Monday, October 25, 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 -
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

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