I dreamt about this, it’s a reality now. Sometime in 2021, when NFTs started trending, I was so scared of investing in NFTs, because they were non-fungible. Unlike other fungible tokens that you can trade on a DEX, NFTs couldn’t be traded. You have to list them on NFT marketplaces, then get an offer from a buyer who thinks it’s worth something, or may be getting a buyer who is willing to pay the amount you are willing to sell it. Imagine wanting to sell your NFT instantly but can’t, you either have to settle for the offers offered or wait till a buyer buys them for the price you listed them. Imagine a world where your NFTs can get traded like other tokens, this means that you can swap it for whatever token as long as there is liquidity backing the NFT.
Well, I am here to give you the good news, it’s possible now with ERC404. It’s a way of adding liquidity to NFTs to make them tradable on DEX. The price of the NFT will have a price chart like your usual fungible tokens. You can find the token tracked on CoinGecko and CoinMarketCap. For instance let’s look at zksync’s Liberta Omnibus, it’s an NFT given to early Zksync supporters, expected to be huge a criteria for Zksync airdrop. But the best part is, this token can be traded on syncswap from NFT to Zksync ETH, the value will be based on the current market value of the NFT.
To do this, you have to wrap the NFT to ERC404, then swap it for ETH. Almost everything is achievable with crypto right now. Have the idea and get is executed, the power of crypto is limitless, it’s vast, you don’t know its limit yet.
Posted Using InLeo Alpha
This is great news. Love to see how fast the crypto space is growing.
I’m sure this will help create more interests in Non fungible tokens moving forward.
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This is some great news friend. The biggest draw back to NFTs was the fact that they couldn't be traded instantly for anything else. Wow now they can.
This will encourage more Investors. But here's a question, doesn't it change the concept from NFT to FT