TRON releases its new NFT standard detail

The developers behind the TRON blockchain have published the specifications of TRC-721, the NFT-specific standard.

Technical description document for token issuance using the standard TRC-721, TRC-721 is a standard interface set for issuing NFT on TRON network and fully compatible with ERC-721, a standard which is used to generate NFTs on Ethereum blockchain.

According to reports, the NFT can be released on the TRON blockchain with the help of the TronLink Chrome extension, with users required to have a minimum balance of 350 TRX (around $ 18.3 at current prices). to issue the NFT. Users can customize the token’s name and symbol upon issuance.

Why is TRON releasing the NFT standard?

First announced in December 2020, TRON’s NFT standard aims to open up new possibilities for applications built on the blockchain. In the long run, it could also put additional pressure on Ethereum or on NFT-specialized platforms like the Flow Blockchain. While Ethereum remains the dominant force in the NFT ecosystem today, the skyrocketing Ethereum gas fees has created opportunities for competitors to jump in for market share.

Additionally, Tron claims to combine low transaction fees with near-instant payments. According to the Tron Foundation, the protocol has been running for almost 3 years without any problems. Although it was the target of a malicious attack in November 2020, the production of new blocks was temporarily halted.

Technical description release TRC-721 comes after Justin Sun almost won an NFT auction held at Christie’s. Digital artist Beeple’s NFT sold for a record $ 69.3 million. The winner’s final bid was more than $ 250,000 more than Sun’s bid. Earlier, Sun took his hat off in his fight for the NFT in Jack Dorsey’s first tweet, bidding as much as $ 1 million.

But also, most likely, Justin Sun deliberately lost the auction, because this is a way of polishing himself without losing any money.