TL;DR
- Injective and DojoSwap collaborate to introduce the CW-404 standard, designed to enhance fractional ownership of NFTs.
- Inspired by Ethereum’s popular ERC-404 standard, CW-404 combines CW-20 and CW-721 standards, allowing multiple wallets to directly own a single NFT.
- The announcement generates expectations about its impact on the development of new dApps and innovations on its network, marking the beginning of a new era for NFTs.
Injective has announced the launch of its new standard, named CW-404, designed to offer an improved experience in fractional ownership of non-fungible tokens (NFTs). This initiative arises in collaboration with the decentralized exchange DojoSwap, with the aim of expanding financial usage possibilities and access to NFTs on its network.
The CW-404 standard is based on Ethereum’s successful ERC-404, combining CW-20 and CW-721 standards to allow multiple wallets to directly own a single NFT. This opens the door to a range of innovative applications, where holders of these assets can tokenize their exposure and use it to obtain loans or participate in different investment activities.
1/ Injective today is releasing the CW404 standard in collaboration with @Dojo_Swap
CW404 brings the massively popular ERC-404 standard to the fastest blockchain with the lowest fees, scaling fractional NFT standards to entirely new heights. pic.twitter.com/5cNBLA28Tn
— Injective 🥷 (@Injective_) February 23, 2024
Despite its recent launch, the ERC-404 standard has generated significant interest in the Ethereum ecosystem, with a collective valuation of over $173 million in just two weeks. However, it has been criticized for referencing the official name “ERC” without being an official standard. It is in this context that Injective seeks to capitalize on the popularity and potential of the CW-404 standard, attracting some of the investment from the Ethereum ecosystem to its own network.
Injective Seeks to Empower its Environment and Attract Investments from the Ethereum Ecosystem
Injective’s announcement has raised expectations about the impact that the CW-404 standard will have on the development of new decentralized applications (dApps) and innovations within its network. Developers have highlighted that this initiative will open up new opportunities that would not be possible in other environments, thus fostering the growth and adoption of Injective’s network.
One of the first use cases of the CW-404 standard is the Sushi Fighter NFT collection, which offers generative profile pictures and personalized minting logic. This launch marks the beginning of a new era for NFTs on the Injective network, providing users with a unique and accessible experience in fractional ownership of these digital assets.
Although Injective currently has less than $50 million locked in its blockchain, this value represents only a fraction of the network’s enormous potential. With the launch of the CW-404 standard and its partnership with DojoSwap, Injective is in a privileged position to capture a significant portion of the NFT market and expand its presence in the blockchain ecosystem
