XRP Ledger NFTs: Ripple Labs Now Support NFTs
The blockchain firm also affirmed that the standard would support more NFTs at a lower cost.
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Ripple Labs has brought NFTs to the XRP Ledger (XRPL) through the activation of XLS-20 to XRPL Mainnet, the standard for XRPL NFTs, Ripple’s Chief Technology Officer (CTO) announced.
“Last year, we proposed an ambitious goal to the XRPL community: bring NFTs to the XRP Ledger. Since then, RippleX engineers and members of the XRPL community have conducted extensive performance testing, identified bugs (and fixes), and iterated on our vision to enhance on-ledger support for NFTs and XRPL stability.”
David Schwartz, Chief Technology Officer, Ripple Labs
According to Schwartz, the role of XLS-20 is to introduce native NFT projects and apps on the XRPL to represent assets that are each unique along with operations to enumerate, transfer, and hold such tokens. This is through the XRPL’s built-in tokenization functionality.
The blockchain firm also affirmed that the standard would support more NFTs at a lower cost. The standard will also let developers like leverage auction functionality and an efficient storage mechanism, direct a cut of secondary sales to the original minter on the XRPL, or even co-own NFTs:
“XRP Ledger NFTs were also designed with efficiency in mind. Significant transaction expenses are a fundamental problem for developers minting NFTs on leading layer-1 blockchain solutions. Gas fees alone on some chains can add hundreds of dollars to the final price of an NFT and vary based on a given network’s user traffic and congestion.”
In addition, for NFT creators, the Ripple Chief emphasized that NFT transfer fees provide them a share of the revenue when the NFT is bought and sold, adding that NFTs on the XRPL have automatic royalties which standardize royalty enforcement activated by the ledger’s built-in DEX.
“With on-ledger NFTs, the XRP Ledger is an attractive destination for developers to build new NFT applications that support minting, burning, and trading at scale,” Schwartz added.
The decision came after the amendment was finalized through the voting of the XRPL participants. In the Ripple blockchain, the primary mechanism of choice are amendments: changes to how transactions are applied, whether by introducing new features, enhancing existing functionality, or fixing bugs, which are voted on by network participants.
The past few months have not been easy for Ripple; the firm still has an ongoing clash with the United States Securities and Exchange Commission (US SEC) regarding its alleged violation of securities laws.
However, despite this challenge, the XRP token is still surging as the world’s sixth-largest cryptocurrency by market cap. As of this writing, the value of XRP is at $0.4636, or ₱27.15.
Just recently, Ripple Vice President and Managing Director Brooks Entwistle visited the country to rebuild and strengthen the firm’s partnership with local non-bank remittance service provider I-Remit, one of the early adopters of Ripple’s On-Demand Liquidity (ODL) solution.
“We are excited about what lies ahead for this next chapter of the XRP Ledger. (Spoiler: even more libraries and enhancements to tokenizing assets on the XRP Ledger are coming soon.) Through continuous iterating and collaboration, we can create the tipping point for mainstream blockchain adoption by unlocking real NFT utility,” Schwartz concluded.
This article is published on BitPinas: XRP Ledger NFTs: Ripple Labs Now Support NFTs
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
