Elacity, the popular NFT marketplace for Layer-2 Elastos, has introduced support for the ERC-404 standard, allowing users to buy & sell fractional NFTs via its platform.
An alternative to the popular ERC-20 and ERC-721 standards, ERC-404 permits easier creation of NFT liquidity pools, enabling users to own fractions of an NFT – creating a more accessible way to enjoy the benefits of owning a blue-chip NFT.
Through Elacity, users will have the opportunity to own fractional NFTs representing a variety of digital content, including music, visual art, literature and more.
Source: ElacityWhy is this significant?
Elacity is looking to evolve from an NFT Marketplace into a Decentralised Digital Rights Marketplace (DDRM) – a home for trading digital assets of all kinds, from traditional NFTs and fractional NFTs to royalty shares and more.
Sasha Mitchell, CEO of Elacity, noted that the adoption of ERC-404 is; “a massive step forward in the digital rights and NFT space as a whole”, creating a “unique opportunity” to improve engagement between creators and their fans.
He also expressed that the move will; “enhance trading for NFT markets which can offer utility through access or royalties to services”, a clear statement of intent as to their future direction.