(CoinDesk) Injective Introduces 'ERC-404' Port to Capitalize on the Hype Around the Experimental Token Standard

By Parikshit Mishra, Shaurya Malwa

Injective has partenred with DEX DojoSwap to introduce the CW-404 standard.

Injective’s CW-404 standard allows for fractional ownership of NFTs, making it more accessible to users and allowing for financial use cases.
The Sushi Fighter NFT collection is the first to utilize the CW-404 standard on Injective, featuring generative profile pictures and custom minting logic.

Layer 1 blockchain Injective introduced the CW-404 standard, a replica of the wildly popular experimental token standard ERC-404, for its network on Friday.

The Cosmos-based Injective is teaming up with decentralized exchange DojoSwap to offer the CW-404 standard. CW-404 is a port of the ERC-404 and combines the CW-20 and CW-721 standards, which relate to token issuance and NFTs, respectively.

ERC-404 is an unofficial Ethereum token standard that allows multiple wallets to directly own a single non-fungible token (NFT) and gives its holders the ability to create a use case where that specific exposure can be tokenized and used to take out loans or stake holdings.

Tokens standards are a set of rules and protocols that define how digital tokens should behave and interact within a specific blockchain ecosystem.

The “experimental" standard brought in millions of dollars worth to the Ethereum ecosystem but has also been criticized for referencing the official “ERC” name. As a category, ERC-404 tokens are collectively worth over $173 million, data from CoinMarketCap shows, despite having been released just over two weeks ago.

The CW-404 is a way for Injective to bring some of the investment from Ethereum to its own network. “CW404 is set to spawn a legion of new dApps and innovations that are simply not possible anywhere outside of Injective,” developers said in an X post.

The Sushi Fighter NFT collection is the first to utilize the CW-404 standard on Injective, featuring generative profile pictures and custom minting logic, as per a post.

The blockchain currently locks less than $50 million worth of tokens, data shows, a significantly smaller amount than Ethereum, which holds a massive $46 billion.

This article originally appeared on CoinDesk.

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.