Injective and DEX DojoSwap have partnered to launch the CW-404 standard.
- Fractional ownership of NFTs is permitted by Injective’s CW-404 standard, increasing user accessibility and opening up financial use cases.
- With generative profile images and unique minting logic, the Sushi Fighter NFT collection is the first to use the CW-404 standard on Injective.
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Blockchain layer one On Friday, Injective unveiled the CW-404 standard for its network, which is a duplicate of the hugely popular ERC-404 experimental token standard.
The decentralized exchange DojoSwap and the Cosmos-based Injective are collaborating to provide the CW-404 standard. The CW-20 and CW-721 standards, which deal with token issuance and NFTs, respectively, are combined in CW-404, a port of ERC-404.
CryptoCaster Quick Check:
A single non-fungible token (NFT) can be directly owned by multiple wallets thanks to the unofficial Ethereum token standard known as ERC-404. It also enables holders of NFTs to develop use cases wherein their unique exposure can be tokenized and used to borrow money or stake holdings.
A set of guidelines and procedures known as token standards specify how digital tokens should behave and communicate within a particular blockchain ecosystem.
The Ethereum ecosystem benefited financially from the “experimental” standard, but it has also drawn criticism for using the formal “ERC” moniker. According to CoinMarketCap data, ERC-404 tokens as a group are valued at more than $173 million, even though they were only introduced slightly more than two weeks ago.
Injective can transfer a portion of Ethereum investment to its own network through the CW-404. Developers stated in an X post that “CW404 is set to spawn a legion of new dApps and innovations that are simply not possible anywhere outside of Injective.”
According to a post, the Sushi Fighter NFT collection is the first on Injective to make use of the CW-404 standard, offering generative profile images and unique minting logic.
According to data, the blockchain presently locks less than $50 million worth of tokens, a much smaller amount than Ethereum, which has a massive $46 billion in tokens.
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