NFTs are an emerging digital asset. It has yet to enter its maturity period within the emerging market. However, it has opened up new gateways to many new technology applications. It has given way for unconventional businesses to digitize their businesses.
For example, imagine a sports memorabilia store; how would they compete against eBay or Amazon? Big companies can create a monopoly and squeeze their competitors. Besides, these days do youth go to these stores anymore? But with an NFT marketplace, the sports memorabilia store is now a digitized virtual version on a blockchain.
Imagine opening a new casino. Can you do it in this market? With all the regulations and safety issues, how many millions will it take? But with an online crypto casino, you’re in business within days. And this is where NFTs get a real-world utility.
But to develop a business at the least cost and reap the benefits at best, you need a cost-effective blockchain. For that, you need the TRON ecosystem and the TRC-721 token standard.
What is TRC-721?
TRC-721 is a non-fungible token (NFT) standard for the Tron blockchain. It defines a set of rules and functions that a contract must use to create and manage NFTs on the Tron network. And this has incentivized TRC-721 token development to proliferate to multiply utility.
The TRC-721 standard provides a consistent and reliable way to create and manage non-fungible tokens on the Tron network. It allows the creation of NFTs with unique identities and properties, thus providing standard functions for interacting with them.
Creating an NFT on Ethereum and BNB chain will require you to hold ETH or BNB to create tokens. And this is where the Tron chain comes into play. I bet you have heard of APENFT. The Tron network offers some revolutionary features for emerging entrepreneurs and businesses. And this is what makes TRC-721 token development relevant.
Contents of TRC-721
The TRC-721 standard is an interface in Solidity, which specifies the number of functions, a contract must implement to be considered a valid TRC-721 contract. These functions include balanceOf, which returns the number of NFTs owned by a given account, and OwnerOf returns the owner of a given NFT. The TRC-721 standard also includes certain functions for transferring and approving the transfer of NFTs.
Additionally, the TRC-721 standard includes support for enumerating NFTs. And this is implemented through the TRC721Enumerable interface, which defines functions for querying the total supply of NFTs. And it also retrieves the token ID of an NFT at a given index.
BalanceOf – This function returns the number of NFTs owned by a given account.
OwnerOf – This function returns the owner of a given NFT.
Approve – This function grants another account the ability to transfer a specific NFT on behalf of the owner.
TransferFrom – This function allows for transferring ownership of an NFT from one account to another.The interface also includes functions for approving and revoking operator permissions for an NFT and starting events when transfers and approvals occur.
SupportsInterface – This function allows you to check if a contract supports a specific interface.The function takes the operator and sender address, the token ID of the NFT transferred, and some optional data as arguments. This interface allows contracts to implement custom logic for managing the ownership of NFTs.
TotalSupply & TokenByIndex – These functions allow the user to query the total supply of NFTs and retrieve the token ID of an NFT at a given index.
TokenOfOwnerByIndex – This function allows you to retrieve the token ID of an NFT at a given index owned by a specific account. And this interface is used in conjunction with the TRC721 interface to create contracts for NFTs that can be easily enumerated and queried.
It is good to know the contents of a token standard. How else will you develop a startup around it? TRC-721 token development is the idea entrepreneurs must adopt for the best results.
Why choose Coinsclone for TRC-721 token development?
NFTs are no longer just silly pictures of apes anymore. There’s way more utility than anyone might think at first glance. Imagine creating a website by buying a domain name; you only have to pay once. It’s possible with NFTs. Imagine building a music brand that gives the artist more royalties and right than most world-class studios. It’s possible with NFTs.
Blockchain technology and NFTs have changed the way people process information. And that is why you need a skilled firm with the apt expertise to help you through the journey.
Our teams consist of a variety of developers from various industries. From software professionals to blockchain engineers and programmers, we employ a diverse team of experts. Our Tron token development company is the best choice for aspiring business owners looking for a dependable yet economical software solution.