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- On November 1, the Chief Technology Officer of Ripple, David Schwartz publicized to the community that Ripple has eventually taken NFTs to the XRP Ledger.
- He further mentioned that XLS-20, a standard for XRPL NFTs is now validated on the XRP ledger mainnet.
He thanked the XRPL community along with RippleX engineers as the target has been accomplished. The community as well as the engineers had conducted great testing and solved the issue to draw digital art to XRPL.
The step taken by the engineers at RippleX for the XRP Ledger draws various advantages for NFTs.
The NFTs on XRPL are safer with regard to the attack and scams from the time no-smart-contracts access was taken over. The no-smart contracts are focused on minimizing the traffic along with decreasing the cost with respect to other chains.
“By using XLS-20, developers can back more NFTs which will be cost-effective and perform things such as strengthening auction performance and structured storage mechanism, direct an elimination of secondary sales to the original minter on the XRPL, or NFTs owned jointly,” as per the press release.
Another feature that is introduced is the standardized royalty enforcement, which is developed inside the ledger.
The self-regulating royalties will give artists with a portion of the revenue that is generated by trading the NFTs. XRPL will also permit the creators to appoint a third party who is able to mint and sell tokens in the place of them.
XLS-20: a clear and feasible future for NFTs.
XLS-20 is a clear and feasible future for NFTs. An election was conducted to know the mood of the community regarding this new feature. Community members asked a lot of questions during the election.
A user raised the question about the risk of failure of individual XRP ledger servers because of the increased load on the network along with hyped transaction costs. Another user asked about minting NFTs and transforming large stocks of NFTs at the same time.
Schwartz has given a hint at additional libraries and advancements to tokenizing assets on XRPL. For the moment, RippleX engineers will carry on by testing this new character, and at the same time, Ripple will look for partnerships from bodies in this industry.
Schwartz has also motivated community members to adjust with the brand new character and make apps on XRPL. The CTO has shared his plan for NFTs on XRPL in November 2021.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
