TRON Takes Aim at Ethereum’s NFT Market with the Launch of its TRC-721 Standard
Tron introduces its non-fungible token (NFT) standard, TRC-721, to take over the growing NFT market. DApps created on Tron’s TRC-721 will be compatible with Ethereum’s ERC-721 standard.
Tron founder Justin Sun publicly revealed the specifications of the TRC-721 standard in a tweet shared on Tuesday, which will support the in-demand non-fungible token (NFT) market. An accompanying document explains TRC-721 as a set of standard rules that allows the creation and issuing of NFT tokens on the TRON blockchain.
The standard allows full compatibility of Ethereum’s ERC-721 standard, allowing cross-chain transactions. Additionally, every TRC-721 compliant contract must implement the TRC721 and TRC165 interfaces to start issuing tokens on the blockchain.
— Justin Sun🌞 (@justinsuntron) March 16, 2021
To start issuing tokens on TRC-721 standard, users need to install a TronLink Chrome extension and launch their account from a previous mnemonic phrase, a hardware wallet or create a new wallet. A minimum of 350 TRX tokens is needed to start issuing tokens.
Developers only need to customize the name and symbol of the token in a provided template and deploy the smart contract to start minting NFT tokens.
Justin Sun has been a rather active member in the rising NFT market, once bidding over $1 million for Jack’s tweet turned to NFT. Notwithstanding, recent reports state the flashy CEO narrowly missed a bid for the Beeple Art sold by Christie’s for over $69.3 million.
With the launch of the TRC-721 standard, Justin expects Tron to compete with and eventually replace Ethereum’s dominance in the NFT market. Despite the market dominance by Ethereum, recent challenges with high gas fees have caused several users to look to other blockchains. TRON aims to offer users a low fee and instant transaction platform in its new quest in the NFT market.
TRON is also witnessing huge adoption rates as the daily transaction volume increases by the week. Growing from 3.2 million transactions to 3.6 million in less than a fortnight, TRX looks to break the 4 million mark soon.
#TRON daily transactions keep growing 🧐🔥
Past 14 days we can see a clear upward trend :
02-03 > 3.22M TX
15-03 > 3.83M TX
We hitting 4M daily TX soon !?🚀
— Dendorion (@Dendorion) March 16, 2021