refactor(its-factory)!: simplify token id derivation

[milapsheth]

AXE-6588

[codecov-commenter]

Codecov Report

All modified and coverable lines are covered by tests ✅

Project coverage is 99.44%. Comparing base (c58ed5e) to head (79608cd).
Report is 16 commits behind head on main.

Additional details and impacted files

@@            Coverage Diff             @@
##             main     #302      +/-   ##
==========================================
+ Coverage   97.67%   99.44%   +1.77%     
==========================================
  Files          19       20       +1     
  Lines         601      721     +120     
  Branches      126      169      +43     
==========================================
+ Hits          587      717     +130     
+ Misses          5        4       -1     
+ Partials        9        0       -9     

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