Friday, July 30, 2021
Home Crypto News Market Tron Introduced TRC-721 Standard For NFT

Tron Introduced TRC-721 Standard For NFT

- Advertisement -

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.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly