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The future of digital ownership and NFTs is looking bright with the invasion of 5 new token standards in 2023. These new standards have been designed to overcome the limitations of existing token standards like the ERC721 and ERC20.
Let's take a closer look at these new standards of crypto tokens and what they mean for the future of NFTs.
Name of New Crypto token standards For 2023
ERC6551
ERC721c
BRC20
SRC20
BRC721E
Now let us see in detail…
ERC6551 Token
ERC6551 is a highly anticipated token standard that allows for the creation of NFTs with multiple properties. This will also make it easier for developers to create games and other applications that require multiple attributes for an item. It is an Ethereum standard for Token Bound Accounts ( TBA ) which creates a smart contract wallet for every ERC-721 nft.
ERC721c Token
ERC721c is an updated version of the popular ERC721 standard. The "c" in the name stands for "compatible," which means that this new standard is backward compatible with ERC721. This will make it easy for creators to migrate existing ERC721 NFTs to the new standard while taking advantage of the new features.
BRC20 Token
BRC20 tokens foundation in Bitcoin significantly increases its popularity. One of the unique features of BRC20 tokens is that they have a much lower transaction fee than ERC20 tokens. BRC20 is a new crypto token standard that is gaining popularity due to its potential benefits. The major advantage is its high level of security since these tokens exist on the Bitcoin blockchain, which has a large number of miners ensuring its safety.
SRC20 Token
SRC20, also known as STAMPS (Secure Tradeable Art Maintained Securely), is a new standard on Bitcoin. SRC20 tokens are created using the STAMPS protocol, which allows users to create and manage tokens on the Bitcoin blockchain. It includes built-in features like blacklist capability, compliance, and identity management. This will make it easier for businesses and financial institutions to use tokens in their operations while maintaining regulatory compliance.
BRC721E Token
BRC721E is a non-fungible token standard built on the Bitcoin network. It is a new type of token standard that lets the user transfer their NFTs from the Ethereum blockchain to Bitcoin ordinals. This is particularly useful for event-based NFTs, like concert tickets or limited-edition merchandise.
These new token standards for 2023 will help create a more robust and immersive NFT ecosystem. Each of these standards solves a different problem and provides new capabilities to developers and creators. Now this question must be on your mind…
How To Create These New Crypto Tokens?
When you’re ready to create any new crypto token, working with a reputable Crypto Token Development company is the best option. Because they have experience in creating crypto tokens in all blockchain platforms.
They can provide a wide range of features, including fast transactions, low fees, and global reach. Working with a professional development company can help you make the most of this exciting new technology.
So, take your time, do your research, and choose wisely. Your crypto token's success depends on it!