Hi @0xacme @caldereth I am sorry if I am causing any inconvenience but I am trying to wrap my head around this query and can't get much.
In ERC-404, Each ERC-721 token is worth units ERC-20 tokens (in the sense that once a non-exempted account gets hold of units of ERC-20, it can be in possession of an ERC-721 token). Each ERC-721 token is unique , i.e. they will all have different value. But this pegging of ERC-721 to ERC-20 tokens makes each of the ERC-721 (which is part of the ERC-404 class) of the same value, which does not make sense to me for a Non Fungible Token.
For example : Say that I have two paintings as NFTs (P1 and P2) under the same ERC404 token. P1 and P2 will be both worth the same amount of ERC-20 tokens , and since ERC-20 tokens are non-unique , therefore by transitivity , The two paintings are worth the same !
Am I missing something here ? It will be really helpful if you or someone can shed some light on this.
Thanks for your time.
Hi @0xacme @caldereth I am sorry if I am causing any inconvenience but I am trying to wrap my head around this query and can't get much.
In ERC-404, Each ERC-721 token is worth
unitsERC-20 tokens (in the sense that once a non-exempted account gets hold ofunitsof ERC-20, it can be in possession of an ERC-721 token). Each ERC-721 token is unique , i.e. they will all have different value. But this pegging of ERC-721 to ERC-20 tokens makes each of the ERC-721 (which is part of the ERC-404 class) of the same value, which does not make sense to me for a Non Fungible Token.For example : Say that I have two paintings as NFTs (P1 and P2) under the same ERC404 token. P1 and P2 will be both worth the same amount of ERC-20 tokens , and since ERC-20 tokens are non-unique , therefore by transitivity , The two paintings are worth the same !
Am I missing something here ? It will be really helpful if you or someone can shed some light on this.
Thanks for your time.