Update #2
BT404 Unveiled
Ok, what is BT404?
This advancement is a leap into the future of NFTs, blending the best qualities of ERC20, ERC 721, ERC404 & DN404 protocols into one harmonious motion of technology and utility.
In the BT404 world, every token holds the promise of both uniqueness and liquidity, all while empowering the community like never before.
BT404: The Perfect Harmony of Dual Properties
Imagine a digital asset that is both a unique NFT and a fungible ERC20 token simultaneously. That’s BT404 for you. Merging two properties into one, creating a mirrored existence where these tokens always move together, paving the way for a new era of NFT asset interaction.
Why BT404?
BT404 has added features that focus on enhancing NFT safety, liquidity and NFT holder experiences.
BT404 has added features on top of ERC 404 & DN404 implementation:
- Lock NFTs: Avoid losing your favorite NFT/s being transferred away as ERC20
- Unlock NFTs: Ability to exchange your unlocked NFT with another unlocked NFT in the P2P Marketplace, whilst earning a share of fees from Seeding
- Seed NFTs: Unlocked NFTs can be used to seed the P2P Marketplace
- P2P Marketplace: Trade, buy and sell NFTs directly from others
- Profit Sharing: Fees earned generated by P2P marketplaces are shared by those that unlock (seed) their NFTs
NFT Collections on BT404
One of the implemented features of BT404 is the ability to lock NFTs within a collection, thus ensuring that your grail NFTs remain securely yours, while still having the flexibility to trade and seed others.
The Game-Changer: Native Peer-to-Peer NFT Market
Perhaps the most exhilarating innovation is the development of our Peer-to-Peer (P2P) marketplace. The marketplace will function as dashboard where users will be able to manage their user profile and buy, sell, lock and unlock (seed) their UDW NFTs.
Unlocked NFTs will create a diversified pool of listings available for purchase directly from wallets. Each transaction will incur a small premium.
But why the premium?
Unlike other marketplaces, the premium generated is shared amongst all participants who have unlocked UDW NFTs, incentivizing the holding and sharing of NFTs.
It’s an innovative strategy that not only encourages a dynamic market, but also ensures that collector participation can benefit from their assets in ways never seen before, by growing their positions passively.
BT404 — Application Examples
Feature 1- NFT Locking
Locked NFTs won’t be transferred away as ERC20.
Example:
⇒ You have 5 NFTs, 2 of them are locked
⇒ Your ERC20 contract can never go below 2
Feature 2- NFT Seeding
Unlocked NFTs can be used to seed P2P Marketplace.
Example:
⇒ You have 5 NFTs, 3 of them are unlocked.
⇒ You can use the 3 unlocked NFTs to seed the P2P marketplace.
Feature 3- P2P Marketplace
A wide range of NFTs available near floor price.
Example:
⇒ 300 people approved P2P marketplace collection access and seeded 1000 NFTs.
⇒ The P2P marketplace has a pool of 1000 NFTs available for buyers to choose from.
Feature 4- Profit Sharing
Fees earned generated by P2P marketplaces are shared by people who seeded their NFTs.
User seeded NFT’s / Total seeded NFT’s = User % of fees from the P2P Marketplace.
Example:
⇒ 300 people approved collection access to the P2P marketplace and seeded 1000 NFTs.
⇒ You seed 5 NFTs.
⇒ 5/1000 = 0.5%
⇒ You will earn 0.5% of the fees generated by the P2P marketplace.
A New Era for NFTs
With these innovations, Underworld is set to become the first NFT collection that operates using BT404 protocol.
BT404 intends to not only democratizes access to NFTs, but also revolutionizes how value and rarity are perceived and traded in the NFT space.
In essence, BT404 is not just technological advancement, it is the key to unlocking a new paradigm where the value of the NFT is both shared and increased collectively.
Contact Us:
If you have any questions, please contact us at hello@udw.gg.
Official Links:
Site: https://www.udw.gg/
