According to some reports, Ripple proposed XLS-20 last year, a standard that would allow XRP Ledger to offer a native NFT type and a smooth NFT experience. The new XLS-20 standard seeks to assist developers in creating improved and more advanced NFT applications on top of the XRPL platform.
We developed a new standard, XLS-20, to help developers build more advanced and innovative #NFT applications on the #XRPL. 👏
📽️ Learn more about the proposed standard in this #ApexDevSummit presentation. https://t.co/pWlbiNsQcH
— RippleX (@RippleXDev) April 3, 2022
Ripple to create standards allowing complex NFT solutions on XRPL platform
Ripple’s Creators Fund, which invests $250 million to help inventors get started with their NFTs, was established in September 2021. Since the launch of the Creators Fund, the Ripple team claims to have received around 4,000 applications for projects focusing on NFT use cases in gaming/Metaverses, music/entertainment, art/collectibles, and others. xPunks, Steven Sebring, and Justin Bua, among others, are some of the recipients of the Creator Fund who are pushing their NFTs to the next level.
The XRP ledger now includes a built-in native token function called XLS-20d. Participants in the first wave of the NFT Creators Fund will use NFT-Devnet, a beta environment that improves the NFT capabilities of the XRP Ledger.
While the majority of early NFT use cases revolved around avatars, art, and collectibles, more utility-based applications are starting to emerge, requiring the development of cutting-edge NFT solutions further on XRPL.
In a recent release, Ripple stated that as the technology and its use cases improve, these real-world applications will continue to enrich the NFT experience and provide value for the community.
Media & Entertainment, Carbon Credits, and Real Estate are among the key utility-based use cases it believes will have the most immediate impact. Ripple says it plans to explore more cryptographic possibilities on XRPL as projects are developed, reviewed, and tested on NFT-Devnet. The RippleX team may propose that their NFT standard be incorporated in a future software release in the hope that the new NFT capability will stimulate revolutionary projects and applications by the community.
Read more:
- A Ripple Lawyer Predicts That The SEC Will Soon Target Crypto Exchanges
- Ripple Co-Founder Wants Something Done About Bitcoin’s Carbon Footprint