Tron developers have published technical documentation for the new NFT standard. The TRC-721 can open up new possibilities for applications on Tron and is fully compatible with the ERC-721 of Ethereum.
According to Tron founder Justin Sun, the TRC-721 specification-the first standard for non-exchangeable tokens (NFT) on the Tron blockchain-has become publicly available.
— Justin Sun🌞 (@justinsuntron) March 16, 2021
According to the document, which contains technical descriptions of issuing tokens using the new standard, TRC-721 is a set of standard interfaces for issuing NFT on the Tron network and is fully compatible with ERC-721, used to create non-exchangeable tokens on the Ethereum blockchain.
NFTs can be issued on the Tron blockchain using the TronLink extension for Chrome, with users requiring a minimum balance of 350 TRX (about $18.3) in the account to issue the NFT.
Users can customize the token name and symbol when issued. The Tron NFT standard, first announced in December 2020, is designed to open up new opportunities for applications built on its blockchain.
In the long term, it may also increase the growing pressure on Ethereum from competing NFT platforms. While Ethereum remains a 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 Tron Developers, the network combines low transaction fees with almost instant payments. According to the Tron Foundation, the protocol has been running for almost three years without any incidents, although in November 2020 it was attacked, which led to a temporary halt in the creation of new blocks for two hours.
Recall that a 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 declined at the last moment.