Elacity NFT Marketplace Launches ERC404 Standard for Trading Fractional NFTs
Elacity, an NFT Marketplace operating on the Elastos platform, has made a major stride in the digital rights and NFT space by announcing its support for ERC404 standard NFTs. This advancement now allows for the trading of fractional NFTs.
In summary, Elacity, a marketplace for NFTs on Elastos, is now facilitating the trading of ERC404 standard NFTs. This standard enables the buying and selling of fractional NFTs, aligning with current token trading standards. Fractional NFT ownership creates liquidity pools, improves markets, and introduces new possibilities for NFT platforms. It also provides creators with unprecedented ownership over content rights and allows users to engage with creators on a new level.
The introduction of ERC404 addresses the limitations of existing NFT trading processes by seamlessly integrating the characteristics of ERC-20 and ERC-721 tokens into a single, more flexible model. This standard allows customers to purchase and sell portions of NFTs, rather than being limited to buying only whole NFTs.
The implications of fractional NFT ownership are significant, as it creates liquidity pools for NFTs, leading to better markets for NFT trading and unlocking new use cases for NFT platforms. For example, creators can now buy and sell fractional royalties for various forms of digital content, including music, artwork, and books.
Sasha Mitchell, CEO and Founder of Elacity, underscores the importance of adopting ERC404, stating that it provides creators with unprecedented ownership over the rights to their content while allowing users to engage with their favorite creators on a never-before-seen level. This development presents a unique opportunity for NFT markets to enhance trading by offering utility through access or royalties to services.
Elacity’s embrace of ERC404 is in line with its vision of becoming a Decentralized Digital Rights Marketplace (DDRM), where creators and users can both benefit from fractional ownership and royalty generation. DDRM is an extension of existing Digital Rights Management Technology (DRM), which employs encryption techniques, software licenses, and other security measures to control access to digital content and limit its unauthorized use and distribution.
By leveraging cutting-edge blockchain technology, Elacity is poised to create a more equitable and transparent ecosystem for creators and users alike.
