Is ERC-404 the New Narrative? | Bitcointalksearch.org

Cryptoababe

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Quote from: JeffBrad12 on February 15, 2024, 08:45:16 PM

technically speaking its still non fungible though its just literally allowing people to buy fraction of NFT but represented in token, because if the token isn't whole, the NFT gonna get burned.
I think its good feasible way to make some NFT more affordable but we all know that without whole token which mint NFT its gonna be kinda useless but then again it still gonna retains value in the market I guess.
I personally have no problem with this new ERC-404 seems like it gonna open the market of NFT to a whole new level.
but its still experimental anyway, we haven't seen any implication of the usage of this protocol, maybe there gonna be some bugs or something the whole thing seems kinda complicated.
but I guess thats the price of implementing a whole new protocol.

Thanks for detailed explanation on how this will work. Now, I think its a good way to make some NFTs affordable as you've said. And this might also reduce to risks in investing in some NFT as there will be less loss cos most people won't be needing to purchase a whole NFT anymore. And hopefully, there won't be much bugs as you've said.

tbterryboy

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Quote from: slashz9 on February 11, 2024, 10:35:31 AM

Yes of course, people need a new narrative, and ERC 404 was created, after BRC 20 yesterday it was time for an ERC to be created, maybe later there will be Solana and BNB, but maybe wait for ERC 404 to fade.
or maybe I'm wrong and erc 404 will take over the entire market.

No not all needs them because for some of us, the existing stuffs are already fine but the new narratives might still be a good addition to the space, though we should only be careful as some of them are scams and only wants to take our money. BRC-20 is still a new thing in crypto and for now it may be enough.

There is no need to rush and add ERC-404 immediately. Doing so will help them analyse it better so that the software will be less buggy. After ERC or ETH, next is definitely BNB while Solana is still long in the queue, so patience is needed for those who badly wants it. There's a chance for ERC-404 to shine but maybe not to a point that it will take over the entire market.

crwth

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Well, upon researching it, the main function is that you can fractionalize NFTs right? So in essence, you could own a fraction of different NFTs that might be too much or expensive for one person. Additionally, it's good with this because the liquidity and trading could give more volume to the NFT market. It's possible that having this ERC-404 would make the market more liquid and more trades can be done.

JeffBrad12

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Quote from: Cryptoababe on February 15, 2024, 02:21:48 PM

If NFT can be broken into fungible tokens with ERC-404, then it's no more NFT. I don't see any reasonable reason for doing that. Anyways, I'm a noob in this NFT stuff. So let's see how it goes.

technically speaking its still non fungible though its just literally allowing people to buy fraction of NFT but represented in token, because if the token isn't whole, the NFT gonna get burned.
I think its good feasible way to make some NFT more affordable but we all know that without whole token which mint NFT its gonna be kinda useless but then again it still gonna retains value in the market I guess.
I personally have no problem with this new ERC-404 seems like it gonna open the market of NFT to a whole new level.
but its still experimental anyway, we haven't seen any implication of the usage of this protocol, maybe there gonna be some bugs or something the whole thing seems kinda complicated.
but I guess thats the price of implementing a whole new protocol.

Jascrypt

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Quote from: cryptoaddictchie on February 09, 2024, 08:04:33 AM

Quote from: Iamcrypticguy on February 09, 2024, 07:47:08 AM

I'm intrigued by the possibilities of ERC-404 and excited to see where projects like Pandora take it. But in such a fast moving space, it's hard to predict which standards will gain long term traction. Let me know your thoughts on whether ERC-404 could become a leading narrative in the NFT world!

Seen this a few days and kinda hard to understand technically but some OG who explaimed it sounds like a solution to some of the diluted nft or thriving problem on liquidity on nft and tokens. Somehow I kinda feel it is unless there is no vulnerabilities found on the set up of erc404. Binance easily supported it or even put up a thread how it works. But still early to judge but from the hype its created it seems working.

I don't think Binance or ethereum has announced their support for the erc-404 but would be encouraging if they did particularly if it has been vetted and declared secured. Atm it's Bitget wallet and few DEXes supporting it.

Cryptoababe

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If NFT can be broken into fungible tokens with ERC-404, then it's no more NFT. I don't see any reasonable reason for doing that. Anyways, I'm a noob in this NFT stuff. So let's see how it goes.

fapar

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It’s not for nothing that I mentioned SmartLayer earlier. The other day they released an implementation of the ERC-404v2. That is, they implement a “box in a box” - ERC-5169 and TokenScript as an xNFT “wrapped” in ERC-404. This is a brain explosion. https://twitter.com/SmartLayer/status/1756959004906188841

Iamcrypticguy

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Quote from: Fatema Begum on February 11, 2024, 08:02:22 AM

I Have no idea about erc-404 this network how it’s work and what is benefit i really don,t know.

