Blink and you’ll miss it, ERC-404 has just been dethroned…

TL; DR

• ERC-404’s fractionated NFTs impacted ETH’s network costs, so the ‘DN-404’ standard was created, which apparently mandates a ~20% reduction in cost impact.

Full story

Innovation happens FAST in new industries.

And that is especially true in Web3 – an industry full of nerds, all creating side by side and building bigger and better projects.

The crazy thing is that we can see it all happening in real time.

For example, on Monday we wrote about the ERC-404 standard, but since then a new competing implementation has already been developed, called DN-404.

This is why:

ERC-404 was built so that multiple people could own a fractional share of a single NFT (kind of like splitting an NFT into multiple puzzle pieces and sharing them among themselves).

The big problem was that these fractionalized NFTs affected Ethereum’s network fees. big time.

So in response the rival DN-404 standard was developed, which apparently favors a cost reduction of around 20%.

Now here’s the strange part…

The people responsible for creating the DN-404 alternative see this entirely as a gimmick:

“I want to be clear: while I had a lot of fun building this, I still see 404 as more of a gimmick than anything else.

However, the space has shown a desire to continue using it and so we decided it was worth creating an implementation that was efficient and safe to use.”

— Resignone of the pseudonymous developers behind the project.

(Bizarre).