Elacity, the NFT Marketplace built on Elastos, has taken a significant leap forward in the digital rights and NFT space with its recent announcement of support for ERC404 standard NFTs. This development enables the buying and selling of fractional NFTs.
TLDR
- Elacity, an NFT Marketplace on Elastos, announces support for trading ERC404 standard NFTs
- ERC404 enables buying and selling of fractional NFTs, aligning with current token trading standards
- Fractional NFT ownership creates liquidity pools, better markets, and new use cases for NFT platforms
- ERC404 provides creators with unprecedented ownership over content rights and allows users to engage with creators on a new level
- Elacity aims to become a Decentralized Digital Rights Marketplace (DDRM), extending existing Digital Rights Management Technology (DRM)
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 far-reaching. 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, emphasizes the significance 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.
The technical challenges overcome to achieve genuine interoperability and conformity with multiple standards cannot be overstated. However, the result is a system that grants creators more control and offers their audiences more choice.
Elacity’s embrace of ERC404 aligns with its vision of becoming a Decentralized Digital Rights Marketplace (DDRM), where creators and users alike can 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.
