Semi Fungible Token ERC is the newest trend that makes an impact in recent times. At this point, semi-fungible tokens behave initially like fungible tokens and can be traded for other SFTs that are exactly the same. However, it is said to be having a greater impact on the web3 evolution.
What could be its potential use on the web3?
Currently, marketplaces, decentralized applications, and metaverse environments still use SFTs occasionally or infrequently. The technology has a lot to offer from a technical standpoint because it allows for the combination of fungible and non-fungible tokens for complex business logic that can simultaneously decrease costs and speed up transaction times. Therefore, even though SFTs are a niche player in the gaming sector, more complex business sectors could eventually benefit from this technology.
A fungible token could be used as a lottery ticket, for instance, and if you win, you'd get a certain number of NFTs. However, in theory, the application of this covers all conceivable business scenarios where a token may automatically turn into a collectible after its validity or equivalent has passed, adding value. Although there isn't much hype surrounding the technology right now, it has a lot of potential for use in the new, decentralized Web 3.0 world.
Conclusion
Semi Fungible Token ERC is said to be the biggest trend in recent times. However, having a world-class solution from a top-rated company could be the biggest business evolution in the future.
