Tempt Artists and Investors Through NFT Marketplace Development on TRON

Sep 13 · 5 min read
NFT Marketplace on Tron

Is there any blockchain network that offers greater scalability, high decentralization, and low trading fees? Yes, it is none other than TRON. 56 million accounts and a whopping 2.4 billion transactions reflect its fast growth since its launch in 2017. The popularity of crypto collectibles has skyrocketed this year. The market capitalization of digital collectibles is a whopping $32.97 billion as per CoinMarketCap. Let us explore the potential of NFT marketplace development on the TRON blockchain platform.

Decoding the golden standard of TRON based NFTs: TRC-721

TRC-721 refers to the standard interface for issuing crypto collectibles on the TRON blockchain network. Further, all the TRC-721 NFTs are fully compatible with ERC-721.

Backed by the robust TRC-721 smart contract will implement the user interface of the TRC-165 interface. It is deployed after the artists sign in to their TRONSCAN blockchain explorer. They have to press the Send option, enter their digital signature and their NFT will be minted successfully.

Every digital collectible that is minted contains a Uniform Resource Identifier (URI) link. They follow the JavaScript Object Notation ((JSON) text format. This is synced with the metadata structure.

Investors who buy the TRC-721 NFTs will benefit from exclusive digital ownership. They can store their assets in either the TronLink software wallet or the Ledger hardware wallet.

How TRON is becoming a hub for NFT trading platforms

Tpunks — Owned by Justin Sun, the founder of TRON, Tpunks is a set of 10000 unique crypto collectibles. Similar to the CryptoPunks project on the Ethereum blockchain, investors can purchase a mix of aliens, apes, zombies, and justin. Interestingly, they can store their Non-Fungible Tokens (NFTs) on the TRON Wallet.

Skilled artists can create a variety of hats, shorts, and T-shirts and sell them as their personal Tpunk. They receive benefits like low gas fees and a higher chance of making profits, and protection of their merchandise with a unique ID.

DeFine — Content (GIFs, memes, photos, and videos) uploaded by influencers and users on social media platforms can soon be monetized. If you are wondering how? The DeFine NFT marketplace on TRON offers several advantages such as a high operating capacity, medals for access to exclusive auctions and governance rights, and personalized identity badges for each member.

Further, the DeFine trading platform will target talented artists, athletes, gamers, and musicians. Popular personalities can expand their follower count by distributing social tokens to their die-hard fans. Importantly, DeFine would sync with the BitTorrent file system (BTFS) in the future.

Content creators can convert their precious artwork as NFTs on the TRON blockchain network. Besides that, the DeFine marketplace would create a social system for boosting the engagement of celebrities and sportspersons.

Why Bored Ape Yacht Clubs (BAYC) is the next big thing on TRON?

10000 one-of-the-kind crypto collectibles made a splash on the TRON blockchain platform recently. A mind-boggling 75 BAYC NFTs were minted. However, the turning point was led by Justin Sun. The popular entrepreneur bought a Joker Tpunk for $10.5 million. This led to a spike in trading volume on the Tpunks NFT marketplace.

All the BAYC collectibles are TRC-721 assets. Crypto enthusiasts can buy NFTs containing 170 different traits, All the digital collectibles differ in clothing, expression, and headwear.

Subsequently, the minds behind the BAYCTRON project will focus on boosting the collections’ worth on the secondary market. The Bored Ape Yacht Club NFTs offer benefits to both artists and investors. Skilled content creators can sell their exclusive work for a high price. On the other hand, traders can purchase super rare crypto collectibles.

How is TronMeebits disrupting the NFT trading market?

Meebits is an acclaimed NFT project operating on the Ethereum blockchain network. Investors can get hold of 20,000 3D voxel characters. TronMeebits has made a storm in the market now by selling 20,000 unique 3D Avatar collectibles.

Importantly, buyers purchased 20,000 digital art pieces in just 36 hours. The digital collectibles contain 8 different attributes. Additionally, TRON will launch a new NFT marketplace. This will happen after artists mint 5000 TRONMeebits.

Besides that, the TRON blockchain network has also integrated a liquidity pool. Content creators who mint 30 crypto collectibles will receive a 3% revenue share from the entire pool of funds locked in the TRON smart contract.

Indeed, the rewards will be greater if artists mint more digital collectibles. Currently, the TRON Meebits project offers a 7% share of the liquidity pool for content developers who mint 150 crypto collectibles. Investors can purchase one-of-the-kind artwork like Dissected, Elephant, Human, Justin Sun, Pig, Robot, Skeleton, and Visitor.

Wrapping Up

The price of the Tronix (TRX) cryptocurrency is increasing rapidly at the moment. Importantly, it is also affordable for retail investors ($0.09). Importantly, the TRON Foundation has announced a $300 million fund named TRON Arcade. Likewise, it has collaborated with the APENFT marketplace and the WINKLink data oracle operating on the TRON blockchain network.
Importantly, it will focus on various GameFi projects. The Play-to-Earn mechanism would boost its NFT trading volume in the future. Interestingly, Tron will also integrate elements of Decentralized Finance (DeFi) for its upcoming projects.

Above all, astute entrepreneurs can enlarge their wealth swiftly by beginning NFT marketplace development on TRON. Accordingly, they can contact an experienced NFT service provider and fulfil their business goals successfully.

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