NRC404

What is NRC404?

Users familiar with ERC404 should know that this is a new protocol that includes both NFTs and FTs, eliminating the need to distinguish between NFTs and FTs, as they have been unified.

UniFat is actually supposed to be the precursor to this concept.

From the early documents of UniFat, it is known that we have implemented the wrap function of NRC20 with NFT and NEP141, which is a great initiative.

In order to gradually realize our chapter, we did not immediately release the usage rights of this function, which is regrettable.

However, this does not prevent us from being the first issuer of NRC404 on Near. Our technical and product teams reacted promptly and deployed Pandora's NRC20 inscriptions on UniFat.

Note that this is not just an inscription, but rather leveraging this MINT to implement a LaunchPad. We have now released the Wrap function, allowing any user who has Minted Pandora to wrap into an NRC404 Token and see Pandora appear in both the NFT and Token lists in their wallet immediately.

Features of NRC404

NFTs and Tokens have been merged into a new entity; it is both an NFT and a Token. When transferred as a token, it will prioritize the transfer of the portion less than 1 token. If the transfer amount is greater than 1, it will destroy the corresponding number of NFTs before transferring. If the receiver's Token amount is greater than 1, the contract will automatically verify and help the receiver generate the maximum number of NFTs possible. When transferred as an NFT, it will fully comply with the NEP171 protocol.

Can NFTs still be automatically generated and transacted with insufficient Near Gas?

When the provided Gas amount is insufficient:

1. If it is enough to destroy the NFT, then even if the receiver cannot automatically generate a new NFT, users can call the wrap function themselves to complete the generation of the NFT, or trigger the wrap again through a transfer transaction.

2. If it is not enough to destroy the NFT, then the transaction cannot be completed. This is a current flaw, but I think, since it has the properties of an NFT, then large transfers or transactions should be made cautiously and should not occur.

Level attribute of NRC404

NRC404 has the function of customizing Levels, meaning different levels can be set for NFTs with different probabilities of acquisition. Users can trigger the recalculation of Levels through transfers.

Minting tax of NRC404

As can be known from the recalculation of NRC404's Level attribute, there is an obvious loophole here, making Levels meaningless on Near because the Near Gas fees are too low, allowing users to complete the recalculation of Levels through multiple transfers. Therefore, we have introduced the concept of a minting tax, that is, a certain minting tax is charged for each transfer, which can be freely set.

Advantages of NRC404 over ERC404

Unlike ERC404, NRC404 prioritizes the destruction of lower-level NFTs when transferring tokens, preventing high-level NFTs from being accidentally destroyed.