What is ERC-1155 Tokenization Standard?

ERC-1155 is an Ethereum-based token standard that incorporates non-fungible token (NFT) technology. The ERC-1155 standard allows for a single smart contract to manage multiple token types, including both fungible, semi-fungible, and non-fungible tokens. It is purported as the new multi-token standard. Other token standards like ERC-20 and ERC-721 require a separate contract to be deployed for each token type or collection, which results in excessive and redundant code on the Ethereum blockchain.