What is ERC-404?
ERC-404 In the new trend that started with the name, it is seen that investors are again attacking the projects. Earnings of 200 times and 300 times started flying around in social media posts again. So what does ERC-404 mean?
The ERC-404 definition defines the integration of ERC-20, that is, Ethereum-based coins, with ERC-271, that is, the NFT contracts we know. So, when you buy a full ERC-404 coin and keep it in the wallet, an NFT is minted in return.
The important point here is that it is a complete coin. For example 1 piece YES coin or 1 PANDORA coin. If you have 0.99 YES coins left, the NFT is automatically burned. If you complete it by buying 0.01 YES, a new NFT is minted. If you transfer a coin in the wallet to another person, the NFT is also connected to the other wallet.
This trend actually helps revive the NFT industry, which is in great loss. Instead of paying millions of dollars for an NFT, owning an NFT by trading coins has become a little more attractive. However, fake ERC-404 projects have started to appear on the market one after another, and it is very possible that they will victimize investors by selling liquidity.
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Source link: https://www.donanimhaber.com/erc-404-trendi-giderek-yukseliyor–173973