You may read about it..go through the thread,

Iamcrypticguy

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Quote from: cryptoaddictchie on February 11, 2024, 01:07:10 PM

Quote from: Iamcrypticguy on February 09, 2024, 10:21:49 AM

It's an experimental token standard, no audit yet from what I found out on the web, and its objective is toBridge the gap between fungible tokens (ERC-20) and (ERC-721) NFTs. It's already gathered support from Blur, opensea and erc404 tokens can be swapped using Bitget wallet. Let's see how it goes though, maybe some person's have a better explanation to this and share their views.

Well yeah I still needed some videos or more threadors to understand the goal of erc404. But by the hypes going around it seems gonna pull up some crazy gains at all. Well not really kinda a fomo guy but at least if ever I did I wanna learn whats the use case of it first before jumping into the train.

It's always good to learn before diving in, but I think since it's the bull run, any narratives with good marketing and a solid plan will do well. If you're still looking to know more about erc404, I think this will help.
https://www.bitget.com/news/detail/12560603901576

cryptoaddictchie

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Quote from: Iamcrypticguy on February 09, 2024, 10:21:49 AM

It's an experimental token standard, no audit yet from what I found out on the web, and its objective is toBridge the gap between fungible tokens (ERC-20) and (ERC-721) NFTs. It's already gathered support from Blur, opensea and erc404 tokens can be swapped using Bitget wallet. Let's see how it goes though, maybe some person's have a better explanation to this and share their views.

Well yeah I still needed some videos or more threadors to understand the goal of erc404. But by the hypes going around it seems gonna pull up some crazy gains at all. Well not really kinda a fomo guy but at least if ever I did I wanna learn whats the use case of it first before jumping into the train.

huu78

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Quote from: fapar on February 09, 2024, 10:29:25 AM

Why not? At their core, only stable tokens should remain in their current form (ERC20/BEP20/TRC20/etc.), so to speak, be impersonal. The remaining tokens may already bear traces of individuality and have additional functions. An apt analogy here is the evolution of the landline phone to the smartphone. Another thing to note is the Smart Layer Network with its Smart Cats (ERC-5169 + xNFT). And therefore, a unified standard for such token-NFTs should be developed.

hemm, I don't think that's what you're talking about here, I think it's the people who bought the tokens at the beginning or those who planned this who made fomo about it, the whales who are playing here, suddenly listed and said this and that without any announcement.

slashz9

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Yes of course, people need a new narrative, and ERC 404 was created, after BRC 20 yesterday it was time for an ERC to be created, maybe later there will be Solana and BNB, but maybe wait for ERC 404 to fade.
or maybe I'm wrong and erc 404 will take over the entire market.

bastian466

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This rarity feature can be an attraction for all of us to find out which NFT is rare or which is circulating in the external community. From there we can see which NFT is very rare and can make the price soar because of its rarity. As in real life, rare items always have high value

Fatema Begum

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I Have no idea about erc-404 this network how it’s work and what is benefit i really don,t know.

fapar

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Quote from: khiholangkang on February 10, 2024, 11:49:15 AM

To be honest this project is interesting with its technology and can be directly related to NFTs with a 1:1 ratio, but it has been confirmed that ERC 404 is an experiment and too dangerous for those of you who like to invest in safer projects, maybe we can say that ERC404 is a new narrative or not but if it is just an experiment it is not a good choice for your investment, but if you are a person who has courage and wants to try your luck on experimental projects the success rate is 50:50, if this experiment is successful it will certainly be a new narrative in this cycle and you will get a very large return, but vice versa, if this project is annulled failed and not accepted by the market then you will lose your money if you invest in experimental projects.

In fact, 1:1 is one of the possible states of the ERC-404. More interesting is the principle of francionalization, in which one NFT is split into a large number of tokens. They tried to use a similar project on Solana - fraktion.art - but, as we can see from the dead site and Twitter, the project failed. But ERC-404 certainly gave impetus to the development of similar projects. SyncSwap yesterday launched a “wrapped” ERC-404 for Libertas Omnibus.

khiholangkang

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Quote from: Sophokles on February 10, 2024, 01:58:59 PM

Quote from: khiholangkang on February 10, 2024, 11:49:15 AM

To be honest this project is interesting with its technology and can be directly related to NFTs with a 1:1 ratio, but it has been confirmed that ERC 404 is an experiment and too dangerous for those of you who like to invest in safer projects, maybe we can say that ERC404 is a new narrative or not but if it is just an experiment it is not a good choice for your investment, but if you are a person who has courage and wants to try your luck on experimental projects the success rate is 50:50, if this experiment is successful it will certainly be a new narrative in this cycle and you will get a very large return, but vice versa, if this project is annulled failed and not accepted by the market then you will lose your money if you invest in experimental projects.

