Tron developers have published technical documentation for the new NFT standard. TRC-721 can open up new possibilities for applications on Tron and is fully compatible with ERC-721 Ethereum.
how reported Tron founder Justin Sun, the TRC-721 specification – the first non-fungible token (NFT) standard on the Tron blockchain – has become publicly available.
TRC721 (#NFT on #TRON ) document is ready! https://t.co/ueY9qvs70m
— Justin Sun🌞 (@justinsuntron) March 16, 2021
According to the document, which contains technical specifications for issuing tokens using the new standard, TRC-721 is a set of standard interfaces for issuing NFTs on the Tron network and is fully compatible with ERC-721 used to create non-replaceable tokens on the Ethereum blockchain.
NFTs can be issued on the Tron blockchain using the TronLink Chrome extension, with users requiring a minimum account balance of 350 TRX (about $ 18.3) in order to issue NFTs. Users can customize the name and symbol of the token upon release.
The Tron NFT standard, first announced in December 2020, aims to open up new possibilities for applications built on its blockchain. In the long term, it could also add to the growing pressure on Ethereum from competing NFT platforms.
While Ethereum remains the leader in the NFT industry, ETH transaction fees have skyrocketed amid the DeFi and NFT boom. Ethereum developers hope to solve this problem with roll-ups in the short term and with sharding after the full deployment of Ethereum 2.0.
According to the Tron developers, the network combines low transaction fees with near instant settlement. According to the Tron Foundation, the protocol has been in operation for almost three years “without incident,” although it was attacked in November 2020 that temporarily halted the creation of new blocks for two hours.
Note that the other day the painting by the artist Beeple was sold in the form of an NFT token for $ 69.3 million. Justin Sun also participated in the auction, but his bid was interrupted at the last moment.
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