XRGB Launches X-404: Redefining NFT Trading Standards

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24-03-02 14:34

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Original source: XRGB

XRGB is a cross-chain interoperable system for other chain assets such as Bitcoin assets and ERC-404 assets. Web Wallet and cross-chain bridge functions have been launched.

Introduction to X-404

The core X-404-XRGB protocol serves as a powerful Framework that enables users to deposit any NFT into a dedicated smart contract and receive ERC-404 standard tokens in return. These ERC-404 tokens are uniquely designed to embody the dual nature of ERC-20 and ERC-721 tokens, encapsulating the uniqueness of NFTs and the fungibility and liquidity associated with ERC-20 tokens. This innovative integration enables a new asset class that leverages the best of both worlds, ensuring users can enjoy the benefits of unique digital ownership and broad market liquidity.

By leveraging the capabilities of the XRGB protocol and chain, the XRGB protocol provides unparalleled versatility, allowing users to comfortably manage across multiple blockchain ecosystems their assets. Whether transferring value within the Bitcoin ecosystem, participating in decentralized applications on Cosmos, or interacting in any Ethereum Virtual Machine (EVM) compatible environment, the protocol ensures seamless portability of assets. This cross-chain functionality is crucial in removing existing barriers between different blockchain networks, allowing assets to flow freely and frictionlessly across the blockchain landscape.

Why is it called "X-404"?

The name "X-404" has profound meaning and reflects the basic goals and technological progress of the protocol.

The "X" symbolizes the protocol's commitment to cross-chain functionality, emphasizing its ability to connect various blockchain networks. This feature is crucial in solving the fragmentation problem within the current blockchain ecosystem, allowing digital assets and NFTs to be fluidly exchanged in different ecosystems.

"404" is more than just a reference to a common error code. It symbolizes the new paradigm of NFT sharding introduced by the protocol. This aspect of the protocol pioneers the ability for NFTs to be fragmented into smaller, more liquid components, democratizing access to valuable digital assets and promoting inclusivity in the NFT market.

ERC-404 standard: the cornerstone of X-404

The ERC-404 standard forms the The cornerstone of the X-404-XRGB protocol. It introduces a semi-fungible token model so that NFTs can be represented as fungible assets in specific situations. While each NFT retains its unique identity and value, it can also be traded or staked like a traditional cryptocurrency. This dual nature enhances the liquidity and flexibility of the NFT market.

Key features of X-404

Decentralized and universally applicable: The protocol is operates on the network, ensuring the security, transparency and autonomy of its users. It is designed to be universally applicable across all major blockchain platforms.

Full-chain interoperability: A prominent feature of the protocol is its ability to facilitate cross-chain transactions. This means that NFT and ERC-404 tokens can move freely between different blockchains, breaking down the barriers that currently divide the digital asset space.

A new paradigm for NFT liquidity: By allowing NFTs to be represented as ERC-404 tokens, the protocol provides access to assets that were previously not easily liquid or difficult to trade on different platforms. New levels of liquidity are introduced.

The future of NFT using X-404 and XRGB protocols

X-404 & XRGB The introduction of the protocol marks a major leap in the evolution of the NFT market. By solving key issues of liquidity and interoperability, it paves the way for a more integrated, efficient and user-friendly full-chain ecosystem. As this protocol gains wider adoption, it is expected to unlock new possibilities for NFT creators, collectors, and traders, ushering in a new era of cross-chain commerce and interaction.