Introducing DN404, Magic Eden Launch, and Bitcoin Ordinals from DEADFELLAZ

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Following the emergence of ERC-404, several significant developments have surfaced in the NFT world.

The Ethereum community welcomed the launch of DN404, a divisible NFT format with unique characteristics, courtesy of its creators. Simultaneously, Magin Eden and Deadfellaz made significant announcements: the former introduced their Ethereum marketplace, while the latter shared plans to present 10,000 Bitcoin Ordinals.

The current NFT sales volume is $36,917,776, up 0.19% in the last 24 hours.

There has been an uptick of 5% in buyer participation, a slight increase of 1% in seller participation, and a significant rise of 7% in the total transactions during this period.

Yesterday’s sales chart saw Pandora at the pinnacle with $6,560,152, down by 16%. Art Blocks and Doodles followed respectively with $843,870 (up by 444%) and $855,826 (down by 47.47%).

Introducing DN404: A New Hybrid NFT Standard

After the recent introduction of ERC-404, another team of developers has launched the “Divisible NFT” standard (DN404). Announced by developer “cygaar,” this format combines ERC-20 and ERC-721 standards.

Cygaar explained that DN404 consists of two contracts: a base ERC-20 token and a mirror ERC-721 token.

The base contract will serve as the primary platform for trades, with users’ funds being monitored and NFTs created or destroyed in response. The contract also operates following the ERC-20 standard for fungible tokens, enabling interoperability with DEXs.

Cygaar clarified that the majority of trading will occur using the base contract, an ERC-20 token. This contract efficiently monitors user balances and manages the creation and removal of mirrored NFTs. The developer emphasized that these tokens represent fractional ownership of NFTs. Moreover, they are compatible with decentralized exchanges (DEXes).

It’s important to note that DN404 is still in its early stages and has not undergone the Ethereum Improvement Proposal (EIP) process.

The open-source code for hybrid tokens has been released, but it remains informally audited, and the team cannot be held responsible for any exploits.

Meanwhile, the mirror contract operates as a standard ERC-721 token, fully compliant with all its functions, and compatible with any protocol supporting ERC-721s.

Magin Eden’s Ethereum Launch

Popular NFT marketplace Magin Eden announced its upcoming Ethereum marketplace launch set for February 27. Magic Eden and Yuga Labs introduced the Magic Eden Ethereum Marketplace in November last year, marking it as the premier Ethereum marketplace committed to enforcing creator royalties.

Payment Processor, created by Limit Break, will serve as the powerhouse behind this new platform.

This Ethereum marketplace is expected to bring major improvements in terms of gas fees, potentially reducing them by at least 6% and up to 40%.

Furthermore, the Okay Dogs collection is set to make its debut as part of Magic Eden’s initial mint on the new platform, alongside @okayxyz.

Deadfellaz Introduces Bitcoin Ordinals

Bitcoin Ordinals from DFZ Labs, the imaginative studio responsible for Deadfellaz, will be officially presented on February 13.

These unique ordinals consist of 10,000-pixel characters inscribed by Ordinals Bot. Moreover, the new project aims to bring indie gaming to Bitcoin and focuses on a “Build to Win, Play to Enjoy” model.

The community is encouraged to contribute and earn rewards while the team continues expanding the immersive game, offering it to a wider audience through traditional platforms like Steam and consoles.

Bits, will also now reach a broader audience through traditional platforms like Steam and consoles. Its founding team, all from the Deadfellaz community, will manage it as its primary BTC intellectual property under the DFZ Labs ecosystem, but as an independent brand.

Mentors and advisors, Betty and Psych, co-founders of Deadfellaz, will hold a Twitter Spaces event this Friday on both Bits and Deadfellaz accounts. Joining the discussion will be Bits’ partner Ordinals Bot and BTC wallet Xverse.