TL;DR
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ERC-404 takes features from ERC-20 & ERC-721, and mashes them together.
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ERC-404 aims to combine two functions together, so folks can buy fractional shares of an NFT.
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This opens up a whole bunch of new use cases, e.g. NFT real estate — mint a property as an NFT → let buyers purchase fractional share of it, from $1-$1M+
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Pandora, the first (so-called) ERC-404 token, went from $250 to (get this) $32,000 in the first 10 days of Feb!
Full Story
When you walk into McDonald’s – what’re you ordering?
Probably depends on your mood and appetite, right? But whichever option you choose — you’re still dining at Macca’s.
Same goes for ‘ERC standards’ on Ethereum.
Each standard is like an option on a menu — ERC-20 issues plain old Ethereum tokens, while the ERC-721 standard is responsible for creating/issuing NFTs.
But whichever option you choose – you’re still buying crypto assets on the Ethereum network.
Well, recently, someone added a new menu item to the ETH ecosystem, called ERC-404 — and it’s the Ethereum version of ‘a Quarter Pounder combined with a Big Mac.’
ERC-404 takes features from ERC-20 & ERC-721, and mashes them together.
The result? Fractionalized NFTs.
What does that mean? You know how when you buy Ethereum (an ERC-20 token), you don’t have to buy a whole token? You can buy a fraction if you want — say .10 ETH (~$250). But when you buy an NFT — say, a Crypto Punk — you’re buying the whole thing (~$150k) or nothing at all.
ERC-404 aims to combine those functions together, so folks can buy fractional shares of an NFT.
(Opening up a whole bunch of new use cases, e.g. NFT real estate — mint a property as an NFT → let buyers purchase fractional share of it, from $1-$1M+)
ERC-404 isn’t even an official standard yet, and the market is already running with it.
Pandora, the first (so-called) ERC-404 token, went from $250 to (get this) $32,000 in the first 10 days of Feb!
(It took Bitcoin 7 years to move the same distance in coin price — though to be fare, Pandora has a total supply of 8k tokens, vs. BTC’s 21M).
Still, that’s WILD.
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More posts like this would bring about the blogosphere more useful.
The thoroughness in this piece is noteworthy.
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