XLS-20 standard proposed by Ripple aims to make NFT creation on XRPL highly compact and effective
Ripple General Manager Monica Long is enthusiastic about unveiling new NFT use cases such as ticketing experiences, as Ripple backs NFT lending start-up Supermojo. According to reports, Former Ripple executives have raised $6 million for new NFT financing and lending start-up Supermojo.
Congrats @realsupermojo! @Ripple is proud to back @amirsarhangi and @cryptocwby as they work to make NFTs accessible and transparent for consumers. Can’t wait to see what’s in store as use cases like ticketing, experiences, etc. take off. https://t.co/pztQSLNeGj
— Monica Long (@MonicaLongSF) July 14, 2022
Ripple to Explore New NFT Use Cases as It Backs NFT Lending Start-up
In a recent July Ripple Drop edition, Monica Long discusses how use cases for NFTs can go beyond the typical use case, collectibles. “The applications of NFTs can extend to lots of different industries, but the core idea is about ownership,” she stated.
According to the Ripple GM, NFTs’ special attributes that define ownership might be especially useful for assets like real estate titles or carbon credits. This XLS-20 standard proposed by Ripple aims to make NFT creation on the XRPL highly compact and effective, minimizing any negative effects on the ledger’s performance and preventing congestion.
With built-in functions like minting and auctioning, XLS-20 aims to simplify the creation process for developers significantly. AMM functionality on the XRP Ledger Last month, RippleX proposed adding native automated market maker (AMM) functionality to the XRP Ledger for consideration by its developer community. Now, the proposal is gearing up to receive feedback.
Although it would be a novel addition to the XRP Ledger, an automated market maker is by no means the first of its kind. Despite being a late entrant, this AMM hopes to be a very attractive contribution to decentralized finance because of the distinctive AMM concept it provides and the performant nature of XRP Ledger. The novel continuous auction mechanism hopes to be the AMM protocol’s most distinctive feature.
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