, uint256 _value);

    /**
        @dev Either `TransferSingle` or `TransferBatch` MUST emit when tokens are transferred, including zero value transfers as well as minting or burning (see "Safe Transfer Rules" section of the standard).      
        The `_operator` argument MUST be the address of an account/contract that is approved to make the transfer (SHOULD be msg.sender).
        The `_from` argument MUST be the address of the holder whose balance is decreased.
        The `_to` argument MUST be the address of the recipient whose balance is increased.
        The `_ids` argument MUST be the list of tokens being transferred.
        The `_values` argument MUST be the list of number of tokens (matching the list and order of tokens specified in _ids) the holder balance is decreased by and match what the recipient balance is increased by.
        When minting/creating tokens, the `_from` argument MUST be set to `0x0` (i.e. zero address).
        When burning/destroying tokens, the `_to` argument MUST be set to `0x0` (i.e. zero address).                
    */
    event TransferBatch(address indexed _operator, address indexed _from, address indexed _to, uint256[] _ids, uint256[] _values);

    /**
        @dev MUST emit when approval for a second party/operator address to manage all tokens for an owner address is enabled or disabled (absence of an event assumes disabled).        
    */
    event ApprovalForAll(address indexed _owner, address indexed _operator, bool _approved);

    /**
        @dev MUST emit when the URI is updated for a token ID.
        URIs are defined in RFC 3986.
        The URI MUST point to a JSON file that conforms to the "ERC-1155 Metadata URI JSON Schema".
    */
    event URI(string _value, uint256 indexed _id);

    /**
        @notice Transfers `_value` amount of an `_id` from the `_from` address to the `_to` address specified (with safety call).
        @dev Caller must be approved to manage the tokens being transferred out of the `_from` account (see "Approval" section of the standard).
        MUST revert if `_to` is the zero address.
        MUST revert if balance of holder for token `_id` is lower than the `_value` sent.
        MUST revert on any other error.
        MUST emit the `TransferSingle` event to reflect the balance change (see "Safe Transfer Rules" section of the standard).
        After the above conditions are met, this function MUST check if `_to` is a smart contract (e.g. code size > 0). If so, it MUST call `onERC1155Received` on `_to` and act appropriately (see "Safe Transfer Rules" section of the standard).        
        @param _from    Source address
        @param _to      Target address
        @param _id      ID of the token type
        @param _value   Transfer amount
        @param _data    Additional data with no specified format, MUST be sent unaltered in call to `onERC1155Received` on `_to`
    */
    function safeTransferFrom(address _from, address _to, uint256 _id, uint256 _value, bytes calldata _data) external;

    /**
        @notice Transfers `_values` amount(s) of `_ids` from the `_from` address to the `_to` address specified (with safety call).
        @dev Caller must be approved to manage the tokens being transferred out of the `_from` account (see "Approval" section of the standard).
        MUST revert if `_to` is the zero address.
        MUST revert if length of `_ids` is not the same as length of `_values`.
        MUST revert if any of the balance(s) of the holder(s) for token(s) in `_ids` is lower than the respective amount(s) in `_values` sent to the recipient.
        MUST revert on any other error.        
        MUST emit `TransferSingle` or `TransferBatch` event(s) such that all the balance changes are reflected (see "Safe Transfer Rules" section of the standard).
        Balance changes and events MUST follow the ordering of the arrays (_ids[0]/_values[0] before _ids[1]/_values[1], etc).
        After the above conditions for the transfer(s) in the batch are met, this function MUST check if `_to` is a smart contract (e.g. code size > 0). If so, it MUST call the relevant `ERC1155TokenReceiver` hook(s) on `_to` and act appropriately (see "Safe Transfer Rules" section of the standard).                      
        @param _from    Source address
        @param _to      Target address
        @param _ids     IDs of each token type (order and length must match _values array)
        @param _values  Transfer amounts per token type (order and length must match _ids array)
        @param _data    Additional data with no specified format, MUST be sent unaltered in call to the `ERC1155TokenReceiver` hook(s) on `_to`
    */
    function safeBatchTransferFrom(address _from, address _to, uint256[] calldata _ids, uint256[] calldata _values, bytes calldata _data) external;

    /**
        @notice Get the balance of an account's tokens.
        @param _owner  The address of the token holder
        @param _id     ID of the token
        @return        The _owner's balance of the token type requested
     */
    function balanceOf(address _owner, uint256 _id) external view returns (uint256);

    /**
        @notice Get the balance of multiple account/token pairs
        @param _owners The addresses of the token holders
        @param _ids    ID of the tokens
        @return        The _owner's balance of the token types requested (i.e. balance for each (owner, id) pair)
     */
    function balanceOfBatch(address[] calldata _owners, uint256[] calldata _ids) external view returns (uint256[] memory);

    /**
        @notice Enable or disable approval for a third party ("operator") to manage all of the caller's tokens.
        @dev MUST emit the ApprovalForAll event on success.
        @param _operator  Address to add to the set of authorized operators
        @param _approved  True if the operator is approved, false to revoke approval
    */
    function setApprovalForAll(address _operator, bool _approved) external;

    /**
        @notice Queries the approval status of an operator for a given owner.
        @param _owner     The owner of the tokens
        @param _operator  Address of authorized operator
        @return           True if the operator is approved, false if not
    */
    function isApprovedForAll(address _owner, address _operator) external view returns (bool);
}