7 Types of Crypto Tokens & What They're Used For

June 29, 2022

Top 3 Token Types:


The ERC-20 standard has been the most important on Ethereum since 2015. ERC-20 has emerged as the technological standard for token implementation on the Ethereum blockchain, and it is used for all smart contracts on the Ethereum blockchain. It lays out a set of guidelines that all Ethereum-based tokens must adhere to. ERC-20 tokens are digital assets that can be sent and received on the Ethereum blockchain. The main difference is that ERC-20 tokens are distributed on the Ethereum network rather than on their blockchain.

ERC-721 & ERC-1155 (what we see the most)

The ERC-721 and ERC-1155 smart contracts are being used by developers all over the world to build whole virtual worlds, and we are still in the early stages of mass adoption. Furthermore, NFTs can be used in a variety of industries, including art, music, fashion, IoT, and many others. 

Examples of ERC-721 project in Spatial include Squad of Knights or Boss Beauties:

Boss Beauties Role Models Gallery (ERC-721)
Squad of Knights Blaphouse (ERC-721)

Example of ERC-1155:

ERC-1155 are typically used by 1/1 (one of one) artists. Artists such as Fine Spray Paint Art aka Tyrone Webb and his Gallery My Wondrous Travels.

While he has many wonderful works to collect and they can appear in a 'collection' these are not a generative collection like may be created for PFP communities, each art work is uniquely created and the only of its kind.

Lesser known Token Types:

  • ERC-725 - The Digital Identity Standard

The developer of the well-known ERC-20 standard, has proposed the ERC-725 standard for Blockchain-based identity. Multiple keys and different smart contracts can be managed with ERC-725, which defines proxy smart contracts. Machines, objects, groups, and individuals can all be defined using identity smart contracts. 

  • ERC-223 - “Refund Token”

In a nutshell, the proposed ERC-223 notifies users who send tokens to a smart contract address by mistake and cancels the transaction. Users have to pay for gas but save their ETH. Amigocoin is one of the few projects that use the ERC-223 protocol right now. It proposes user-friendly UX features that protect users from fund failure, is backward compatible with the ERC-20 token standard, and costs half as much to run as Ethereum.

  • ERC-777 - Ethereum-Based Cryptocurrency

This digital token extends the common ERC-20 token standard with many new features. One of the most creative is the ability to mint or burn tokens, which, depending on a project’s tokenomics model, maybe a required feature.More than any other, this ERC token form has the potential to make token transfers much easier.

  • ERC 1400 & 1404 - Security Tokens

The ERC-1400 specification was created explicitly for Security Tokens, which are actual securities that can be used to represent any real-world asset on the blockchain. The ERC-1404 standard is an extension of the ERC-20 standard that allows for the issuance of Security Tokens with transfer restrictions to comply with regulatory requirements. It enables the development of a whitelist, for example. As a result, the issuer can choose who can buy and own the token. 

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