Ripple and XRP have been making headlines after XRPL reported that they are ready to accommodate NTFS into the network.
XRPL Labs, the software behind the advancement of instruments for XRP Ledger, is set to break into the NFT race. The proposal of “XLS-14d” which allows NFTs to be issued on XRP ledger.
Wietse Wind, founder of XRPL labs recently announced his plans of adding NFTs to XRP ledger. He highlights that NFT trades on the XRP ledger will work differently from those on other blockchains such as Ethereum. This comes amidst the growing interest in NFTs where NFTs are making a lot of headlines as well as minting money.
He stressed on points that for his “NFT idea” to work there is no change required to the XRP Ledger and a very tiny change will be required to the users’ wallet.
Such remarkable functionality will be implemented in XUMM Wallets in the v1.1 release in late Q1, 2021, Mr. Getrouw added. For a much detailed NFT-focused proposal it has been published by XRPL Labs head Wietse Wind in the project’s GitHub.
According to getrouw there are three ways to make an NFT on XRP ledger,
- One account can issue one token, after that the account will be blackholed, which means it would be impossible to create new tokens after.
- One account can issue multiple tokens as a batch, after that the account will be blackholed
- One account continuously issues new tokens because it can be trusted. (Set a domain and emailhash). Also doesn’t get blackholed.
Non-fungible tokens are used to create digital ownership and are used in specific platforms like crypto art and online gaming.
NFTs have had a huge impact on the art and entertainment industry in the last few months but Getrouw sees a higher potential in NFTs. It’s mainly for digital things but you can also use it for possession of real-life things or you could think like ownership for houses, maybe birth certificates.