TRON Launches NFT Standard TRC-721 to Open New Prospects for Blockchain
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 TRON. It is without doubt that TRC-721 will be adopted in more use cases in the future.
Justin Sun, TRON Founder & BitTorrent CEO, commented that “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.”
The standard of TRC-721 opens up new prospects for blockchain. It makes the crypto economy stronger, the blockchain more unique, and its applications more likely to happen. This is a big step forward in a more and more digitalized world.
About TRON
TRON is committed to promoting the decentralization of the Internet and is dedicated to building the infrastructure for a decentralized Internet. The TRON Protocol, one of the largest blockchain-based decentralized operating systems in the world, offers scalable, high-availability, and high-throughput support that serves as the foundation for all decentralized applications in the TRON ecosystem. The Protocol also uses an innovative, pluggable smart contract platform to improve compatibility with Ethereum smart contracts.
In July 24, 2018, TRON acquired BitTorrent Inc., an internet technology company based in San Francisco. The distributed technology designed by BitTorrent Inc. is smart and highly scalable, and keeps creators and consumers in control of their content and data.Over 170 million people use BitTorrent products every month. BitTorrent Inc.’s protocol delivers 40% of the world’s Internet traffic every day.
TRON Foundation
December 24, 2020
