Elasticitythe popular NFT marketplace for Layer-2 Elastos, has introduced support for the ERC-404 standard, allowing users to buy and sell fractional NFTs through its platform.
An alternative to the popular ERC-20 and ERC-721 standards, ERC-404 makes it easier to create NFT liquidity pools, allowing 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 arts, literature, and more.
Source: ElacityWhy is this important?
Elacity aims to evolve from an NFT marketplace to a decentralized digital rights marketplace (DDRM) – a home for trading all kinds of digital assets, from traditional NFTs and fractional NFTs to royalty shares and more.
Sasha Mitchell, CEO of Elacity, noted that the adoption of ERC-404; “a huge 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 said the move will happen; “enhance commerce for NFT markets that can provide utility through access to or royalties on services,” a clear statement of intent about their future direction.