Що таке напівфунгібельні токени (SFT)? Від концепції до застосування — чи можуть SFT стати наступним етапом
As NFTs transition from their explosive growth phase into a period of reflection, the market is reconsidering a fundamental question: Do on-chain assets always have to be either "fully fungible (FT)" or "fully non-fungible (NFT)"—with no middle ground?
Against this backdrop, semi-fungible tokens (SFTs) are gaining traction among developers and market participants, emerging as a bridge between FT and NFT asset models.
SFTs aren’t an entirely new concept, but the asset design philosophy they embody is increasingly relevant across a wide range of applications.
1. What Are Semi-Fungible Tokens (SFTs)?
As the name suggests, semi-fungible tokens (SFTs) are on-chain assets that exhibit both fungible and non-fungible characteristics throughout their lifecycle.
Put simply, SFTs are interchangeable at certain stages—similar to ERC-20 tokens—but under specific conditions, they transform into unique, non-interchangeable assets like NFTs. They aren’t statically "semi-fungible"; instead, their properties shift depending on context and state.
The most intuitive way to understand this is:
SFTs are tokens with "mutable states."
For example, an unused ticket can be swapped with other tickets of the same type. However, once it’s used or linked to a specific entitlement, it becomes a unique asset and can no longer be exchanged on equal terms with other tokens.
2. The Origins of SFTs: Structural Limitations of FTs and NFTs
The rise of SFTs is a direct response to the limitations of existing token models.
Traditional FT (fungible token) models treat all tokens as identical, making them ideal for payments, settlements, and value storage. However, they fall short when it comes to representing complex attributes or dynamic states.
NFTs (non-fungible tokens), on the other hand, excel at expressing uniqueness and scarcity. Yet, in practice, they suffer from low liquidity, high management overhead, and challenges with batch operations—especially in scenarios involving high-frequency or staged assets.
In many real-world and on-chain use cases, assets often share a common trait:
"They’re standardized at one stage, but personalized at another."
This need for flexibility has driven the emergence and adoption of SFTs as a new asset class.
3. Key SFT Standards and Token Implementations
Currently, the most recognized SFT technical standards originate from the Ethereum ecosystem.
ERC-1155: The Classic SFT Standard
ERC-1155 is widely regarded as the benchmark for SFTs. It enables both fungible and non-fungible tokens to coexist within a single contract and supports seamless transitions between different token states.
ERC-1155 was initially popularized in blockchain gaming—for items, equipment, consumables, and more. These assets can exist in bulk before use, but once linked to a character or consumed, their attributes change.
SFTs in Real-World Applications
While you’ll rarely see assets explicitly labeled as "SFT tokens," the following scenarios have broadly adopted SFT logic:
- Blockchain game items and equipment
- Event tickets and passes (Event / NFT Ticket)
- Upgradable or consumable NFT assets
- Membership credentials with phased unlocks
These assets don’t fit neatly into the traditional FT or NFT definitions, but their behavior aligns closely with SFT principles.
4. Core Advantages and Value of SFTs
The greatest strength of SFTs lies in their adaptability to real-world assets and complex on-chain interactions.
First, SFTs dramatically improve asset liquidity. Before assets become personalized, they can be traded and managed in bulk, just like FTs.
Second, SFTs inherently support state changes and lifecycle management. On-chain assets are no longer static entities minted once and forever unchanged.
Most importantly, SFTs offer Web3 applications a way to model assets that reflect real business logic, unlocking new possibilities for membership systems, sub_script_ion services, and entitlement credentials.
5. Future Trends for SFTs
Looking ahead, SFTs are likely to evolve as a foundational asset type rather than a standalone narrative or hype-driven sector.
On one hand, as the NFT market shifts from "collectible storytelling" to "functional assets," demand for flexible models like SFTs will continue to grow.
On the other, sectors such as blockchain gaming, AI agents, and RWA (real-world asset tokenization) are inherently reliant on state changes and evolving entitlements—making SFTs a natural fit.
It’s important to note that SFTs themselves aren’t poised to become a speculative hotspot. Their value lies in being integrated and used, not in being hyped as standalone assets.
Conclusion
Semi-fungible tokens (SFTs) aren’t meant to replace FTs or NFTs, but rather to fill the gap between them. They offer Web3 a more flexible and realistic way to represent assets.
As on-chain applications shift from "concept-driven" to "function-driven," SFTs are likely to quietly become the default choice for many use cases—even if they’re not frequently mentioned by name. For users and developers alike, understanding SFTs may prove more meaningful in the long run than chasing the latest token trend.
