Introduction

Floor Protocol is proud to introduce BT404

BT404 combines the best aspects of ERC20, ERC721, ERC404, and DN404 protocols to create a powerful new standard that revolutionizes NFT accessibility and liquidity.

Understanding ERC404

ERC404 is a token standard that bridges the gap between ERC721 (NFTs) and ERC20 (fungible tokens). By allowing NFTs to be traded on decentralized exchanges (DEXes) through liquidity pools of fungible tokens, ERC404 eliminates the barrier of high unit costs that often hinders NFT trading while also supporting the unique properties of NFTs.

Key features and benefits of ERC404 include:

• Liquidity: ERC404 solves the problem of illiquidity and price discovery for NFTs by enabling them to be traded on DEXes in form of ERC20 Tokens.

• Flexibility: The combination of ERC721 and ERC20 features allows for more diverse and creative token designs and applications.

• Volume: The removal of high unit costs as a barrier to entry allows for the easy onboarding of capital into the NFT market.

How BT404 Enhances ERC404

BT404 takes the core features of ERC404 and enhances them with additional functionalities that focus on NFT safety, liquidity, and holder experiences. These enhancements include:

• 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.

The Game-Changer: Native Peer-to-Peer NFT Market

One of the most exciting innovations of BT404 is the development of a native Peer-to-Peer (P2P) marketplace. This marketplace functions as a dashboard where users can manage their profile and buy, sell, lock, and unlock (seed) their BT404 NFTs.

Unlocked NFTs create a diversified pool of listings available for purchase directly from wallets. Each transaction incurs a small premium, which is shared amongst all participants who have unlocked their NFTs, incentivizing the holding and sharing of NFTs.