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- RippleX, Ripple’s developer branch, announced the release of the NFT-Devnet platform to explore the native NFT capabilities introduced with XLS-20d. The organization aims to render developers easy testing of the proposed native NFT extensions to the XRP Ledger (XRPL).
- RippleX software engineer Nik Bougalis also revealed that the all-important functionalities associated with NFTs would be available to developers. He also announced that NFT-Devnet would also be having advanced features like automatic royalties.
- Bougalis also shared his excitement regarding the proposal for NFT capabilities; he also explained the NFT-Devnet is “a test network with feature-functionality that will look exactly like the primary Devnet.”
In an announcement, RippleX, Ripple’s developer arm, announced the launch of the NFT-Devnet platform for exploring the native NFT capabilities introduced with XLS-20d.
Nik Bougalis, RippleX software engineer and prominent cryptographer, declared that the developers might start building applications and tokenization use cases through an official blog post. XLS-20d, a proposal first introduced in May 2021, was also highlighted in the blog post.
The organization’s main aim is to integrate extensions with the XRP Ledger that will enable a native NFT type in addition to the provisions for enumerating, purchasing, selling, and holding these tokens.
Bougalis also mentioned that developers would be able to access all essential functionalities concerning NFTs, such as trading, mining, and burning. Moreover, the NFT-Devnet includes advanced features such as automatic royalties; the platform also incorporates co-ownership. Automatic royalties enable refined royalty structure for creators to a great extent, whereas co-ownership expands possibilities to assets.
Prior to the mainnet release, developers are testing out the functionalities on XRP Ledger, with the NFT-Devnet still being in beta. At first, the XLS-20d will be launched on the NFT testnet allowing developers to assess NFT capabilities and server operators to test the performance and outcomes of the recommended changes without affecting the performance of XRP Ledger.
Bougalis added that the beginning of RippleX’s proposal for NFT capabilities is marked by the platform’s launch. Bougalis further stated that NFT-Devnet would act as the base to their proposal for NFT capabilities. Elaborating, he said, NFT Devnet is a test network that will be almost similar to the primary Devnet and includes feature-functionality.
NFTs On Rise
NFTs had a crazy year in 2021. Compared to $94.9 million in 2020, NFT trading reached $25 billion in 2021, reveals the latest statistics report by DappRadar.
The sales of these tokens soared to $11.6 billion in Q4 2021 itself. With sky-high trading volumes, OpenSea, with its performance, was leading the game. A lot of credit for the industry’s growth can be given to the celebrities and brands who entered the space.
The incursion of Venture capitalists, GameFi’s emergence, and the buzz around Metaverse are other factors behind the explosive growth of NFTs.
However, the head of finance and research at DappRadar, Modesta Masoit, is of the opinion that other than the initial hype, firms involved with NFTs have diverted their focus on leveraging and engaging with other areas of DeFi’s and gaming.
