NFT is one of the fastest growing segments of blockchain. The big players recognize this and are trying to make their mark in this space. Thus, a new venture is being launched through Ripple.
New NFT marketplace on Ripple XLS-20 Devnet
Fantastic news was shared by the nftmaster team. Via Twitter, it issued the following message on Thursday, July 14:
“We are happy to announce that we have officially launched our NFT marketplace on XLS-20 Devnet! People can now buy, beat, sell and burn NFTs on nftmaster.com.”
In a further statement, nftmaster representatives say that a tutorial has also been created for those unfamiliar with how XLS-20 Devnet works.
Those interested have also been informed that a wallet must be connected:
“To use the beta version, you must set up your Xumm wallet on Devnet. Once you do that, you can buy, sell and burn NFTs. To punch out, you must request access. We will then add your wallet to the whitelist. Minting will be open without the need to apply early next week!”
Ripple is breaking into the NFT world with XRP Ledger
Ripple representatives have been looking at the NFT sector for a long time and have been adjusting their network to meet market needs. In January this year they introduced the XLS-20 patch, which made it possible to knock out, move and burn NFTs. The update also allows for extensive testing of non-convertible tokens, within the XRP network.
XRP Ledger developers point out that the XLS-20 update supports not only the creation of NFTs and related applications for this market. In their view, it is also an opportunity for timely, cost-effective and uncomplicated operations. This aspect is expected to be a significant advantage over the market competition, which is also growing rapidly.
Fund a boost to growth
Among the large ecosystems, Ripple is the fourth force to explore the NFT space in such a significant way. Previously, Ethereum broke into the aisle, followed by Solana and Cardano. Certainly, Ripple could have joined the ranks much sooner, but the executives wanted to make sure that the expansion of functionality, would not disrupt the core network in any way. Nevertheless, due to the XRP Ledger’s desire to develop NFT, a special fund for developers was created at one time. Its total value amounted to $250 million. As it turns out, nftmaster is one of its beneficiaries.