Don't forget that this version of the token is not audited and only created for test purposes. I'm not sure why people are crazy about catching the next new narratives early because we can see the first ERC-404 project made an insane 7000% gain after it was listed in the dex. Though the market cap is low, the rally is super high. This version of the token is really unique and it is something between an NFT and ERC-20 version. I think its more like an NFT that can be traded like a token.

ERC404 hypes were triggered that resulted in many people fomo this network, as usual in general those who are struggling in crypto testing must want to get an unreasonable price increase, as happened before.

This is very dangerous and not recommended, only people who have the courage to lose money can enter into it, this test has the potential to fail but has the possibility of gaining profits as well if successful, this is not healthy for someone who has a large risk profile in investing in early crypto projects. So I recommend not to get carried away with Fomo because there are so many tokens released that have crazy increases, DYOR

Sophokles

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Quote from: khiholangkang on February 10, 2024, 11:49:15 AM

To be honest this project is interesting with its technology and can be directly related to NFTs with a 1:1 ratio, but it has been confirmed that ERC 404 is an experiment and too dangerous for those of you who like to invest in safer projects, maybe we can say that ERC404 is a new narrative or not but if it is just an experiment it is not a good choice for your investment, but if you are a person who has courage and wants to try your luck on experimental projects the success rate is 50:50, if this experiment is successful it will certainly be a new narrative in this cycle and you will get a very large return, but vice versa, if this project is annulled failed and not accepted by the market then you will lose your money if you invest in experimental projects.

Don't forget that this version of the token is not audited and only created for test purposes. I'm not sure why people are crazy about catching the next new narratives early because we can see the first ERC-404 project made an insane 7000% gain after it was listed in the dex. Though the market cap is low, the rally is super high. This version of the token is really unique and it is something between an NFT and ERC-20 version. I think its more like an NFT that can be traded like a token.

khiholangkang

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To be honest this project is interesting with its technology and can be directly related to NFTs with a 1:1 ratio, but it has been confirmed that ERC 404 is an experiment and too dangerous for those of you who like to invest in safer projects, maybe we can say that ERC404 is a new narrative or not but if it is just an experiment it is not a good choice for your investment, but if you are a person who has courage and wants to try your luck on experimental projects the success rate is 50:50, if this experiment is successful it will certainly be a new narrative in this cycle and you will get a very large return, but vice versa, if this project is annulled failed and not accepted by the market then you will lose your money if you invest in experimental projects.

fapar

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Quote from: Jascrypt on February 09, 2024, 01:35:25 PM

Quote from: fapar on February 09, 2024, 10:29:25 AM

Why not? At their core, only stable tokens should remain in their current form (ERC20/BEP20/TRC20/etc.), so to speak, be impersonal. The remaining tokens may already bear traces of individuality and have additional functions. An apt analogy here is the evolution of the landline phone to the smartphone. Another thing to note is the Smart Layer Network with its Smart Cats (ERC-5169 + xNFT). And therefore, a unified standard for such token-NFTs should be developed.

Encouraging innovation is good but onboarding it via the proper processes is also important. That's why I feel it might pose a risk on etheruem ecosystem atm but once audited and given the nod, I would explore it and also consider buying pandora.

Of course, this is how it should be. For now, the ERC-404 standard is unofficial. In addition, there is an opinion that contracts using ERC-404 (including Pandora) may contain a vulnerability due to which the owners of tokens (parts of the NFT) can “steal” the original NFT.

Jascrypt

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Quote from: fapar on February 09, 2024, 10:29:25 AM

Why not? At their core, only stable tokens should remain in their current form (ERC20/BEP20/TRC20/etc.), so to speak, be impersonal. The remaining tokens may already bear traces of individuality and have additional functions. An apt analogy here is the evolution of the landline phone to the smartphone. Another thing to note is the Smart Layer Network with its Smart Cats (ERC-5169 + xNFT). And therefore, a unified standard for such token-NFTs should be developed.

Encouraging innovation is good but onboarding it via the proper processes is also important. That's why I feel it might pose a risk on etheruem ecosystem atm but once audited and given the nod, I would explore it and also consider buying pandora.

Topic: Is ERC-404 the New Narrative? (Read 239 times)