NFTs on the XRPL

[PunishmentOfLuxury 1,967]

Very interesting potential new development direction for XRPL Labs. Comes soon after Gala Games talking about having NFTs on the Flare Network.

[brianwalden 4,211]

That's interesting. Ripple itself has said Issued Currencies (IOUs) on the XRPL are for fungible currencies only. I think it can be done, but you're basically fighting against the whole system. You'd have to issue one token per currency code, make sure it can't be divided (is this something that can be set or would you have to issue the smallest unit possible?), and you'd have to make sure the people who hold the tokens don't have rippling turned on.

[PunishmentOfLuxury 1,967]

6 minutes ago, brianwalden said:

That's interesting. Ripple itself has said Issued Currencies (IOUs) on the XRPL are for fungible currencies only. I think it can be done, but you're basically fighting against the whole system. You'd have to issue one token per currency code, make sure it can't be divided (is this something that can be set or would you have to issue the smallest unit possible?), and you'd have to make sure the people who hold the tokens don't have rippling turned on.

This tweet thread may help (you may have to expand it):

 

[PunishmentOfLuxury 1,967]

Some press coverage, doesn't add anything, but easier to read:

https://u.today/xrpl-ready-to-break-into-nft-race-devs-explain-how

[RobertHarpool 1,099]

It would be easier if they adopted the mainstream lexicon for these ancient XRPL abilities ... like 'stable coin' and 'wrapped" ... it would just translate better to the broader crypto community and ease their transition to a better technology. 

To Brian's point, I can't ferret out what their approach to Rippling will be. Several people lost a lot of real wrapped Bitcoin to fake wrapped Bitcoin.... but maybe Ripple came up with something while I was on hiatus from the space myself. 

[KarmaCoverage 4,494]

On 2/15/2021 at 8:53 AM, brianwalden said:

you'd have to make sure the people who hold the tokens don't have rippling turned on.

 

5 hours ago, RobertHarpool said:

but maybe Ripple came up with something while I was on hiatus

I dont believe anything has changed with Rippling, other than I think the default setting was changed to No Rippling. 

I'm still not entirely sure what the desired set of funtionality & characteristics is for NFTs.  I got one from the Flare Finance beta.

I'm just not sure how to use them, or where in the bigger picture they fit?

[brianwalden 4,211]

35 minutes ago, KarmaCoverage said:

 

I dont believe anything has changed with Rippling, other than I think the default setting was changed to No Rippling. 

I'm still not entirely sure what the desired set of funtionality & characteristics is for NFTs.  I got one from the Flare Finance beta.

I'm just not sure how to use them, or where in the bigger picture they fit?

One use of NFTs are for real world collectibles. Say a certain baseball card where they only released 1000 or something and each one was numbered. Each card is going to be in its own condition and I would bet that like the first 100 tend to be more valuable than the rest, they're not fungible. But an NFT issued for each card in the set would allow you to represent them digitally.

Apparently they're also big in video gaming. Say you've won some unique in-game item. I think they've figured out a way to use NFTs to trade these items and then the person who buys it can redeem it for their character in the game.

[KarmaCoverage 4,494]

16 minutes ago, brianwalden said:

Apparently they're also big in video gaming. Say you've won some unique in-game item. I think they've figured out a way to use NFTs to trade these items and then the person who buys it can redeem it for their character in the game.

Flare Network just started working with a gaming company. Guess we could assume they want to use Smart Contracts to manage gaming NFT.

& XRPLabs is now hiring an NFT guy. That's cool.

Criminals, Gamers, and Porn are usually early adopters of new technologies. I guess we could add Speculators, Financial Institutions, and Central Banks to the list for Crypto, lol.

[Flintstone 7,891]

Following with interest. Hoping to get some of our resident artist @Julian_Williams work on to the NFT scene this year.

The likes of Tezos, Gala (Flare), Avalanche, Cardano, Polkadot and now XRPLabs amongst others will be launching (or have done so) NFT capabilities this year.