Justin Sun expressed that TRON are excited to introduce their first NFT Standard Protocol TRC-721. The launch of TRC721 is all set to bring in new opportunities for the blockchain applications.
Justin pointed to how each NFT will consist of owner ID, rich metadata, safe file links and other identifying information which is recorded in the smart contract. It is this information that makes each NFT unique and unchangeable.
NFTs have huge untapped potential. We are likely to find the next big thing in blockchain being the TRC-721-compliant applications and base protocols that map physical and virtual assets onto the blockchain.
This is the protocol release. Very soon, it will be possible to see projects spring up around it.
The need for NFT tokens have been justified pointing to the fact that a standard interface will allow for the tracking and transfer of NFTs on TRON. The TRC-20 token standard is enough for handling NFTs because each token in TRC-721 is unique. Also, the standard of TRC-721 is inspiring on TRON as it contributes to important roles as TRC-20.
Commenting, Sydney Ifergan, the crypto expert opined: “TRON Foundation (TRX) have introduced NFTs and this is the next big thing happening in the ecosystem now. More of adoption is expected to happen.”
NFT standards are not new in the world of blockchain. There are some roles that it plays in the Layer2 solutions which facilitates, DApps and projects like tBTC which provide with a huge economic value.
More of DeFi projects are trying to integrate with NFTs to improve on their ecosystems. There are standardized NFTs which are set to open up infinite opportunities on the TRON ecosystem. This is one reason for why they have introduced TRC-721.
Of note, TRC-721 is the first NFT standard protocol on TRON. And, each token compliant with TRC-721 has a unique ID which makes it irreplaceable.
More of developers are expected to adopt TRC-721. The expectation is that more of real-world items can be moved without compromising on the unique values. Tokens, which are created by making use of TRC-721 will be able to represent any kind of digital or tangible asset in the real-time world.
Thus, people will be able to own and manage data based on specific tangible object or receipt. Therefore, it will be possible to create provide for protection in industries which are susceptible to fraud, plagiarism, and counterfeit.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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