[PRESS RELEASE – Seoul, South Korea, April 8th, 2024]
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 are able to convert their Memecoin into NFT.
New paradigm for Meme-based creation issuance
Memecoin is the eternal rhythm of the crypto market, known for its explosive expansion, unique community culture, and vast market potential. And many graffiti artists created fantastic works around memecoins, but these genius works never had a chance to share a piece of the memecoins’ value surge. Yet the memecoins with their now firmly established community consensus are not without flaws: the consensus varies significantly across different memecoin communities, and the distinction between memecoins and other tokens is not pronounced enough.
Color Protocol starts with a conversion platform, which aims to build a new paradigm for Meme-based art asset issuance, allowing anyone to convert Memecoin from the ERC-20 standard into ERC-404, a hybrid standard that perfectly integrates properties of both token and NFT.
Created by Color Protocol, artists’ Meme works are no longer isolated, illiquid assets, but can now share the value increase of Memecoin. Meme communities could increase playability and enable wider spread to enhance community consensus. As for the holders, they could own assets with unique Meme culture as well as liquidity.
Walter, co-founder of Color Protocol, states: “The market cap of Memecoin has skyrocketed by over 200% to $70 billion this year. The value of consensus in Meme Creation has not been fully realized yet. Color Protocol intends to bring together artists, communities, and holders through ERC-404 to derive 1% or even greater value from Memes.”
About Color Protocol
Color Protocol is an international team made up of experienced developers in the Ethereum ecosystem. 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 in the next month.
Color Protocol is a new paradigm for Meme creation issuance, empowering Meme artists, communities, and users worldwide with greater consensus and value. Color Protocol is dedicated to leverage the ERC-404 protocol innovation to make memecoins more colorful, more playable, and even greater.
For more information, users can visit Color Protocol: Official Website | Twitter
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