TRON Launches NFT Standard TRC-721 to Open New Prospects for Blockchain

This article was first published on Stories by TRON Foundation on Medium
-----

TRON is excited to unveil its first NFT standard protocol TRC-721 on December 24, 2020! The launch of TRC-721 will open up huge possibilities for new blockchain applications.

Each NFT contains owner ID, rich metadata, safe file links and other identifying information that is recorded in its smart contract. It is this information that makes each NFT unique and unexchangeable.

NFT standards are widely used in different fields of blockchain. It plays a key role in some Layer2 solutions, DApps and projects like tBTC with huge economic value. More and more DeFi projects try to integrate with NFTs to enhance their ecosystems. We believe that standardized NFTs will open up infinite opportunities on TRON as well. That is why we introduced TRC-721.

What is TRC-721

TRC-721 is the first NFT standard protocol on TRON. Each token compliant with TRC-721 has a unique ID that makes it irreplaceable.

Motivation

A standard interface allows applications to track and transfer NFTs on TRON. TRC-20 token standard is insufficient for handling NFTs due to each token in TRC-721 being unique. The standard of TRC-721 is inspiring on TRON. It plays as important a role as TRC-20.

Why TRC-721

TRC-721 standard allows each token to have its unique value, making it possible to move real-world items on-chain in a truly digital form without compromising their unique values. Tokens created through TRC-721 standard will be able to represent any type of digital or tangible assets in real world, which opens the way for people to own and manage data related to either a specific tangible object or a receipt, and thus create positive effects on industries susceptible to fraud, plagiarism and counterfeit.

Developers will find it faster and easier to apply TRC-721 to their own products and applications thanks to the efficient and cost-effective public chain infrastructure of ...

-----
To keep reading, please go to the original article at:
Stories by TRON Foundation on Medium

Comments (No)

Leave a Reply