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The ERC-1155 is known as the Multi-Token Standard. The standard outlines an interface in which a given smart contract could allow each individual token ID to represent a new configurable token type, which may have its own indistinguishable metadata. By allowing the smart contract to represent different token types, the standard allows for the creation of both fungible (ERC-20), non-fungible (ERC-721), and semi-fungible tokens all in a single contract. The full ERC-1155 standard can be found here:

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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