NFT TRC-721 Standard Token Will Spark Fierce Competition! - Kakiforex.com - Financial Market Media No. 1 in the World NFT TRC-721 Standard Token Will Spark Fierce Competition! NFT TRC-721 Standard Token Will Spark Fierce Competition!
InstaForex

March 17, 2021

NFT TRC-721 Standard Token Will Spark Fierce Competition!

 Details of TRON’s first non-fungible token (NFT) standard were widely shared by the platform’s founder, Justin Sun via a tweet last night.


In the shared document, a token known as TRC-721 will be used as the standard interface to generate NFT on the TRON network.


TRC721 (#NFT on #TRON) document is ready! https://t.co/ueY9qvs70m


- Justin Sun🌞 (@justinsuntron) March 16, 2021


At the same time, TRC-721 also corresponds to ERC-721, the standard token used to generate NFT in the Ethereum blockchain.



As mentioned, NFTs can also now be generated on the TRON blockchain with the help of the TronLink extension for Chrome, and users need a minimum balance of 350 TRX ($ 17.5 based on value at the time of writing) in the account before doing so.


Users can also customize the name and symbol of the token, according to their wishes throughout its processing.


TRON first introduced the TRC-721 in early January. For the long term, the steps taken by TRON have the potential to compete with Ethereum and the NFT platform, Flow.


While Ethereum still dominates the NFT market, the increased transaction costs on the platform in line with the increasing popularity of NFT have caused many projects to move to other platforms.


TRON, took that opportunity by introducing transactions at low prices. Even nearly three years in operation, there have been no incidents that clouded the network’s potential, despite once being a hacking target in November 2020 causing a temporary delay in the production of new blocks.