Justin Sun Speaks About The Future of NFTs
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Justin Sun, CEO of the Tron Foundation and founder of the world’s eleventh-largest cryptocurrency TRX has spoken about a future for non-fungible tokens. He has been quoted as saying, “NFTs are just like crypto assets on steroids.”
Justin Sun is a man who is not afraid to make waves within the industry, and this quote demonstrates his drive and ambition.
A Brief History Of Non-Fungible Tokens
In April 2017, CryptoKitties made its debut to worldwide hype. The Ethereum-based game at the time allowed users to purchase and trade their favorite cat. This was one of the first apps to secure funding through an ICO, and it became a global sensation.
NFTs are digital assets unique to each user, just like CryptoKitties brought a frenzy of investment.
Soon after, in December 2017, ERC1155 was released, which provided the means for non-fungible tokens to be linked with blockchain addresses. Justin Sun’s latest comments on the future of non-fungible tokens indicate that he was following up on the innovation in December 2017. The non-fungible ERC1155 token standard allows each token to be unique and identifiable rather than having identical values. They can relate data to each other and generally have metadata that is stored alongside the core details.
Why Non-Fungible Tokens Have A Huge Future
Non-fungible tokens have had their fair share of hype and attention, with CryptoKitties being the first non-fungible token to hit the spotlight. Since then, the industry has grown and evolved, and we have seen many types of tokens released. Justin Sun says that NFTs provide a way for blockchain users to create digital assets with different characteristics which can be transacted and traded on public ledgers.
The appeal of NFTs lies in that they provide a way for blockchain users to create digital assets with different characteristics that can be transacted and traded on public ledgers. They can also represent physical objects and are therefore used to describe rare and collectible items. Traditionally, such things have been represented by non-fungible tokens rather than the “physical” ones.