Web3 ERC404 NFT #24 #
Blockchain
Name
Web3 ERC404 NFT #24
Contract Address
Token ID
24
Token Standard
ERC-1155
Description
Explore ERC404: Merging Fungible Tokens with NFTs
ERC404 introduces an innovative, unofficial token standard in the realm of Web3, combining the unique traits of fungible tokens and NFTs. Unlike traditional Ethereum Improvement Proposals (EIPs), it's an experimental initiative.
How does ERC404 operate?
Projects adopting ERC404 will provide both ERC20 fungible tokens and linked NFTs. Acquiring a full ERC20 token triggers the minting of a corresponding NFT in the user's wallet. If the user possesses less than a complete ERC20 token, they won't receive the associated NFT.
What are the key impacts?
1. Enhanced Liquidity 💧
ERC404 targets enhanced liquidity for associated NFTs by facilitating trading through a fungible token liquidity pool. This mechanism allows holders to swiftly trade tokens on decentralized exchanges instead of waiting for specific NFT buyers.
2. Fractionalization 🧩
Unlike conventional fractionalization protocols where an NFT is locked and shares are issued,
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