Founder of Ripple-backed XRPL Labs proposed support for non-fungible tokens (NFTs) on the XRP Ledger

Last week, XRPL Labs founder Wietse Wind started a discussion to discuss the proposal of support for non-fungible tokens (NFTs) on the XRP Ledger (XRPL).

XRPL Labs Founder has a proposal for Non-Fungible Tokens (NFTs) on the XRP Ledger

Wind begins by explaining how NFT differs from XRP token:

“A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to eg. the native asset on the XRPL, XRP, where XRP can be sent and received without being uniquely (per token) identified. Where normal tokens and the native asset XRP can be divided (eg. receive 1 XRP, send 0.5 XRP), NFT’s can only be used as one whole, unique token: they are indivisible.”

Then he gave some examples of use cases for NFT:

“Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art, digital collectibles, and online gaming.”

Wind then pointed out XRP Ledger already supports issuing tokens that can be issued, sent, transacted to other XPRL accounts. The beauty of this proposal is that it does not require modifications on the XRPL side, as all of this is possible today and the modifications required on the client-side software are quite simple to make.

Wind provides the following example to illustrate how this idea will work in case you want the NFT to represent three pictures:

“If a token represents a real-life object, eg. a painting, and there are three unique paintings, then three unique tokens will be issued (presumably using HEX currency codes representing the three unique paintings). All unique issued tokens will have an issued amount of 1000000000000000e-96 (NFT-like representation: 1).”

Wind says Hubert Getrouw, one of the XRPL Labs trainees, will test the idea and document his research. On February 26, Getrouw published its first post on a new blog (on the Coil website) dedicated to this purpose.

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