Ripple Releases New Version of XRP Ledger That Will Support Advanced NFT Functionality: Details

[solodeji]

Ripple, the US-based cross-border payment firm, has announced the release of a new version of XRP Ledger, which is designed to support advanced non-fungible token (NFT) functionality.

The announcement of the release was shared on Twitter a couple of hours ago by RippleX. According to the report, the XRP Ledger version known as rippled 1.9.0 introduces a new amendment to the XRPL protocol to support NFTs natively on the XRP Ledger.

RippleX announced, “rippled v1.9 has been pushed to the public repo – this includes XLS-20, the standard for native support of #NFTs on the #XRPL. The release also includes performance improvements to reduce memory usage and allow for more efficient caching.”

According to the announcement, the amendment is now open for voting in line with the XRP Ledger's amendment process, which authorizes protocol changes following two weeks of more than 80% support from trusted validators.

If the amendment is successfully passed, it would permit advanced NFT functionality as developers will be enabled to create applications that allow users to mint, transfer and burn NFTs on the XRP Ledger.

https://timestabloid.com/ripple-releases-new-version-of-xrp-ledger-that-will-support-advanced-nft-functionality-details/

[brianwalden]

This is a very good NFT standard from what I've gathered.

1) It's more robust than the two popular Ethereum standards, allowing more data to be attached to the NFT.

2) The XRPL has a decentralized exchange baked right into the protocol instead of relying on 3rd parties like OpenSea to basically escrow the trade.

3) You can set a percentage of each trade to go to the creator instead of relying on arrangements with individual marketplaces.

The real question is will someone make the investment to build up a thriving NFT ecosystem on the XRPL? Ripple's typical modus operandi of, "If you build it, they will come," doesn't work in crypyo.