XRP Ledger now has native NFT support following implementation of XLS-20 standard
David Schwartz, Ripple’s chief technology officer, has announced that the XLS-20 amendment has been activated on the XRP Ledger mainnet.
The amendment has made it possible to create native non-fungible tokens (NFTs) on top of the ledger.
Schwartz says that the launch of the standard is “a key milestone” for developers and creators.
The XLS-20 standard ensures that the creation of NFTs is being done in an efficient way so that the performance capabilities of XRPL will not be affected.
As reported by U.Today, the implementation of the amendment was hampered by a bug. Developer Wietse Wind was among those who withdrew their support for the project.
Second wave of creators
NFTs are special blockchain-based tokens that are used for authenticating ownership. They grew in popularity in 2021, with many corporate brands and celebrities jumping on the trend. The use cases of NFTs extend far beyond digital art, and they may even include home ownership.
Last September, the San Francisco-based blockchain company launched a $250 million creator for NFT projects.
Last month, Ripple announced the second wave of NFT creators who are eligible for funding, which includes Japanese NFT marketplace Anifie, metaverse platform 9LEVEL9 and other projects. The projects were picked by a group of representatives from Ripple and the XRP Ledger Foundation. Some community members also participated in the process.
Ripple also claims that its ledger is energy-efficient, which is why creating XRPL-powered NFTs bodes well for the sector’s green cred.