Injective, a Cosmos-based blockchain platform, launched the CW-404 token standard.
Injective, a Cosmos-based blockchain platform, launched the CW-404 token standard. This move mimics the experimental ERC-404 standard on Ethereum, aiming to fuel innovation within the Injective ecosystem.
The CW-404 standard, built in collaboration with decentralized exchange DojoSwap, combines existing Injective token standards for fungible (CW-20) and non-fungible tokens (CW-721). This unique combination allows for fractional ownership of NFTs, enabling multiple wallets to co-own a single NFT and participate in financial activities like borrowing or staking.
While unofficial, the ERC-404 standard has gained significant traction within the Ethereum ecosystem, attracting over $173 million in investment despite its recent launch. Injective hopes to capitalize on this momentum by adopting a similar standard, potentially bridging the gap between the two blockchain networks.
This move aims to capture investment flowing into the ERC-404 space, and stimulate the creation of novel decentralized applications (dApps) that leverage the unique functionalities of CW-404, functionalities unavailable elsewhere. The Sushi Fighter NFT collection serves as the first real-world application of the CW-404 standard on Injective. This collection features unique characteristics like generative profile pictures and custom minting logic, showcasing the potential for innovative NFT applications within the Injective ecosystem.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
