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ERC404: Semi-Fungible Token Standards Leading the NFT Liquidity Revolution
ERC404: Is the NFT Pandora's Box or a Liquidity Revolution?
ERC404 is a new experimental token standard that combines the features of ERC20 and ERC721. It establishes a corresponding interchange relationship between NFTs and FTs through a protocol, and achieves NFTs with variable attributes, defined as a semi-fungible token standard with native liquidity and fragmentation characteristics.
Unlike mainstream NFTFi solutions, the ERC404 asset series ingeniously utilizes the existing infrastructure of NFTs and FTs to establish bilateral liquidity, featuring new characteristics such as "card draw capability", "native fragmentation", and "AMM liquidity". If widely adopted, it may lead to more innovative gameplay in the future, with greater imaginative potential and development prospects.
Pandora is the first project based on the ERC404 standard, launched on February 2nd. It includes 10,000 PANDORA ERC20 tokens, corresponding to 10,000 NFTs "Replicants". Pandora can be traded on certain trading platforms such as DEX and NFT markets.
This series has five rarity levels, distinguished by color. When users trade FT tokens, Replicant NFTs will be minted or reduced based on quantity. Each time an NFT is regenerated, the rarity will be randomized. Direct transfers and trading of NFTs will not change the rarity.
As of March 2, there are 719 ERC404 token contracts with a total trading volume of 1.6B, of which Pandora accounts for 55.7%. About 67% of the daily trading volume occurs on a certain DEX. A certain trading platform currently has WETH liquidity of 26M, total TVL of 44M, and a 7-day trading volume of approximately 90M.
The ERC404 standard is still in its early stages and has some risks and issues.
In addition to ERC404, some similar standards have emerged in the market, such as DN404, ERC1111, ERC2981, etc. These new standards attempt to combine the characteristics of NFTs and FTs in different ways, bringing more liquidity and gameplay to NFTs.
In the future, projects similar to the class 404 standard may emerge with new "blue-chip" NFT series, leading to more interesting application scenarios. For example, full-chain GameFi, functional NFTs, or tool NFTs, etc. Programmable variable attributes and native fragmentation are expected to provide these NFTs with more complex value empowerment and utilize DeFi facilities for adequate pricing and financialization gameplay.