TRON launches Non-Fungible Token (NFT) standard
The new TRC-721 standard will be used to tokenize physical and virtual assets on the blockchain.
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The Tron Foundation announced today that it will soon be launching the TRC-721 standard on the Tron Blockchain. This will enable NFTs to be created on the Tron network.
An NFT is a token on the blockchain that is tied to a physical or virtual asset. For example, a popular form of NFTs are tokens that are linked to a physical or digital art piece. These tokens can be used to verify the authenticity and ownership of the art piece on the blockchain.
Another example is tokenized real-estate. Each NFT represents ownership in a piece of real-estate. The token can then be used to verify ownership of the real-estate over the blockchain.
NFTs are also used in gaming applications, where a token represents a piece of in-game property which can be transferred back and forth between players.
Popular musicians such as Lil Yachty have created their own NFTs, his sold for over $16,000.
Digital artist Beeple auctioned off a collection of NFTs which represent his digital art pieces for nearly $3.5 million. One single piece of his digital art sold for $777,777.
NFTs may represent the future of monetizing digital art work, as well as a new way for artists to monetize their personal brand. Now artists and speculators have a verifiable way to authenticate their digital works of art and trade them securely.
Bringing NFTs to the Tron network creates many new advantages for NFT issuers and traders. Tron network transactions are nearly instant and cost very little compared to Ethereum, where most NFTs are currently issued.
The Tron network will also benefit because now more types of applications can be built on the network, such as new types of games and auctions.
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