ERC-404：NFT 分片化的范式转变释放了新的可能性

ERC-404 标准是一种创新的混合代币实施方式，已在 NFT 领域出现。这一非官方的以太坊标准结合了 ERC-20 和 ERC-721，为 NFT 引入了部分所有权，并有可能解决其流动性问题。 Pandora 项目体现了这一标准，利用可替代的 ERC-20 代币 (PANDORA) 和独特的 ERC-721 NFT 集合 (Replicants)。铸造和销毁功能允许分批购买 PANDORA，在达到等值代币时自动铸造 NFT。这为 NFT 融入代币项目和 DeFi 生态系统开辟了新的可能性。

ERC-404: A Paradigm Shift in Non-Fungible Token Fractionalization

ERC-404：不可替代代币分割的范式转变

The advent of Pandora, an experimental hybrid token, has ignited a surge of interest in the non-fungible token (NFT) ecosystem. Introducing the ERC-404 standard, Pandora seamlessly blends the fungibility of ERC-20 tokens with the uniqueness of ERC-721 NFTs, heralding a novel paradigm for fractional NFT ownership and liquidity enhancement.

实验性混合代币 Pandora 的出现引发了人们对不可替代代币（NFT）生态系统的兴趣激增。 Pandora 引入了 ERC-404 标准，将 ERC-20 代币的可替代性与 ERC-721 NFT 的独特性无缝融合，预示着部分 NFT 所有权和流动性增强的新范例。

The Essence of ERC-404

ERC-404的本质

ERC-404, an unofficial Ethereum standard, harnesses the benefits of both ERC-20 and ERC-721 standards. By leveraging the fungibility of ERC-20 tokens, which govern token issuance on the Ethereum blockchain, and the distinct nature of ERC-721 tokens, ERC-404 creates a new standard for semi-fungible tokens that support NFT fractionalization.

ERC-404 是一种非官方以太坊标准，它利用了 ERC-20 和 ERC-721 标准的优点。通过利用管理以太坊区块链上代币发行的 ERC-20 代币的可替代性，以及 ERC-721 代币的独特性质，ERC-404 为支持 NFT 碎片化的半可替代代币创建了新标准。

Pandora: A Pioneering Implementation

Pandora：开创性的实施

The Pandora project exemplifies the transformative potential of ERC-404. It utilizes two assets: the ERC-20 token (PANDORA) and an ERC-721 token representing unique NFTs in the Replicants collection. Upon purchasing a PANDORA ERC-404 token, buyers automatically receive a Replicants NFT in their wallet. Each NFT possesses a rarity level denoted by the color of its box, with red signifying the rarest and green the most common.

Pandora 项目体现了 ERC-404 的变革潜力。它使用两种资产：ERC-20 代币 (PANDORA) 和代表 Replicants 集合中独特 NFT 的 ERC-721 代币。购买 PANDORA ERC-404 代币后，买家会自动在钱包中收到 Replicants NFT。每个 NFT 都有一个由其盒子颜色表示的稀有度级别，红色表示最稀有，绿色表示最常见。

The mint-and-burn feature of ERC-404 ensures that when a PANDORA token is sold, the associated NFT is burned. However, buyers retain the option to store rare NFTs when transferring PANDORA tokens. Conversely, when selling or transferring an NFT, only the fungible portion of the PANDORA token is transferred to the buyer's wallet along with the Replicants NFT, preserving the integrity of the PANDORA token.

ERC-404 的铸造和销毁功能可确保在出售 PANDORA 代币时，相关的 NFT 会被销毁。然而，买家在转移 PANDORA 代币时保留存储稀有 NFT 的选择。相反，在出售或转让 NFT 时，只有 PANDORA 代币的可互换部分与 Replicants NFT 一起转移到买方的钱包，从而保持 PANDORA 代币的完整性。

The mint-and-burn mechanism enables fractional purchases of the PANDORA token. When a buyer accumulates sufficient fractions to form a whole NFT, an NFT is automatically minted and added to their wallet.

铸币和销毁机制允许分批购买 PANDORA 代币。当买家积累足够的分数来形成整个 NFT 时，NFT 就会自动铸造并添加到他们的钱包中。

The Promise of Semi-Fungibility

半可替代性的承诺

ERC-404 opens up new avenues for token utilization on the Ethereum platform. It facilitates the exchange of non-fungible tokens, providing developers with a groundbreaking approach to integrating NFTs into token projects. This standard could catalyze the financialization of NFTs, particularly if existing ERC-721 NFT collections can be wrapped into interchangeable ERC-404 tokens.

ERC-404 为以太坊平台上的代币使用开辟了新途径。它促进了不可替代代币的交换，为开发人员提供了将 NFT 集成到代币项目中的突破性方法。该标准可以促进 NFT 的金融化，特别是如果现有的 ERC-721 NFT 集合可以包装成可互换的 ERC-404 代币。

The Competitive Landscape

竞争格局

Since Pandora's inception, several competitors have emerged, recognizing the transformative potential of ERC-404. Divisible NFT standard (DN-404) and Injective Protocol's CW-404 standard aim to capitalize on the hype surrounding ERC-404. Additionally, Solana's SPL-20 tokens mirror the functionality of ERC-404 tokens, redefining the NFT experience on the Solana blockchain.

自 Pandora 成立以来，已经出现了一些竞争对手，认识到 ERC-404 的变革潜力。可分割的 NFT 标准 (DN-404) 和 Injective Protocol 的 CW-404 标准旨在利用围绕 ERC-404 的炒作。此外，Solana 的 SPL-20 代币反映了 ERC-404 代币的功能，重新定义了 Solana 区块链上的 NFT 体验。

Innovation and Opportunity

创新与机遇

Creators and developers are enthusiastic about the potential for further innovation with the ERC-404 standard. It presents opportunities for integrating NFTs with the DeFi ecosystem, tokenizing in-game assets through native fractionalization, and introducing novel monetization models within the Metaverse.

创作者和开发者对 ERC-404 标准进一步创新的潜力充满热情。它提供了将 NFT 与 DeFi 生态系统集成、通过原生分片化对游戏内资产进行代币化以及在 Metaverse 中引入新颖的货币化模型的机会。

Risks and Considerations

风险和注意事项

As with any emerging technology, ERC-404 is not without its risks. The standard has not been recognized by the Ethereum Foundation and has yet to undergo vetting through an Ethereum Improvement Proposal. This raises concerns about potential exploitation by malicious actors. Furthermore, the standard is still in its experimental phase, with a new v2.0-beta version under development to address bugs, optimize logic, and reduce gas costs.

与任何新兴技术一样，ERC-404 也并非没有风险。该标准尚未得到以太坊基金会的认可，并且尚未通过以太坊改进提案进行审查。这引起了人们对恶意行为者潜在利用的担忧。此外，该标准仍处于实验阶段，新的 v2.0-beta 版本正在开发中，以解决错误、优化逻辑并降低 Gas 成本。

Despite these risks, the immense potential of ERC-404 in unlocking NFT liquidity and fostering collaboration within the Web3.0 ecosystem warrants attention from investors. The standard could revolutionize the creation of digital assets on the Ethereum blockchain, setting the stage for a transformative shift in the NFT landscape.

尽管存在这些风险，ERC-404 在释放 NFT 流动性和促进 Web3.0 生态系统内协作方面的巨大潜力值得投资者关注。该标准可能会彻底改变以太坊区块链上数字资产的创建，为 NFT 格局的变革奠定基础。