Ripple Create a New Standard, XLS-20 Allowing Advanced NFT Applications on XRPL Platform
Last year, Ripple introduced XLS-20, a standard that would allow XRP Ledger to offer a native NFT type as well as a smooth NFT experience. The new XLS-20 standard is designed to let developers create more advanced and innovative NFT apps on the XRPL platform.
Ripple’s Creator Fund, which invests $250 million to support inventors in getting started with their NFTs, was launched in September 2021. The Ripple team claims to have received roughly 4,000 submissions for projects based on NFT use cases in gaming/metaverses, music/entertainment, art/collectibles, and other areas since the launch of the Creator Fund. Some of the Creator Fund recipients who are taking their NFTs to the next level include xPunks, Steven Sebring, and Justin Bua, among others.
XLS-20d native token functionality is currently built into the XRP Ledger. Participants in the first wave of the NFT Creator Fund will use NFT-Devnet, a beta environment that enhances the NFT capabilities of the XRP Ledger. While avatars, art, and collectibles drove early NFT use cases, additional utility-based applications are starting to emerge, enabling the creation of more advanced NFT solutions on the XRPL.
Ripple highlighted in a recent release that as the technology and its use cases improve, it will be these real-world applications that enhance NFT experiences and bring value to the community. The key utility-based use cases that it expects will have the most immediate impact are media and entertainment, carbon credits, and real estate. Ripple stated that it intends to explore additional tokenization opportunities on XRPL as products are developed, reviewed, and tested on NFT-Devnet.
The RippleX team may propose that its NFT standard be included in a future software release in the hope that the new NFT capability will inspire revolutionary projects and applications by the XRPL community.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Ripple Create a New Standard, XLS-20 Allowing Advanced NFT Applications on XRPL Platform
Last year, Ripple introduced XLS-20, a standard that would allow XRP Ledger to offer a native NFT type as well as a smooth NFT experience. The new XLS-20 standard is designed to let developers create more advanced and innovative NFT apps on the XRPL platform.
Ripple’s Creator Fund, which invests $250 million to support inventors in getting started with their NFTs, was launched in September 2021. The Ripple team claims to have received roughly 4,000 submissions for projects based on NFT use cases in gaming/metaverses, music/entertainment, art/collectibles, and other areas since the launch of the Creator Fund. Some of the Creator Fund recipients who are taking their NFTs to the next level include xPunks, Steven Sebring, and Justin Bua, among others.
XLS-20d native token functionality is currently built into the XRP Ledger. Participants in the first wave of the NFT Creator Fund will use NFT-Devnet, a beta environment that enhances the NFT capabilities of the XRP Ledger. While avatars, art, and collectibles drove early NFT use cases, additional utility-based applications are starting to emerge, enabling the creation of more advanced NFT solutions on the XRPL.
Ripple highlighted in a recent release that as the technology and its use cases improve, it will be these real-world applications that enhance NFT experiences and bring value to the community. The key utility-based use cases that it expects will have the most immediate impact are media and entertainment, carbon credits, and real estate. Ripple stated that it intends to explore additional tokenization opportunities on XRPL as products are developed, reviewed, and tested on NFT-Devnet.
The RippleX team may propose that its NFT standard be included in a future software release in the hope that the new NFT capability will inspire revolutionary projects and applications by the XRPL community.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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