Tron Introduced TRC-721 Standard For NFT
Tron Cryptocurrency project introduced the new TRC-721 standard for Non-Fungible Tokens (NFT). This will allow to expand the capabilities of developers.
Nfts are collectible tokens with unique characteristics. Each NFT contains the owner’s identification number, extended metadata, file links, and other identifying information recorded in the smart contract. It is this data that ensures the uniqueness and immutability of each NFT. NFT standards are widely used in various areas where blockchain is used. However, most of the NFT is based on Ethereum (the ERC-721 standard).
The number of decentralized Finance (DeFi) projects interested in integrating NFT to improve their ecosystems is constantly growing. Therefore, Tron developers believe that the TRC-721 standard will open up many opportunities for developers creating new applications based on the blockchain.
Each TRC-721-based token has a unique identifier, which allows you to move items in digital form without compromising their value. Tokens created on the basis of the TRC-721 standard will represent any digital type of tangible assets in the real world. People will be able to own and manage data related to a specific material object or document. This will protect industries where fraud, plagiarism, or counterfeit products are common.
Tron founder Justin Sun said that developers will be able to apply TRC-721 more effectively to their products and applications thanks to the efficient Tron infrastructure. Sun expressed hope that in the future, the TRC-721 standard will find different applications, which will make the crypto economy stronger and increase the uniqueness of the blockchain technology.
However, despite the rapid development of NFT, some members of the cryptocurrency community believe that this industry should not have high hopes. So, the CEO of the Terra Virtua platform, Gary Bracey, said that for the sustainable development of the NFT industry, the mass introduction of collectible tokens is necessary.
Originally published at https://thecryptobasic.com on December 25, 2020.