Justin Sun Announces Upcoming Launch of Tron Inscription Market co-Developed with APENFT

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Published: March 04, 2024 at 7:53 am Updated: March 04, 2024 at 7:54 am

Edited and fact-checked:
March 04, 2024 at 7:53 am

In Brief

A Tron-based inscription market is being developed in collaboration with APENFT and will be launched soon, says Tron founder Justin Sun.

Justin Sun Announces Upcoming Launch of Tron-based Inscription Market, Developed by APENFT Market Team

Inscription market on the Tron blockchain is anticipated to be launched in the near future. According to a post by Tron (TRX) founder Justin Sun on the social media platform X, the development of the market is in progress and is being carried out by the team responsible for the APENFT NFT marketplace on Tron, working in collaboration with Tron developers.

The entrance of non-fungible tokens (NFT) trading on Bitcoin (BTC), facilitated by Bitcoin Ordinals last year, marked a notable trend shift within the NFT sector, signalling a departure from the previous limitations to platforms like Ethereum, Solana, and other smart contract-enabled blockchains.

Exciting news, the inscription market based on #TRON is about to launch, developed by the @apenftorg #NFT team. Many thanks to our TRON developers, and welcome all developers to develop in the TRON ecosystem. #TRX 🔴🔵 🚀

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024

Several NFT marketplaces incorporated support for inscriptions on diverse chains. Magic Eden, for instance, extended its support to inscriptions on the Solana chain, while the POLS Market added compatibility for inscriptions on the Polygon chain. Recently, cryptocurrency exchanges, including Binance and OKX, unveiled inscription marketplaces, providing users with the functionality to buy, sell, and mint inscription tokens.

The creator of the upcoming Inscription market on Tron, APENFT is an NFT ecosystem with the objective of bridging the NFT and fine art industries. This involves registering renowned art pieces as NFTs on the blockchain and offering support to leading NFT artists. Backed by Tron, BitTorrent, HTX (previously Huobi) and Poloniex, APENFT’s decentralized marketplace currently provides a platform for artists and collectors to trade non-fungible tokens.

Surge in Bitcoin NFTs Sparks Market Optimism

The announcement coincides with a surge in prices and trading volumes for NFT tokens as Bitcoin‘s interest in challenging its all-time high injects optimism into various sectors of the cryptocurrency market.

Recently, the trading volume of Bitcoin Ordinals surpassed $51 million, reaching levels not observed since December 2023. Concurrently, transaction count and user metrics also experienced similar highs.

The price of Bitcoin’s leading NFT, NodeMonkes, experienced a surge of approximately 25%, reaching 0.875 BTC on Magic Eden, accompanied by a 24-hour trading volume of nearly 282 BTC. Sales within the collection have notably risen by over 56%. Similarly, Bitcoin Puppets has witnessed comparable growth, with the collection’s floor price now surpassing a quarter of a Bitcoin. Meanwhile, Magic Eden solidified its position as the primary platform for Ordinals trading, representing nearly 77% of the total volume.

The introduction of a new inscriptions market on Tron is set to bolster the development of the NFT market, contributing to the evolution of the blockchain ecosystem.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

Alisa Davidson