Injective Network Adopts CW-404 for Shared NFT Ownership

Introduction of CW-404

Layer 1 blockchain Injective has unveiled the CW-404 standard, a counterpart to the phenomenally successful ERC-404, expanding its network's capabilities. In collaboration with DojoSwap, a decentralized exchange, Injective aims to enrich its platform with this innovative feature.

CW-404: A Fusion of Standards

The CW-404 standard integrates aspects of the CW-20 and CW-721 standards, effectively creating a bridge between them. Originating as a community-driven ERC-404 on Ethereum, the CW-404 allows for shared NFT ownership, offering diverse financial applications such as loan collateral and stakeholding.

Economic Impact and Criticism

Although the ERC-404 has attracted millions of dollars in investments and spawned tokens with a collective value exceeding $173 million, it has faced scrutiny over its unofficial status and use of the ERC name. Injective's adoption of the CW-404 standard signals a strategic move to attract Ethereum's investment flows to its own ecosystem.