Ice is an experimental non-fungible token (NFT) project implemented on the Radix blockchain using RRC-404 - an implementation of the ERC-404 standard built with Scrypto, Radix's asset-oriented smart contract programming language.
The demo video this page linked, youtu.be/T55DUn6QLgQ, was set to private by its owner and cannot be watched; checked 2 September 2026.
Overview
The key innovation of ICE is allowing tokens to transition between fungible and non-fungible states through "freeze" and "melt" operations. This enables combining the benefits of NFTs (unique digital artifacts) and fungible tokens (enabling fractional ownership and trading).
The maximum combined supply of ICE across fungible and non-fungible tokens is capped at 1000. The proportions of different NFT rarities are dynamically maintained based on the current circulating supply of NFTs when new ones are minted or melted back into fungibles.
Features
- Maximum 1000 total tokens (NFTs + fungibles)
- Convert between fungible and NFT via "freeze" and "melt" operations
- Constant percentage of each NFT rarity maintained
- 1 XRD royalty charged per freeze/melt operation
Benefits
- NFTs can provide liquidity to DEXs like Ociswap via their linked fungible tokens
- DEX liquidity increases overall market liquidity and price discovery
- Fractional ownership enabled by holding fungible token amounts
- Incentivizes NFT creators via royalty stream
The ICE project demonstrates new possibilities opened up by Radix's unique asset-oriented programming model, aiming to enhance NFT liquidity, ownership models, and monetization for creators.
On-Ledger State and Usage
The 1,000-unit cap is not a ceiling the project has been minting towards. It is an invariant the component holds at every moment: a freeze burns fungible units and mints the same number of NFTs, a melt does the reverse, and the two sides always sum to the cap. Read live through the Radix Gateway at epoch 339,054 (28 August 2026, 23:07 UTC), the fungible $ICE ("Water") resource carried a total supply of 733 and the paired non-fungible Ice resource 267 – exactly 1,000 between them. An earlier reading of roughly 723 on this page measured only the fungible side, which is a share of the supply rather than the amount minted.
Both resources are driven by one component, Ice RRC-404, whose on-ledger description reads "Easily convert RRC-404 tokens between fungible and nonfungible using the freeze and melt methods."
The royalty is charged per call, not per unit. The most recent transaction to touch the pair, on 7 August 2026, melted ten NFTs (#2935# through #2944#) into ten fungible ICE in a single melt call, and the Gateway receipt records a xrd_total_royalty_cost of exactly 1 XRD routed to the component, against 0.771 XRD of network execution, finalization and storage cost. That transaction is also what moved the split from the 723/277 this page previously recorded to today's 733/267.
Use of the mechanic is sparse. The newest 100 transactions in the Gateway stream touching the component reach back to 26 July 2024, and only three of them fall in 2026: two on 1 March and the 7 August melt above. Activity concentrated in the two months after launch – 58 of those 100 transactions land in July and August 2024 – with a second cluster of 16 across June and July 2025. The site and the component both answer, so the mechanic is intact; what has thinned is the use of it.