Underworld is an NFT collection launched on BT404 protocol, created in partnership with Floor Protocol.
What is BT404? BT404 is a decentralized protocol based on the ERC404 token standard that combines the capabilities of ERC20 and ERC721 to enable peer-to-peer trading of NFTs, giving holders the ability to earn 100% of the marketplace fees. It allows the locking of selected NFTs to prevent those NFTs from being accidentally traded into fungible tokens.
The ERC404 component of BT404 introduces the concept of "semi-fungible" tokens, enabling fractional ownership of NFTs. This means that users can own and trade fractions of valuable digital assets, increasing the liquidity and availability of the NFT market.
Locking the NFT in BT404 provides several benefits:
- Security: Locking an NFT prevents it from being accidentally or maliciously transferred or sold as an ERC20 token, providing an additional layer of security for valuable assets.
- Property control: NFT owners can choose to lock their assets if they want to keep them for a long time or keep them as part of their personal collection.
Flexibility: Users can lock and unlock their NFTs as needed, allowing them to adapt to changing market conditions or personal preferences.
The BT404 marketplace is a decentralized, peer-to-peer (P2P) platform where NFT holders can list their assets for sale. Buyers can view and purchase NFTs for sale directly from holders, with all transaction fees distributed back to the community. The ERC404 component allows fractional NFTs to be traded within the market.
BT404 differs from other NFT markets and protocols in several ways:
- BT404 is a decentralized, community-driven protocol, which provides transparency and alignment with user interests.
- Fractional ownership of NFTs, via the ERC404 component.
- A 100 percent distribution of fee is returned to NFT owners, incentivizing participation and contributing to the growth of the ecosystem.
The fees received from the P2P Marketplace are distributed to the people who seeded their NFT's.
Although UDW NFTs are built on the BT404 protocol, they are still compatible with ERC721, which means they can be traded on other compatible NFT marketplaces. However, the unique benefits of the BT404 ecosystem, such as fee distribution and fractional ownership via ERC404, are only available on BT404's native market.
When a fractional token representing part of an NFT is traded, the associated NFT can be dynamically minted or burned. If a fractional token is traded, the associated NFT is burned, and if more fractions are added to make a whole token, a new NFT is automatically minted.
