Elacity Elacity, which operates its NFT Marketplace on the Elastos network, announces a monumental stride in digital rights and NFT capabilities with the ERC404 standard. This brings the concept of fractional NFTs to life.
TLDR
- On the Elastos-based platform, the Elacity NFT Marketplace announces its support for trading NFTs under the ERC404 standard.
- ERC404 makes it possible to trade NFT fractions, keeping pace with the latest token trading norms.
- Owning fractional NFTs opens up new liquidity opportunities, enhances market dynamics, and creates innovative platform uses.
- ERC404 empowers creators with more control over their content rights and provides users with unprecedented interaction levels with creators.
- Elacity sets sights on becoming a Decentralized Digital Rights Marketplace (DDRM), building upon current Digital Rights Management Technology.
By introducing ERC404, Elacity sets out to solve the shortcomings of previous NFT trading methods by merging ERC-20 and ERC-721 token traits into a versatile form.
This standard gives users the ability to split and trade smaller NFT segments, rather than having to purchase an entire NFT.
Fractional ownership via NFTs has a broad impact, building liquidity pools and improving NFT markets, while unlocking fresh platform applications. Creators can now trade fractional royalties from digital content like music and artworks.
Sasha Mitchell, Elacity's CEO and Founder, underscores the importance of ERC404 integration, noting its pivotal role in granting creators a new level of control over their content rights, while engaging users in ways never seen before.
This advancement offers NFT markets the chance to boost trade by integrating utilities such as service access or royalty benefits.
The challenge to harmonize and align with different standards technically is significant yet essential. The reward is a networking system that empowers creators with more control and audiences with diverse options.
Elacity’s integration of ERC404 reflects its ambition to evolve into a Decentralized Digital Rights Marketplace (DDRM), promoting benefits for creators and users via fractional ownership and royalty generation. This DDRM extends existing DRM practices, utilizing encryption, licensing, and security for content protection.
With cutting-edge blockchain tech, Elacity is set to forge a fair and transparent ecosystem for creators and consumers.
