Blink and You’ll Miss It, ERC-404 Just Got Dethroned…

TL;DR

• ERC-404’s fractionalized NFTs impacted ETH’s network fees, so the ‘DN-404’ standard was built, and apparently touts a ~20% reduction in fee impacts.

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Innovation moves FAST in new industries. 

And that’s especially true in Web3 - an industry full of nerds, all \ creating alongside each other, building bigger and better projects. 

What's wild is, we get to watch it all unfold in real time. 

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

Here’s why:

ERC-404 was built so that multiple people could own a fractional share of a single NFT (kinda like breaking one NFT up into multiple puzzle pieces and sharing them around).

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

So in response, the rival DN-404 standard was built, and apparently touts a ~20% reduction in fee impacts.

Now here’s the strange part…

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

"I want to be clear - while I had a ton 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 making an implementation that was efficient and safe to use."

— Quit, one of the pseudonymous devs behind the project.

(Bizarre).