Trading on EgoMart

EgoMart enables anyone to sell, and manage our products in a secure and user-friendly environment. With additional 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 EGO-404 is all about.

How the EgoMart EGO404 (ERC-404) 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 EGO404 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 EGO404 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​​​​.

The EGO-404 mechanism

All EGO404 tokenised products on Egomart will have a unique ticker. For the purpose of this documentation, we'll select a single product - The Egoras Electric Vehicle Apex28 (EGO404-Apex28).

• If you have 0 Egoras Apex28 NFT and 0 EGO404-Apex28 token (if "EGO404-Apex28" represent the tokenised EV product), and someone sends you 0.5 EGO404-Apex28 token, and then someone else sends you another 0.5 EGO404-Apex28 token, you will find that you'll also automatically have 1 Egoras Apex28 NFT (Replicants) - given the mint ratio for this selected product is 1:1

• If you subsequently send 0.1 EGO404-Apex28 tokens to someone else, your Egoras Apex28 NFT will be automatically destroyed.

• If you have 1.1 EGO404-Apex28 token, therefore the system automatically mints 1 Egoras Apex28 NFT for you. This is the NFT you found minted for you that you can redeem for the underlying physical backing. The price on Egomart may seems to be higher than the real world price, and there is room for arbitrage, so you send out or sell the NFT as you may. At this time, that 1 Egoras Apex28 NFT will be automatically destroyed in your wallet. So in the end, you only have 0.1 EGO404-Apex28 token left in your wallet.

• If you have 1.1 EGO404-Apex28 token, the system will automatically mint only 1 Egoras Apex28 NFT for you. At this time, you find that the price of Egoras Apex28 in the secondary market is okay. You sell or redeem 1 EGO404-Apex28 on Egomart, and there are 0.1 EGO404-Apex28 left in the wallet. At this time, the Egoras Apex28 NFT you hold is automatically destroyed.