Pandora’s Market Cap Nears $180M, New Projects Arise

New NFTs Join the ERC-404 Movement

Several other projects leveraging the ERC-404 token standard are now striving to emulate Pandora’s quick success, including DeFrogs ($DEFROGS), Rug ($RUG), Monarch ($MNRCH), and Froggy Friends ($TADPOLE).

DeFrogs sparkles with a present rate of $723.05 per token and a cumulative market capitalization of $7,689,095. In pursuit, Rug is tagged at $265.62, boasting an aggregate market worth of $2,648,135.

Next up, Monarch is priced at $102.11, valuing the company at $935,948. Froggy Friends, on the flip side, are being snatched up for a reasonable $54.29 each, with its 32.7% value increase suggesting positive prospects.

Navigating Through Rivalry and Challenges 

The emergence of ERC-404 tokens has ushered in a mix of triumphs and hurdles. While widely embraced in a short matter of time — regardless of fluctuating prices — a comparable concept known as ‘Divisible NFT’ (DN404) offers an alternative approach.

DN404 combines ERC-20 and ERC-721 standards to enable fractional ownership of NFTs. It uses an ERC-20 contract for divisible token shares and an ERC-721 contract for unique NFTs. Its ultimate goal is to direct trading of NFT portions without intermediaries, establishing a token standard with native fractionalization.

On top of its rival, there’s a pressing need for efficient code to tackle soaring transaction fees linked to ERC-404 tokens. Ethereum mainnet fees surged to $11 from $4 in January, partly due to ERC-404 token activity. A user’s $113,000 gas fee attempt to exploit a new ERC-404 token debut underscored this issue, which ultimately resulted in failure.