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Injective Introduces 'ERC-404' Port to Capitalize on the Hype Around the Experimental Token Standard
Injective has partenred with DEX DojoSwap to introduce the CW-404 standard.
Updated Mar 8, 2024, 10:04 p.m. Published Feb 23, 2024, 7:41 a.m.
- Injective’s CW-404 standard allows for fractional ownership of NFTs, making it more accessible to users and allowing for financial use cases.
- The Sushi Fighter NFT collection is the first to utilize the CW-404 standard on Injective, featuring generative profile pictures and custom minting logic.
Layer 1 blockchain Injective introduced the CW-404 standard, a replica of the wildly popular experimental token standard ERC-404, for its network on Friday.
The Cosmos-based Injective is teaming up with decentralized exchange DojoSwap to offer the CW-404 standard. CW-404 is a port of the ERC-404 and combines the CW-20 and CW-721 standards, which relate to token issuance and NFTs, respectively.
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ERC-404 is an unofficial Ethereum token standard that allows multiple wallets to directly own a single non-fungible token (NFT) and gives its holders the ability to create a use case where that specific exposure can be tokenized and used to take out loans or stake holdings.
Tokens standards are a set of rules and protocols that define how digital tokens should behave and interact within a specific blockchain ecosystem.
The “experimental" standard brought in millions of dollars worth to the Ethereum ecosystem but has also been criticized for referencing the official “ERC” name. As a category, ERC-404 tokens are collectively worth over $173 million, data from CoinMarketCap shows, despite having been released just over two weeks ago.
The CW-404 is a way for Injective to bring some of the investment from Ethereum to its own network. “CW404 is set to spawn a legion of new dApps and innovations that are simply not possible anywhere outside of Injective,” developers said in an X post.
The Sushi Fighter NFT collection is the first to utilize the CW-404 standard on Injective, featuring generative profile pictures and custom minting logic, as per a post.
The blockchain currently locks less than $50 million worth of tokens, data shows, a significantly smaller amount than Ethereum, which holds a massive $46 billion.
UPDATE (Feb. 23, 08:40 UTC): Adds details around the NFT collection.
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