Thursday, September 21, 2023
HomeAltcoinsRipple is close to Launching Native NFT Support on XRPL

Ripple is close to Launching Native NFT Support on XRPL

According to an XRPL Validator named xSPECTAR, the XLS 20 proposal that would enable native NFT support on XRPL may go live shortly.

David Schwartz, the CTO of Ripple confirmed that it is now live and added that NFTs have already been minted via twitter earlier today.

In October, Ripple’s vice president of corporate strategy and operations, Emi Yoshikawa, announced the start of a two-week countdown for the XLS 20 proposal, in which at least 80% of validators had to vote in favor of XLS 20 for it to go into effect.

The XLS-20 proposal for native NFTs on XRPL seeks to make the creation of NFTs compact and efficient, minimizing any negative effects on the performance of XRP Ledger and preventing congestion at scale. With built-in functionality like minting and auctioning, XLS-20 looks to simplify the NFT creation process significantly for developers.

NFT (Non-Fungible Tokens) on XRPL

What is XLS 20:

Ripple developers proposed XLS-20 in Q1, 2022, to introduce native NFT support to XRPL and give developers access to NFT minting, trading and burning functions. Without the use of smart contracts, XLS-20 will include cutting-edge features like automatic royalties, co-ownership of assets and more.

The XRP Ledger (XRPL) protocol saw an amendment in Rippled version 1.9.4 to prevent a potential denial-of-service attack against non-fungible token (NFT) issuers. Soon after, Ripple set up its four validators to support XRPL Mainnet’s activation of the XLS-20 amendment.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.


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