Elacity, the pioneering NFT Marketplace built on Elastos, announced its support for the trading of ERC404 standard NFTs. This technical development enables the buying and selling of fractional NFTs, seamlessly aligning with current token trading standards.
ERC404 addresses the limitations posed by existing NFT trading processes. Designed from the ground up to integrate the characteristics of ERC-20 and ERC-721 tokens into a single, more flexible model, ERC404 standard NFTs provide customers the ability to buy and sell portions of NFTs rather than previous methods which only allowed for the purchasing of whole NFTs. This capability brings the ability to create liquidity pools for NFTs, creating better markets for NFT trading. It also unlocks new use cases for NFT platforms for example, the buying and selling of fractional royalties for any form of digital content and assets, including music, artwork, books, and the like.
Sasha Mitchell, the CEO and Founder of Elacity, says about the development, “The adoption of ERC404 a massive step forward in the digital rights and NFT space as a whole. Providing creators unprecedented ownership over the rights to their content, while also allowing users to engage with creators of their choice on a never-before-seen level. Meanwhile, adopting ERC404 is a unique opportunity to enhance trading for NFT markets which can offer utility through access or royalties to services.”
“The addition of fractional NFT ownership will significantly increase flexibility and choice for both buyers and sellers of exclusive content, potentially creating further secondary markets and other forms of value addition,” he says.
“It’s difficult to overstate the technical challenges that have been overcome to deliver genuine interoperability and conformity with multiple standards. But the result will mean more control for creators, and more choice for their audiences.”
This milestone aligns with Elacity’s main vision of becoming a Decentralized Digital Rights Marketplace (DDRM), where creators and users alike can reap the benefits of fractional ownership and royalty generation. DDRM is an extension of existing Digital Rights Management Technology (DRM), a familiar technology that is currently used by industry players to protect creator’s content from unauthorized use and distribution. In essence, DRM systems employ encryption techniques, software licenses, and other security measures to control access to digital content and limit who can use it.
About
Elacity stands as an innovative online decentralized content marketplace, revolutionizing the way users engage in the creation, purchase, and sale of online content through cutting-edge blockchain technology. Elacity’s parent company, Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership.