Tag: Burning

Posted on

ERC404: A New Chapter in Blockchain and Digital Art

ERC_404

Introducing ERC404

The ERC404 is the latest token standard within the Ethereum ecosystem, representing an evolution from the well-known ERC721. It is a smart contract designed for the creation, issuance, and management of non-fungible tokens (NFTs). Unlike its predecessor, ERC404 introduces additional functionalities and mechanisms allowing for more complex interactions between tokens and their holders, such as fractional ownership, advanced copyright features, and the ability to create more complex digital ecosystems.

ERC404

The Benefits of ERC404

ERC404 paves the way for new possibilities in the digital art and collectibles space. It enables, for instance, the division of an artwork into smaller, fractional NFTs, democratizing investment in art and allowing multiple users to hold a piece of the original work. With the adoption of ERC404, creators can also implement intricate revenue models, like earning a percentage from secondary sales. This potential makes ERC404 a transformative force in the digital art market, making it more accessible and profitable.

Implementing ERC404 at uniDecentralArt

uniDecentralArt is adopting ERC404 as the foundation of its ecosystem. By integrating this standard, uniDecentralArt is committing to innovation in the digital art sector, offering creators and collectors tools for creating, buying, and selling NFTs in more integrated and flexible ways than ever before. The implementation of ERC404 will establish a new arena for artists and investors where both can benefit from a secure and transparent market.

uni.Decentral-ArtFuture with ERC404

Embracing ERC404 is more than just a step forward for uniDecentralArt; it’s a vision for a future where blockchain and NFTs converge to revolutionize perceptions of ownership and value in the digital world. ERC404 will enable uniDecentralArt to become a leader in digital art collecting, opening up new opportunities for artists and collectors worldwide.

Every word in this article is a step towards a future where art and technology coexist in harmony, creating new values and experiences for all market participants. With the implementation of ERC404, uniDecentralArt is not just following trends but actively participating in shaping the future of digital art.

From ERC721 to ERC404: uniDecentralArt Journey

Before ERC404 came into play, uniDecentralArt was pioneering with ERC721 contracts to create unique NFT collections. The platform made its mark in the market, enabling users to collect and trade digital art pieces. This 1.5-year journey with ERC721 contracts has provided invaluable experience and know-how, which we are now leveraging for even faster development.

This rich experience allows us to understand the nuances of the digital art market and quickly adapt to its evolving dynamics. Our transition from ERC721 to ERC404 is a testament to our commitment to staying at the forefront of innovation.

ERC404

Customizing ERC404 / Fork on Github

In our pursuit of continuous development and customization, we’ve initiated a fork of ERC404, accessible on Github at https://github.com/uniDecentralArt. This fork will be tailored specifically for the uniDecentralArt platform, enabling better integration with our existing systems and delivering unique functionalities that our community desires.

Adapting ERC404 to our specific needs will introduce non-standard features such as special voting protocols for fractional NFT owners and advanced copyright management options. This customization will not only ease the user experience on our platform but also provide greater flexibility in creating and managing digital art collections.

Through this process, uniDecentralArt intends to maintain full transparency and encourages collaboration from developers and users alike, inviting the community to contribute to the evolution, suggest changes, and refine the code. Our Github fork stands as an open invitation to the community to participate in the development, embodying our principles of openness and collaboration in the blockchain space. Q & A

Posted on

The Art of Token Burning

Art token burned

Impact on ART Token’s Future Price and Benefits for Holders

In the world of cryptocurrencies, the term “token burning” has been gaining significant attention, and it’s no different for the ART token. Token burning involves sending a certain number of tokens from the total supply to an inaccessible wallet. Often referred to as a ‘dead wallet.’ In the case of ART, this is done by sending tokens to the wallet address 0x000000000000000000000000000000000000dead. This process has far-reaching implications. For both the ART token’s future price and its holders. As well as those who have invested in NFTs on our platform.

What is Token Burning?

Token burning is a deliberate reduction of the total supply of a cryptocurrency. This reduction is achieved by permanently removing a specific number of tokens. This practice has several key objectives, including controlling inflation, increasing scarcity, and boosting the token’s value. For the ART token, token burning has been executed effectively, with over 6,000,000 tokens already sent to the dead wallet. This is part of our commitment to maintaining a healthy ecosystem for our community and contributors.

Impact on ART Token’s Future Price

Token burning has a direct impact on the price of ART tokens. As the total supply decreases, the tokens become scarcer, potentially driving up demand. When demand outstrips supply, basic economic principles dictate that the price should increase. Therefore, by systematically reducing the token supply through burning, we aim to create a deflationary environment that may lead to higher ART token values in the future.

Three major benefits for ART token holders stemming from token burning are:

  1. Increased Scarcity: As the number of ART tokens in circulation dwindles due to regular burning, existing holders stand to benefit from the increasing rarity of their holdings. Scarcity can stimulate higher demand, which, in turn, can potentially drive up the token’s price.
  2. Value Appreciation: The reduced supply caused by token burning often results in appreciation of the token’s value. This can translate into substantial gains for long-term ART holders who continue to believe in the project’s potential.
  3. Ecosystem Health: A controlled reduction of the token supply contributes to the overall health of the ART ecosystem. It minimizes the risk of hyperinflation and maintains a stable and sustainable environment for participants.

Benefits for NFT Holders

The effects of token burning extend beyond ART token holders. NFT (Non-Fungible Token) holders who have purchased digital art and collectibles on our platform will also experience several advantages:

  1. Increased Value: Just like ART tokens, the scarcity driven by token burning can raise the value of NFTs on our platform.
  2. As the ART ecosystem grows stronger, the digital art and collectibles offered on our platform may become more valuable over time.
  3. Greater Demand: The increased value of ART tokens and NFTs can attract more users and collectors to our platform, enhancing the overall demand for NFTs. This influx of users can create a thriving marketplace for NFTs, increasing the exposure and potential sales for NFT holders.
  4. Long-Term Sustainability: The practice of token burning demonstrates our commitment to maintaining a sustainable and flourishing ecosystem. As a result, NFT holders can have confidence in the long-term viability and growth of their investments.

To calculate the percentage increase in the price of the ART token. As a result of burning 6,000,070 ART tokens from a pool of 2,500,000,000 ART tokens, we will use the following formula:

Percentage Increase=Number of Burned TokensTotal Token Pool×100Percentage Increase=Total Token PoolNumber of Burned Tokens​×100

Substituting the values:

Percentage Increase=6,000,0702,500,000,000×100≈0.00024%Percentage Increase=2,500,000,0006,000,070​×100≈0.00024%

The price of the ART token is expected to increase by about 0.00024% due to the burning of 6,000,070 tokens. It’s worth noting that this is a relatively small price impact. However, the cumulative effect of regular token burning can lead to significant price appreciation over time. Provided that other market dynamics and factors remain favorable.eciation over time, provided that other market dynamics and factors remain favorable.

Conclusion

Burning tokens is a strategic move. Aimed at increasing the value and durability of the ART and NFT token on our platform. Systematically reducing the supply of tokens. Our goal is to create an environment where ART token holders and NFT investors. Can benefit from scarcity, value appreciation and a thriving ecosystem. As we continue to burn tokens and manage art trade revenues. We remain committed to the growth and success of our community and the broader ART ecosystem.cosystem.

Platform: decentral-art.com

Investing in cryptocurrencies and NFTs carries inherent risks. It’s essential to do your research and consider your financial situation before making any investment decisions.