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Should each NFT have a separate smart contract

I want to create an NFT with 6 different variations. Besides the similar artwork, they're gonna share some custom capabilities.

My question is, what is the more efficient approach, and are there any drawbacks to using the same Smart Contract?

A common practice is to group tokens of similar meaning in a collection.

Widely used standards are:

  • ERC721 for collection of unique items - for example drawings
  • ERC1155 for collection of items that can have multiple copies - such as hockey player cards

Based on the description in your question, you might want to mint 6 tokens (one for each variation) in the ERC721 collection.

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