⁉️ERC404 Products [#deprecated]

EgoMart is basically a place where you can buy, sell, and manage our products in a secure and user-friendly environment. With the ability to fractionalize the ownership of these assets and trade parts of them, our marketplace offers more flexibility and liquidity than traditional NFT platforms.

Before we dive into the mechanism, let’s break it down from scratch on what ERC404 is all about.

A Brief history of ERC404

ERC404 is an emerging token standard on the Ethereum blockchain, represents a significant innovation in the realm of digital assets. The ERC404 token standard was developed by pseudonymous developers; “ctrl” and “Acme,” and aim to bridge the gap between fungible and non-fungible tokens.

The standard uniquely combines the characteristics of ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens) to create a novel category of assets called semi-fungible tokens (ERC-404) which can serve dual purposes, acting as fungible assets under certain conditions and as unique, non-fungible assets under others​​.

How the EgoMart ERC404 adoption works

The adoption of the ERC404 token standard marks a pivotal moment in the perfection of tokenised products on Egochain. This hybrid tech enables us to easily switch between our tokenised products being fungible and non-fungible, with unique use case or context, thereby enhancing their utility and offering fresh opportunities in the digital token space​​.

Our ERC404 products operates on a mint-and-burn mechanism that facilitates the fractional ownership and transfer of these non-fungible tokens (NFTs). This mechanism allows for the division of our tokenised NFAs into smaller, manageable pieces, thus democratising access to valuable digital assets and enhancing their liquidity in the market.

For instance, owning a fraction of an ERC404 product backed by a/baskets of physical Asset(s) enables a form of shared ownership, and accumulating enough fractions can lead to the minting of a new, complete NFT in the holder’s wallet​​​​.

How it works

• If you have 0 Apex28, and someone sends you 0.5 $egoUSD, and then someone else sends you another 0.5 Apex28, you will find that you also have 1 Apex28 NFT (Replicants);

• If you subsequently send 0.1 Apex28 to someone else, your Apex28 NFT will be automatically destroyed;

• If you have 1.1 Apex28, therefore the system automatically mints 1 Apex28 NFT for you. This is the NFT you found minted for you. The price on Egomart may seems to be higher than the real world price, and there is room for arbitrage, so you sell the NFT. At this time, 1 Apex28 will be automatically destroyed in your wallet. So in the end, you only have 0.1 Apex28 left in your wallet;

• If you have 1.1 Apex28, the system will automatically mint 1 Apex28 NFT for you. At this time, you find that the price of Apex28 in the secondary market is okay. You sell 1 Apex28 on Egomart, and there are 0.1 Apex28 left in the wallet. At this time, the Apex28 NFT you hold is automatically destroyed.