TRON publishes details on its new NFT standard
The developers behind the TRON blockchain have published technical details on TRC-721, the NFT-specific standard.
The specification for TRC-721, the first NFT standard on the TRON blockchain, was announced by Justin Sun on Twitter.
– Justin Sun???? (@justinsuntron) March 16, 2021
The technical description document for issuing tokens according to the TRC-721 standard, TRC-721 is a set of standard interfaces for issuing NFTs in the TRON network and is fully compatible with ERC-721, a standard for generating NFTs on the Ethereum blockchain.
According to the report, the TronLink Chrome extension will allow NFTs to be spent on the TRON blockchain, with users requiring a minimum balance of 350 TRX (about $ 18.3 at current prices) to be able to issue NFTs. Users can customize the name and symbol of the token when it is issued.
Why did TRON introduce the NFT standard?
TRON’s NFT standard was first announced in December 2020 and aims to open up new possibilities for blockchain-based applications. In the long term, it could also put more pressure on Ethereum or on NFT-specialized platforms like the Flow Blockchain. While Ethereum is currently still the dominant force in the NFT ecosystem, the skyrocketing Ethereum gas fees have given competitors an opportunity to gain market share.
Additionally, Tron claims to combine low transaction fees with near-instant payments. According to the Tron Foundation, the protocol has been running without any problems for almost 3 years. Despite being the target of a malicious attack in November 2020, production of new blocks has been temporarily suspended.
The TRC-721 specification was released after Justin Sun narrowly won an NFT auction at Christie’s. Digital artist Beeple’s NFT sold for a record $ 69.3 million. The winner’s final bid versus Sun’s bid was only $ 250,000. Previously, Sun had taken off his hat in Jack Dorsey’s first tweet in the battle for the NFT and offered up to $ 1 million.
But it is also possible that Justin Sun lost the auction on purpose, because that way you can polish yourself without losing any money.