ST404 Tokens: User’s Guide

Redbrick’s recently announced Achievement Tokens (Brc:ID NFTs) that use ST404, an innovative token standard that builds upon the Pandora-404, ERC-5169, and TokenScript works.

Want to keep it simple? Trade it as regular NFTs.

However, if you’re looking to trade 404 as fractions using decentralized exchanges — this guide will teach you how. Read on!

⚠️ IMPORTANT: Trading ST404-enabled tokens adds unique benefits but also risks, including destroying your Redbrick in-game achievements and points PERMANENTLY. Please read this carefully to make sure you use it correctly. ⚠️

Introduction: What is ST404?

ST404 is an improved version of ERC-404, an experimental token standard that merges fungible and non-fungible token properties. It combines aspects of ERC-721 and ERC-20, allowing fractional ownership of NFTs embedded directly into Smart Contracts, enhancing liquidity and accessibility.

These new NFT types are unique and divisible into tradable portions without the need for third parties. These portions can be traded in NFT marketplaces (like Magic Eden or OpenSea) or decentralized exchanges as fractional portions (like Uniswap). Participants can sell them more quickly or buy fractions of expensive NFTs, democratizing access. This is particularly relevant for floor-price NFTs, as you have deeper liquidity and better opportunities.

Alongside ERC-5169 and TokenScript, it also improves holders’ use, transfer and trade experience by giving them finer control over what they transfer and how they trade it.

Buy or sell Brc:ID NFTs

You can buy or sell a Brc:ID in NFT marketplaces or decentralized exchanges (DEX).

Using NFT marketplaces

• Browse, buy and sell like a regular NFT.
• Can only buy or sell as Brc:ID NFTs using this method.

Using NFT marketplaces gives you direct control over which NFT you buy or sell, but the process might take longer depending on the available market offers.

Using decentralized exchanges

• Visit the DEX and select $BID tokens.
• Can buy or sell $BID as fractions of the Brc:ID NFT.
• When you buy 1 $BID, you automatically mint a Brc:ID NFT.
• Similarly, when you sell 1 $BID, you automatically burn a Brc:ID NFT.

Using DEX is quick, straightforward, and costs less gas fees, but you cannot select which Brc:ID NFT you will be getting or selling.

You will see your tokens as $BID via DEX or as Brc:ID NFT via NFT Marketplace. Using TokenScript, you can see both conditions and have better control over your token.

Trading Fractions ($BID Tokens)

To buy or sell $BID tokens as Brc:ID NFT fractions, you must use a decentralized exchange with available liquidity. When you buy enough fractions to have one full $BID, the contract mints a Brc:ID NFT. You can see the asset in your wallet. If you buy more $BID that totals a second full $BID, you mint another Brc:ID NFT.

If you sell or transfer $BID and have less than 1 full $BID token, a Brc:ID NFT will be automatically burned. You cannot choose which NFT gets burned if you have multiple Brc:ID NFTs.

Example

• You buy 0.2 $BID. You hold these in your wallet.
• You buy another 0.8 $BID. Since you now have 0.2 + 0.8 $BID = 1 $BID, this automatically mints 1 Brc:ID NFT.
• You buy another 1 $BID, which mints a second Brc:ID NFT. You now have 2 $BID or 2 Brc:ID NFT.
• You sell 0.3 $BID and now have 1.7 $BID. The contract burns one of your Brc:ID NFTs. You now have 1 Brc:ID + 1.7 $BID.
• You sell another 0.4 $BID and now have 1.3 $BID. Nothing happens.
• You sell another 0.4 $BID and now have 0.9 $BID. You burn your last remaining Brc:ID NFT.

⚠️ BURNING IS IRREVERSIBLE. When selling or transferring $BID, you might fractionalize a Brc:ID NFT, permanently burning all associated achievements and points. ⚠️

Keeping your Brc:ID NFTs safe

When trading or transferring your $BID or Brc:ID NFTs, keep these tips in mind:

• Keep your main, registered NFT in a safe wallet. If you have multiple Brc:ID NFTs, you can transfer your main NFT to a secondary wallet. This will help prevent any accidental burn when transferring or selling fractions via DEX.
• Use TokenScript to transfer your tokens as $BID fractions or Brc:ID NFTs. This helps you know which NFT will be burned on the transfer or sale of $BID.
• Use NFT marketplaces to select a specific Brc:ID NFT you want to sell.
• Trading $BID requires less gas costs. If you are trading large amounts of Brc:ID NFTs, selling as $BID can help you lower gas costs.

Using Brc:ID NFT

You can use your Brc:ID via Launchpad or an ERC-5169-compatible wallet, such as JoyID, Math Wallet, Zerion, or AlphaWallet.

Using TokenScript, you can:

• See your account referral code, points, achievements and badges. Enter the Redbrick ecosystem to learn more about this.
• Transfer Brc:ID NFT as a whole.
• Send $BID fractions.
• See market stats and other data.