|Justin Sun||Lindsay Lohan||NFTs||Tron blockchain|
Hollywood celebrity Lindsay Lohan will continue her career in NFT collectibles on the Tron blockchain. She’ll be speaking about the announcement later today in a Clubhouse conversation together with Justin Sun. Lohan dropped NFT art on Rarible earlier this month, after which the actress openly promoted Ethereum, Bitcoin and Tron.
Lindsay Lohan will make her NFTs on the Tron blockchain following the TRC-721 protocol, which is basically a direct copy of the ERC-721 NFT standard on Ethereum. Like many things on the Tron blockchain, to be fair.
Sun and his team will create a platform where influencers and fans interact through NFTs. According to Blockonomi there will be gamified activities and social media features. If there’s something like that on Ethereum, we can be sure it serves as an inspiration for team Tron.
NFTs Beyond Ethereum
When we talk about NFTs, we mostly talk about the Ethereum blockchain. However, with Wax and Flow there are two serious contenders in the space. NBA Top Shot is the biggest NFT project in the world with 83.000 active users per day, while Wax offers easy and cheap minting and distribution services as well. Recently the Tezos blockchain also introduced an NFT standard, just as Tron did.
Ethereum can’t handle the hype, and as a result people need to pay 20 dollar to transfer a 50 dollar artwork or collectible. That’s why decentralized finance (DeFi) is now seeing major growth on Binance Smart Chain, because it’s so cheap to operate there. Ethereum is in desperate need of proper layer-2 solutions, like Immutable and their zk-rollups or at least using Polygon and Ronin as a sidechain option.
After minting her first NFT on Rarible, Lohan sold it within hours for 10 ETH. Which was 17 thousand dollar at the time of the sale. The buyer flipped the artwork and sold it to DeFi whale 0x_b1 for 30 ETH. Interestingly, he burned the artwork by sending it to the 0x0000000000 address.
What are NFTs?
An NFT is basically a digital thing that you actually own. Something that you can trade, sell, use, or in case of the Lindsay Lohan NFT… burn. NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can for example be items in a game, crypto art, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.
A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be based compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token. A deeper explanation about NFTs is something you can find here.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.