Setter

On May 6th, we're excited to airdrop DN404 tokens to our testnet participants. But what exactly is a DN404 token?

DN404 is a groundbreaking blockchain concept that merges ERC721 (NFTs) and ERC20 tokens into a single, innovative system. Here’s how it works on Setter:

Official Setter account, /setter channel — backed by @a16z @a16zcrypto

🔗 Dual Nature: DN404 links an ERC721 NFT with an ERC20 token. Owning the NFT means you also own a related amount of the ERC20 token, tightly coupling the two where actions on one impact the other.

🌐 Fractional Ownership: Unlike traditional NFTs, DN404 allows for the division of the linked ERC20 token, enabling fractional ownership and trading of the NFT’s value. 

*For every 100K $STR you hold, you automatically hold a Setter Pass NFT

🔥 Dynamic NFT States: Transferring part of the ERC20 token leads to the original NFT being burned. Reacquiring the same amount can trigger the minting of a new NFT, adding a strategic element to ownership.

🛠️ Compatibility: Designed for seamless integration, DN404 complies with existing ERC standards, making it compatible with DEXs, NFT marketplaces, and more.

Stay tuned for our airdrop and join us on testnet exploring this cutting-edge technology!

*Note to Crate holders, your crates will be redeemable for $STR.

-This is the end of the thread.

🔄 Interconnected Transactions: When you transfer the NFT, its associated ERC20 tokens are automatically sent to the same recipient, ensuring both assets always move together.