A place for talking about the Ethereum Virtual Machine on Farcaster.

VC & Engineer | FOGC | Researching, Investing & Building — robinnordnes.com & elixircapital.xyz

It’s not even a proposed ERC so I’m kind of annoyed they’re calling it an ERC.

The contract is a mess, but the idea seems to have captured CT mindshare.

From an interoperability standpoint, it will likely break a lot of protocols. Dust tokens are trapped because the amount will be read as a token ID. And token IDs don't persist, so not truly non-fungible.

ERC404 =  ERC20 + ERC721. Tokens have maximum token supply and maximum NFT supply equal. e.g. 10k PFP collection would have 10k tokens also associated with it.
You can trade on Uniswap + opensea at the same time. 
The catch is in the mechanics to keep the NFT and the token parts in sync.

fake ERC to make a narrative for a memecoin

Not a real ERC.
Gas is bad.
People trade it because they have hopium to get rich.