TRON Takes Aim at Ethereum’s NFT Market with the Launch of its TRC-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. https://twitter.com/justinsuntron/status/1371762485724778501 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, $TRX looks to break the 4 million mark soon. https://twitter.com/Dendorion/status/1371765321741299712 [deco-beg-single-coin-widget coin="$TRX"]