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TRON Launches NFT Protocol

By Deba215 | DebsCorner | 24 Dec 2020


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NFT ( Non Fungible Tokens) are catching up a lot of attention off late and Justin Sun’s TRON Foundation is definitely not one to miss out on this craze. TRON on 24th December officially announced their foray into the NFT domain.

What is NFT?:

In simple terms it is a tokenized form of proof of ownership of any asset. NFTs thus are unique in nature, with varying parameters that can be distinguished from each other. NFTs exhibit some differences vis-à-vis traditional TRC10 / TRC20 tokens in terms of:

  • Unique: Each token is different than the other based on characteristics inbuilt in it. This is typically achieved through MetaData which is a permanent and non alterable record.
  • Rare: Scarcity is what makes NFTs so attractive to the users; developers thus can create limited edition digital assets.
  • Non Fungible: It cannot be broken down into smaller parts and thus acts as proof of ownership. This is especially important in domains like collectibles, arts, paintings, property etc.

The NFT usecase is immense ranging from Gaming, entertainment, Arts, Collectibles, Assets (virtual and real world), Identity, Paperless Economy.

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

While NFTs have been in existence on Ethereum blockchain the TRC-721 protocol brings in certain advantages for the users:

  • Very low creation cost in TRX vis-à-vis ETH cost.
  • The transfer cost to sent NFTs on TRON blockchain is very miniscule in comparison to ETH.
  • Safe Storage on tronscan.org which is fairly secure.
  • Can be transferred easily to cold wallets in just a few cents.

2021 could potentially be a big year for NFT domain, and early movers stand to gain a lot with proper value adding propositions and execution.

 

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Deba215
Deba215

An engineering graduate, post-graduate degree in management. Having spent more than a decade in financial sector, working for one of the biggest MNC banking group, i decided to pursue the path of entrepreneurship.


DebsCorner
DebsCorner

Thoughts on entrepreneurship in general and blockchain in particular

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