TRON’s developers have announced the description of the TRC-721’s NFT standards. The TRON blockchain has announced the details of the TRON’s technical description called TRC-721, which is expected to create more chances for the apps operating on the TRON blockchain. The details of TRC-721, which is the first NFT standard on the TRON blockchain, are now in the public domain, as released by the TRON’s founder, Justin Sun. The details of the paper describing the technical aspects of the token describe TRC-721 as a pack of standard interfaces used to issue NFTs via the TRON blockchain.
The Reason Behind TRON’s Introduction of its NFT Standard
The standards was first made known in December last year. In a statement by TRON’s CEO, the block chain’s developers are planning to create new opportunities for apps operating on the TRON blockchain. In the future, Flow and other NFT networks will possibly put further pressure on Ethereum. Although Ethereum is still the leading network in the NFT community, its transaction costs are becoming higher than the average transaction fees. The growing popularity of NFT partly causes the high transaction fee. However, this is part of the issues the smart contract network is coming to resolve via its Ethereum 2.0 proof of stake.
Meanwhile, TRON states that it has come to provide a solution to the issues users face with Ethereum, from high transaction costs to delay in settlements. So, TRON promises to offer quick and effortless clearance of transactions. The TRON management claims that its platform has been functioning efficiently and effectively for three years and has never experienced any issue. However, the network was attacked last year via malicious software, thereby disrupting new blocks’ creation.
The Content of the New TRON Standard
Meanwhile, Justin Sun, the TRON owner, recently lost his bid to buy the digital art collectibles auctioned by the NFT artist, Beeple on Christie’s marketplace at $69 million. Earlier, Sun had participated in the auction of the NFT of the first tweet made by the Twitter founder, Jack Dorsey, for $1 million. The TRON document states that each TRON NFT comes with its unique ID, detailed metadata, links of the file, and several information about the smart contract, which distinguishes an NFT from the others. Many more DLT-based applications. They serve a very useful purpose by supporting other Layer2 solutions and innovations. TRON CEO also stated that more DeFi platforms have been linking their networks with NFTs to improve their platforms.
Also, the standards will enable every application to monitor NFTs and quickly transfer them via TRON. The statement added that the TRC-20 is inadequate to process NFTs because every token in TRC-721 is distinct. Also, TRC-721 would serve critical functions of TRC-20. Furthermore, the uniqueness of tokens will make it easy for the movement of real items digitally. TRON aims at allowing developers to use TRC-721 quicker and easier owing to the easier TRON infrastructure. TRON CEO noted that there were still several prospects that its network was yet to use to its advantage. But with the advent of TRC-721, a solid foundation is already set.