Color Protocol introduces Chainwire's ERC-404 conversion platform for Memecoin

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Seoul, South Korea, April 8, 2024, Chainwire

Color Protocol launches an ERC-404 conversion platform for Memecoin. Meme artists and communities can create their meme NFT collections in ERC-404 and holders can convert their memecoin into NFT.

New paradigm for meme-based creation output

Memecoin is the eternal rhythm of the crypto market, known for its explosive expansion, unique community culture and enormous market potential. And many graffiti artists have created amazing works around memecoins, but these ingenious works never had the chance to share some of the memecoins' increase in value. But the memecoins, with their now firmly established community consensus, are not without flaws: the consensus varies significantly between different memecoin communities and the distinction between memecoins and other tokens is not clear enough.

Color Protocol begins with a conversion platform that aims to create a new paradigm for issuing meme-based art assets, allowing anyone to convert Memecoin from the ERC-20 standard to ERC-404, a hybrid standard that combines the properties of Tokens and tokens perfectly integrated NFT.

Artists' meme works created by Color Protocol are no longer isolated, illiquid assets, but can now participate in the appreciation of Memecoin. Meme communities could improve playability and enable greater distribution to strengthen community consensus. Holders could own assets with a unique meme culture as well as liquidity.

Walter, co-founder of Color Protocol, explains: “Memecoin’s market cap has increased by over 200% this year to $70 billion. The value of consensus in meme creation has not yet been fully realized. Color Protocol intends to bring together artists, communities and holders via ERC-404 to extract 1% or even more value from memes.”

About the color protocol

Color Protocol is an international team consisting of experienced ecosystem developers. The team has been working since February and plans to release the Flux-404 NFT deflationary contract standard, ERC404 launch tool, and cross-chain functionality next month.

The Color Protocol is a new paradigm for meme creation that brings greater consensus and value to meme artists, communities and users worldwide. Color Protocol aims to leverage the innovation of the ERC-404 protocol to make memecoins more colorful, more playable and even more awesome.

For more information, users can visit Color Protocol: Official Website | Twitter

ContactColor protocol[email protected]

This article was originally published on Chainwire

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